The Jersey-headquartered firm, which began trading on Nasdaq under the ticker CSHR on April 1, 2026, reported total revenue of $165.7 million for the year ended December 31, 2025, up 6.5% from the prior year. The results mark the company's first annual filing as a Nasdaq-listed entity, following the completion of a SPAC merger with Vine Hill Capital Investment Corp. in early April.

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Asset Management Outpaces the Headline

The more telling number is inside the revenue split. Asset management revenue grew 13.1% year over year, while capital markets revenue fell 11.6%. That shift matters: asset management fees are recurring and tied to AUM, while capital markets income is more volatile. Segment EBITDA (earnings before interest, taxes, depreciation, and amortization, a standard measure of operating profitability) rose 5.4% to $131.3 million. Operating expenses fell 2.9% to $70.7 million despite revenue expansion, a combination that signals improving operating leverage.

Net income came in at $114.3 million, down from $162.4 million in 2024. That decline is not a sign of operational trouble. The prior-year figure included a one-time $36.8 million gain from a claim against collapsed exchange FTX, along with other non-recurring items. Accounting for those non-recurring factors, comparable profitability held broadly steady.

The company reported $481.3 million in available capital, including $176.7 million in liquid assets.

Co-founder and CEO Jean-Marie Mognetti pointed to fee discipline as a core achievement. "2025 demonstrated platform strength through management fee growth, margin discipline, and pricing power," he said in the earnings release, noting that CoinShares held its management fee yield at a stable 170 basis points despite industry-wide fee compression. For context, 170 basis points means CoinShares earns roughly $1.70 per $100 of assets it manages, a rate that fee compression across the industry has been eroding at many competing products.

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AUM Fell Despite Net Inflows. Here Is Why.

CoinShares Physical, the firm's continental Europe-listed product range, attracted $1.1 billion in net inflows during 2025, ranking it first in Europe by that measure. Yet total AUM still dropped from $8.0 billion to $7.4 billion. The gap is explained by price movement: when the underlying value of bitcoin and other digital assets declines, the dollar value of the assets held in a fund falls even if new money is flowing in. Net inflows reflect client demand; AUM reflects both demand and market price. The distinction is worth noting for any reader tracking fund health.

CoinShares manages 39 products across four platforms and holds roughly 34% of the European digital asset ETP market. It ranks alongside BlackRock, Fidelity, and Grayscale among the top four global crypto ETP managers.

The global crypto ETP market totalled approximately $180 billion by late 2025. US spot Bitcoin ETFs alone accounted for more than $115 billion of that figure as of late 2025, though crypto AUM can shift materially over short periods.

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Nasdaq Listing and the MiCA Foundation

The April 1 Nasdaq debut completed a deal announced in September 2025. CoinShares merged with Vine Hill Capital Investment Corp., a blank-check company that had raised $220 million in its September 2024 IPO, to form a new holding entity called CoinShares PLC. Nicholas Petruska, CEO of Vine Hill Capital, praised the transaction: "We are pleased to have completed this business combination with CoinShares, a company that exemplifies market leadership and operational discipline, and that demonstrated the capacity to execute a very sophisticated transaction."

The listing followed one other key regulatory milestone.

In July 2025, CoinShares became the first crypto asset manager in continental Europe to receive a MiCA licence, granted by France's Autorité des marchés financiers (AMF). MiCA (Markets in Crypto-Assets) is the EU's harmonised regulatory framework for digital assets, fully active since 2025 and valid across all 27 member states. CoinShares also holds a MiFID authorisation, making it a fully regulated asset manager under both regimes.

The company traces its origins to 2013 and to a genuine first: in 2015, its XBT Provider subsidiary listed Bitcoin Tracker One on Nasdaq Stockholm, the world's first open-ended Bitcoin exchange-traded product on a regulated exchange, nearly a decade before US spot Bitcoin ETFs launched.

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Why Emerging Markets Are Watching

CoinShares has no direct retail presence in Africa or South Asia, but its trajectory carries weight for regulators and asset managers in both regions. Sub-Saharan Africa received more than $205 billion in on-chain transaction value between July 2024 and June 2025, a 52% year-over-year increase according to Chainalysis data. South Africa, Kenya, Nigeria, and Mauritius have each introduced licensing frameworks for crypto service providers, at varying stages of development, yet regulated ETP products remain largely absent across the continent.

The MiCA model is increasingly cited as a reference point for regulators designing their own frameworks, including those in emerging markets. That characterisation has been advanced in part by commercial participants in the crypto industry and should be understood as industry-sourced context rather than an independent regulatory assessment.

A European firm that built its business on single-asset ETPs, secured EU-wide regulatory approval, and then completed its Nasdaq listing through a deal reflecting a pre-listing equity valuation of approximately $1.2 billion offers a concrete case study for what a compliant, institutional-grade crypto asset manager can look like. For policymakers in Nairobi, Lagos, or Mumbai still calibrating their rules, that precedent may be the most relevant part of CoinShares' 2025 filing.

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CoinShares trades on Nasdaq under the ticker CSHR. The company maintains an investor relations platform at investor.coinshares.com.