Coinshares posts $165.7M 2025 revenue, plans U.S. expansion
Coinshares reported $165.7M in fiscal 2025 revenue and $7.4B gross AUM after its April 1 Nasdaq listing, and plans to expand asset-management operations in the U.S.
Coinshares PLC reported $165.7 million in revenue for fiscal 2025 and $7.4 billion in gross assets under management following its April 1, 2026, listing on Nasdaq. The U.K.-listed digital asset manager completed a business combination with Vine Hill Capital Investment Corp. and now trades under the ticker CSHR. The company said it will expand asset-management operations in the United States.
Gross AUM fell from $8.0 billion at year-end 2024 to $7.4 billion, a decline the firm attributed to market price volatility. Net organic inflows for the year totaled about $1.1 billion.
Asset management revenue increased 13.1% to $126.4 million for FY2025, contributing to a 6.5% rise in total revenue year over year. Coinshares reported a blended realized management fee yield of roughly 170 basis points during the period.
Operating income rose 1.6% to $127.0 million, supported by a nearly 3% reduction in operating expenses. Segment EBITDA increased 5.4% to $131.3 million, equal to a 66% margin for the company’s digital asset platform. Net income was $114.3 million in 2025, down from $162.4 million in 2024; the prior year included a one-time $36.8 million gain from the sale of an FTX bankruptcy claim that did not recur.
Available capital stood at approximately $481.3 million, including $176.7 million in liquid assets and about $280.0 million in earned but unrealized management fees from the XBT Provider platform.
Coinshares reported product-level demand growth, with its Coinshares Physical product ranking first in Europe for net inflows during 2025. The company holds MiFID and MiCA authorizations in Europe and acquired Valkyrie Funds to establish a presence in the U.S. The Nasdaq listing also coincided with a move from Nasdaq Stockholm to the New York exchange and a reporting change to U.S. GAAP.
CEO Jean-Marie Mognetti described the Nasdaq listing as advancing the firm’s plan to convert Coinshares into a global asset management franchise and to provide greater transparency for U.S. investors.
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