CoinShares International (CS) Q2 2025 earnings summary

Executive summary

• Q2 2025 marked continued strategic progress, including expansion into the U.S., strong positioning in Europe, and a change in functional and presentation currency to USD, with all historical data restated for comparability.

• The company completed the integration of Valkyrie, enhancing U.S. issuing capacity and unifying branding under CoinShares.

• Net profit for Q2 2025 was $32.4 million, up from $31.8 million in Q2 2024; EPS (basic) was $0.49 versus $0.47 year-over-year.

• Adjusted EBITDA for Q2 2025 was $26.3 million, with a margin of 63%.

• Treasury gains rebounded to $7.8 million, reversing a $0.4 million loss in Q2 2024.

Financial highlights

• Total revenue, gains, and other income for Q2 2025 reached $41.5 million, up from $11.6 million in Q2 2024.

• Asset management platform generated $30 million in management fees, up from $28.3 million in Q2 2024.

• Capital markets contributed $11.3 million in gains and other income, slightly down from $14.6 million in the prior year.

• Gross AUM increased 32% over Q2 to $8.05 billion, with net AUM at $6.84 billion as of June 30, 2025.

• Administrative expenses were $10.3 million in Q2 2025.

Outlook and guidance

• The company expects a promising second half of 2025, with new all-time highs in AUM post-quarter end and a strong market backdrop.

• Strong digital asset price momentum at Q2 close is expected to positively impact Q3 results, with July already delivering $19.1 million in revenue/gains and $14.0 million in Adjusted EBITDA.

• Focus remains on product expansion, geographic growth, and operational scalability.

• Anticipates additional U.S. product launches pending regulatory approvals, with a full pipeline for the remainder of the year.