Global crypto asset management company CoinShares saw its full-year revenue top $165.7 million in 2025, according to the firm’s first annual report since going public in the United States.
Earlier this month, CoinShares completed its $1.2 billion merger with special purpose acquisition company Vine Hill, and now trades on Nasdaq under the ticker CSHR. This follows its 2021 public listing in Europe.
CoinShares is one of Europe’s largest crypto asset managers, with gross assets under management of $7.4 billion, according to its annual filing. It reported revenue of $126.4 million on its asset management business in 2025, up 13% from the $111.7 million recorded in FY2024.
The firm’s net income, however, dropped to $114.3 million last year, compared to $162.4 million the year before. The decline was mainly due to a one-time $36.8 million FTX claim gain in 2024 and other non-recurring or non-operational items.
These non-operational concerns include a lower positive unrealised impact from pricing differentials between ETP trading prices and the underlying holdings, down to $1.6 million vs. $15.8 million in 2024, which contributed to CoinShare’s capital markets revenue declining to $73.1 million in FY2025, compared to $82.7 million in FY2024.
“Excluding these non-operational, market-driven movements, underlying Capital Markets performance increased by 6.9% year-on-year, with strong staking revenues, lending revenues and trading gains,” the firm said.
Indeed, CoinShare’s Physical fund ranked as the top digital asset ETP by net inflows in 2025, CEO Jean-Marie Mognetti noted. The firm also “enters 2026 as one of the few” asset managers to hold both MiFID and MiCA authorizations, positioning it to operate across the full spectrum of regulated digital asset investment,” including passive physically-backed ETPs to “active alternative strategies.”
Coinshare’s operating expenses also dropped 2.9% to $70.7 million last year, reflecting a focus on cost control year over year, Mognetti said. The firm has about $481.3 million in available capital, including $176.7 million in liquid assets.
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