CoinShares Q2 results show net profit rose to $32.4 million and AUM climbed 26% to $3.46 billion, driven by asset price gains (BTC +29%, ETH +37%) and $170 million net inflows into CoinShares Physical products, despite $126 million outflows in XBT Provider products.
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Net profit: $32.4M in Q2; AUM: $3.46B (26% QoQ)
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BTC up 29% and ETH up 37% in Q2 supported valuation-driven growth.
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$170M net inflows to CoinShares Physical; $126M outflow from XBT Provider products.
CoinShares Q2 results: net profit $32.4M, AUM $3.46B. Read key metrics, management commentary, and what to watch next — full analysis and takeaways.
What are the key figures in CoinShares Q2 results?
CoinShares Q2 results posted a net profit of $32.4 million and reported assets under management (AUM) of $3.46 billion, a 26% increase from the prior quarter. Performance was driven largely by higher crypto prices and selective product inflows despite some outflows.
How did asset prices and flows affect AUM and revenue?
Rising market prices for Bitcoin and Ether contributed materially to AUM growth. CoinShares reported BTC gains of 29% and ETH gains of 37% during the quarter. Net product flows were mixed: $170 million net inflows into CoinShares Physical products offset a $126 million outflow in XBT Provider products.
CoinShares Q2 profit and revenue breakdown
CoinShares disclosed a Q2 net profit of $32.4 million, up 35% from the previous quarter’s $24 million and up marginally year-over-year from $31.8 million.
The asset management division generated $30 million in management fees. Capital markets contributed $11.3 million in income and gains, including $4.3 million from ETH staking.
| Metric | Q1 2025 | Q2 2025 |
|---|---|---|
| Net profit | $24.0M | $32.4M |
| AUM | $2.74B (approx.) | $3.46B |
| CoinShares Physical net inflows | — | $170M |
| XBT Provider outflows | — | -$126M |
| BTC performance (Q2) | — | +29% |
| ETH performance (Q2) | — | +37% |
Why does management expect a strong second half?
CEO Jean‑Marie Mognetti said market activity and post‑quarter performance, including new highs in BTC and ETH in August, position the company for momentum in H2. He also highlighted preparations for a potential United States listing that could “unlock substantial value” for shareholders.
How does CoinShares’ Q2 performance compare to industry trends?
CoinShares’ rise in AUM and fee revenue aligns with broader ETP and digital asset product flows when prices appreciate. Plain text industry reporting cites that dozens of crypto ETP/ETF filings remain under review by the US regulator, indicating potential product expansion if approvals follow.
Data points referenced in public reporting include Bloomberg Intelligence analyst commentary noting many crypto ETP applications pending SEC decision, and industry tracking that highlights fluctuating inflows across ETP categories.
Frequently Asked Questions
What drove CoinShares’ AUM increase in Q2?
The AUM increase to $3.46 billion was driven primarily by higher crypto prices (Bitcoin +29%, Ether +37%) and $170 million of net inflows into CoinShares Physical products, which together outweighed $126 million of outflows from XBT Provider products.
How material is ETH staking to CoinShares’ capital markets income?
ETH staking contributed $4.3 million to the capital markets unit, which helped the division deliver $11.3 million in income and gains for the quarter, a meaningful but not dominant share of total revenue.
Key Takeaways
- Profit rebound: Net profit rose to $32.4M, improving sequentially and roughly matching year‑earlier levels.
- Valuation-led AUM growth: BTC and ETH price gains were the primary drivers of the 26% AUM increase to $3.46B.
- Product mix matters: $170M inflows into CoinShares Physical offset $126M outflows in XBT Provider; watch product-level flows.
- Strategic catalyst: Management’s US listing plans could be a key value unlock if executed.
Conclusion
CoinShares Q2 results show stronger profitability and notable AUM growth driven by market performance and selective product inflows. Management commentary and US listing plans signal strategic intent, while product‑level flows underline the importance of diversification. Investors should monitor post‑quarter price moves, inflow patterns, and regulatory developments for the remainder of 2025.
