CoinShares International Limited posted net income of $32.4 million for the second quarter of 2025, reflecting a 2% increase from the same period last year. The firm’s assets under management surged to $3.46 billion, marking a 26% increase compared with the first quarter.
This rise followed strong digital asset performance, with Bitcoin climbing 29% and Ethereum advancing 37% during the three-month period. Management fees totaled $30 million, up from $28.3 million a year earlier, underscoring steady inflows into the firm’s asset management business.
Adjusted EBITDA stood at $26.3 million, slightly higher than the $25.5 million recorded in Q2 2024. Treasury operations provided a key boost, generating $7.8 million in unrealised gains compared with a $0.4 million loss a year earlier. Earnings per share reached $0.49, compared with $0.47 last year.
Asset management and capital markets performance
The company’s asset management arm delivered notable strength in the quarter. CoinShares Physical attracted $170 million in net inflows, its second strongest quarter on record, contributing $6.8 million in management fees.
Despite $126 million in outflows from the XBT Provider platform, rising crypto prices helped drive overall asset growth. The firm closed the period with record levels of assets, cementing its position as Europe’s leading digital asset ETP platform.
The BLOCK Index delivered a 53.7% return, outperforming both Bitcoin and traditional equity benchmarks. In the United States, Valkyrie completed its transition into the CoinShares brand, with new strategic hires reinforcing growth in distribution and marketing.
In the capital markets arena, revenues hit $11.3 million. Ethereum staking contributed $4.3 million and was once again by far the leader. Delta-neutral contributed $2.2 million, and lending gave $2.6 million. Liquidity provisioning contributed $1.5 million, slightly less than last quarter because of lower trading flow. These varied operations proved stable and generated steady revenues.
CoinShares strategic push toward U.S. market
In the future, CoinShares is heading for a U.S. listing as a means of filling out liquidity and optimizing shareholder value. The firm believes that the American market is more favorable for valuation thanks to recent public listings by other crypto firms as evidenced by investor appetite.
The positive regulatory environment and historic production from main digital currencies also contributed to CoinShares’ confidence in its growth strategy. Following a profitable company financial first half of the year 2025, the company is positioning itself for a healthy second half of the year while building its global presence.
