CoinShares has reported a sharp rise in assets under management (AUM), closing the second quarter of 2025 with $3.46 billion — a 26% increase compared to Q1.
The company said gains in Bitcoin and Ethereum prices helped offset outflows from some of its legacy products.
Despite $126 million exiting its XBT Provider line, the broader market rally pushed AUM higher. Bitcoin climbed nearly 29% and Ethereum gained 37% during the period, with both assets setting fresh records in August.
CEO Jean-Marie Mognetti said momentum in digital assets points to a strong second half of the year. “The overall level of activity within the market is setting us up for what we believe to be a strong second half,” he noted, adding that the company’s upcoming US listing could “unlock substantial value” for shareholders.
Profits Rise on Fee Revenue and ETH Staking
The firm reported a net profit of $32.4 million for Q2, a 26% jump from the first quarter and slightly higher than the $31.8 million it earned a year earlier. Its asset management platform generated $30 million in fees, boosted by $170 million in inflows to its CoinShares Physical products, marking the second-strongest quarter for that division.
Meanwhile, the capital markets business contributed $11.3 million in income, with $4.3 million tied to Ethereum staking. Mognetti said macroeconomic headwinds remained challenging but stressed that the sector is undergoing “a wholesale transformation of the global economic order.”
Nearly 100 Crypto ETFs Await US Approval
CoinShares’ plans for a US listing come as competition in the exchange-traded product (ETP) space intensifies. Bloomberg data shows 92 crypto-related ETFs are currently awaiting a ruling from the SEC, highlighting the growing institutional appetite for regulated exposure to digital assets.
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