CoinShares PLC (Nasdaq: CSHR) (“CoinShares” or the “Company”, together with its subsidiaries, the “Group”), a leading global asset manager specialising in digital assets, today announced its financial results for the six months ended June 30, 2026.
First Half 2026 Highlights
- Total revenue of $51.4 million, compared with $80.0 million in H1 2025. Asset Management revenue was $40.0 million (H1 2025: $59.6 million), principally reflecting lower average Assets Under Management (“AUM”) following the decline in digital asset prices. Capital Markets revenue was $11.4 million (H1 2025: $22.1 million), with a further $3.4 million of gains from operations, resulting in Capital Markets Segment revenue and gains of $14.9 million (H1 2025: $26.5 million).
- Total AUM of $5.5 billion as of June 30, 2026, compared with $7.4 billion as of December 31, 2025. The decline in AUM was driven by market performance rather than net redemptions, with the Group generating $27.6 million of net inflows during the period.
- CoinShares Physical attracted $155.9 million of net inflows, partially offset at Group level by $104.6 million of net outflows from the legacy CoinShares XBT Provider platform.
- Operating loss was $5.1 million, compared with operating income of $75.9 million in H1 2025, while Segment EBITDA was $21.6 million, demonstrating continued underlying profitability despite the challenging market environment. Net loss was $23.9 million, including a $16.6 million unrealized loss arising from the XBT Pricing Differential and a $15.4 million unrealized loss on treasury digital asset holdings, together with one-time costs associated with the Nasdaq listing and settlement of a historic option plan.
- Strong balance sheet, with approximately $453 million of net assets, no long-term debt and an Available Capital Position of approximately $413.9 million, including approximately $284.6 million of earned and accrued CoinShares XBT management fees.
- The Board is seeking shareholder authority to establish a share repurchase program at the EGM scheduled for September 15, 2026, providing the Company with an additional capital allocation tool alongside continued investment in organic growth and selective acquisitions.
- Continued strategic progress across active alternative strategies, on-chain investment capabilities and the Group's regulated product range, including the expansion of staking products, progress following the acquisition of Bastion (completed in early September), development of initiatives with Kiln and Railnet, and the launch in July of the Company's first Bitcoin Mining UCITS ETF.
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