CoinShares’ Profits Soar on Bitcoin and Ethereum Gains, US IPO on Horizon

CoinShares International Limited, Europe’s largest digital asset manager, reported another profitable quarter. Strong gains in crypto markets boosted revenues across its business units.

More closely, Bitcoin and Ethereum’s second quarter (Q2) rally underpinned the growth, amid growing institutional interest in crypto markets.

CoinShares Q2 Profit Hits $32 Million Amid Crypto and Bitcoin Rally

For the quarter ending June 30, 2025, CoinShares posted a net profit of $32.4 million, slightly ahead of last year’s $31.8 million.

Asset management fees climbed to $30 million, driven by inflows into its flagship products and higher market valuations. The firm also recorded $7.8 million in treasury gains, reversing a $3 million loss from Q1.

“In the three months, we saw a significant recovery in digital asset pricing, with Bitcoin rallying 29% and Ethereum 37% in the quarter,” read an excerpt in the announcement, which cited CEO Jean-Marie Mognetti.

CoinShares’ products mirrored this momentum. CoinShares Physical saw $170 million in net inflows, its second-strongest quarter on record.

Meanwhile, overall AuM jumped 25% post-quarter to reach an all-time high. Despite $126 million in outflows, its XBT Provider platform closed Q2 with $3.46 billion in AuM, up from $2.75 billion in Q1, thanks to rising asset prices.

The firm’s proprietary BLOCK Index, which tracks blockchain-related equities, surged 53.7%. It outperformed Bitcoin and traditional benchmarks like the S&P 500 and MSCI World.

CoinShares’ capital markets unit also held steady, generating $11.3 million in gains and income. Ethereum staking remained the top contributor at $4.3 million, highlighting the strength of staking as a recurring revenue stream.

CoinShares to Join US IPO Wave

Mognetti emphasized the firm’s expansion into the US, with plans for a public listing already in motion. He pointed to Circle and Bullish as recent examples of crypto firms benefiting from American market depth and investor appetite.

“We believe this move from Sweden to the US will unlock substantial value for our shareholders,” Mognetti said.

With Bitcoin hitting a new all-time high of $124,128 in August and Ethereum reaching $4,945, CoinShares expects continued momentum into the second half of 2025.

The company highlighted the current US regulatory playing field as the most favorable in years. It cited supportive legislation and a crypto-friendly administration providing a strong tailwind.