CoinShares' AUM surges 26% as crypto rally reshapes its future

CoinShares International Limited reported a 26% increase in assets under management (AUM) to $3.46 billion in the second quarter of 2025, according to its Q2 2025 results published on August 29, 2025. This growth followed a 29% rally in Bitcoin and a 37% surge in Ethereum over the quarter, driven by a broader recovery in digital asset prices. The firm’s AUM growth, despite experiencing $126 million in outflows for the XBT ETP, was primarily attributed to price appreciation and net inflows into its physical products, which reached $170 million, marking the second-best quarter on record for the business unit [1].

CoinShares’ Asset Management fees totaled $30.0 million in Q2 2025, a 6% increase compared to $28.3 million in the same period of 2024. The BLOCK Index, one of the firm’s offerings, delivered 53.7% returns in the quarter, outperforming traditional benchmarks such as the S&P 500 and MSCI World. These results underscore the firm’s growing influence in the European digital asset market, where it has solidified its position as the fastest-growing ETP platform for digital assets [1].

The Capital Markets segment of CoinShares also delivered a solid performance, generating $11.3 million in income and gains during the quarter. Ethereum staking emerged as the largest contributor, with $4.3 million in returns, highlighting the growing importance of staking as a recurring revenue stream for the firm. Other contributors included liquidity provisioning, which brought in $1.5 million, and delta-neutral trading strategies and lending, which generated $2.2 million and $2.6 million, respectively [1].

CoinShares’ Treasury management also experienced a significant turnaround in Q2 2025, with $7.8 million in unrealized gains reversing a $3.0 million loss recorded in Q1 2025. The firm continues to adjust its Treasury holdings based on perceived risk and performance to optimize strategic value creation. This flexibility has been a key factor in navigating the volatile crypto market, particularly as the firm prepares for potential regulatory and market shifts in the latter half of 2025 [1].

Looking ahead, CoinShares is focusing on expanding its presence in the U.S. market, with plans to transition its listing from Sweden to the U.S. This strategic move aims to capitalize on the favorable regulatory environment and the broader market depth and breadth in the U.S., as evidenced by the successful public listings of companies like Circle and Bullish [1]. The firm also emphasized that the regulatory landscape for crypto ETPs is evolving, with the U.S. Securities and Exchange Commission (SEC) signaling both openness and caution in its treatment of crypto-related products. While the SEC has allowed in-kind redemptions for crypto ETPs, aligning them more closely with traditional ETF structures, future applications—especially those involving altcoins—will face heightened scrutiny [7]. CoinShares’ management anticipates that these developments will provide clarity for the industry and facilitate further innovation in the digital asset space [1].

Source:

[1] CoinShares Announces Q2 2025 Results (https://www.prnewswire.com/news-releases/coinshares-announces-q2-2025-results-302541813.html)

[2] CoinShares Announces Q2 2025 Results (https://www.stocktitan.net/news/CNSRF/coin-shares-announces-q2-2025-gx2bz5defuqh.html)

[3] The future of crypto ETPs (https://www.nortonrosefulbright.com/en-us/knowledge/publications/2a919dfb/the-future-of-crypto-etps)