CoinShares books $32.4M Q2 profit, targets U.S. stock market debut

Digital asset manager CoinShares has reported a 26% rise in assets under management (AUM) to $3.46 billion for the second quarter of 2025, despite outflows from some of its exchange-traded products. The CoinShares profit report also confirmed a net income of $32.4 million, underscoring the company’s resilience as Bitcoin and Ether surged to new highs.

The gains were driven by rising digital asset prices, with Bitcoin climbing 29% and Ether up 37% during the quarter. Despite $126 million in outflows from its XBT Provider products, CoinShares benefited from broader investor demand and price momentum across crypto markets.

“We believe the overall level of activity within the market is setting us up for a strong second half of the year,” — Jean-Marie Mognetti, CEO, CoinShares.

US listing strategy to “unlock value”

A central theme of the CoinShares profit report is the firm’s plan to pursue a US stock market listing. Mognetti said the move is aimed at widening investor access and strengthening the company’s position as institutional interest in crypto investment vehicles grows.

“The United States remains the largest capital market in the world, and a listing there could unlock substantial value for our shareholders,” — Jean-Marie Mognetti, CEO, CoinShares.

CoinShares is not alone in this pursuit. Recent data from Bloomberg Intelligence shows that 92 crypto exchange-traded products (ETPs) are currently awaiting approval from the US Securities and Exchange Commission (SEC). This environment, analysts suggest, could provide a competitive but lucrative backdrop for CoinShares’ expansion strategy.

Revenue streams show diversification

According to the CoinShares profit report, management fees from the company’s asset management platform generated $30 million in Q2, largely supported by $170 million in net inflows into its CoinShares Physical products. This marked the second-strongest quarter for the business line.

In parallel, CoinShares’ capital markets division contributed $11.3 million in income and gains, including $4.3 million from Ether staking operations. The figures reflect an effort to diversify income streams beyond traditional fund management, positioning CoinShares to capture growth across multiple areas of the digital asset economy.

“Diversification is critical as the sector matures. CoinShares’ ability to draw income from both asset management and capital markets operations indicates a balanced growth strategy,” — Daniel Masters, Executive Chairman, CoinShares.

Macro pressures and industry outlook

While the CoinShares profit report shows positive financial momentum, the company acknowledged that macroeconomic headwinds remain a factor. Mognetti noted that inflationary pressures, shifting monetary policy, and geopolitical uncertainties continue to influence market dynamics, though the strength of Bitcoin and Ether has helped offset some of these challenges.

Looking ahead, CoinShares expects sustained investor activity through the remainder of the year, with market sentiment buoyed by recent crypto price surges. The firm’s expansion into the US market and ongoing innovation in exchange-traded products are positioned as catalysts for growth.

For crypto investors, the CoinShares profit report signals not only a rebound in institutional appetite but also a potential acceleration of competition in the exchange-traded fund and product space. With nearly 100 crypto ETPs awaiting SEC decisions, the landscape may evolve rapidly over the next 12 months.

Why the CoinShares profit report matters to investors

For investors evaluating exposure to the digital asset sector, the CoinShares profit report offers several takeaways:

• Profitability: Net profits rose 26% from the previous quarter, demonstrating operational strength.
• Growth: AUM increased to $3.46 billion, despite outflows in some products.
• Expansion: A US listing could expand market access and investor reach.
• Diversification: Multiple revenue streams, including staking, bolster resilience.

Ultimately, the CoinShares profit report underscores how institutional crypto firms are adapting to both opportunities and risks in a fast-changing market. As CoinShares prepares to enter the US arena, investors will be watching closely to see whether the momentum carries through the second half of 2025.