CoinShares International Limited, the European digital asset manager, on Friday reported a net profit of $32.4 million for the second quarter of 2025, up slightly from $31.8 million a year earlier, while outlining plans to pursue a U.S. stock market listing.
The company, traded on Nasdaq Stockholm under the symbol CS, said revenue was supported by higher asset management fees and a rebound in cryptocurrency prices. Adjusted earnings before interest, tax, depreciation and amortization reached $26.3 million, compared with $25.5 million in the same quarter of 2024.
Asset Management Growth
CoinShares said its asset management unit generated $30.0 million in fees, compared with $28.3 million in the year-earlier period. The growth was driven in part by $170 million of net inflows into CoinShares Physical, the company’s exchange-traded product platform.
Assets under management (AUM) rose to $3.46 billion at the end of June, up from $2.75 billion at the end of March, as rising Bitcoin and Ethereum prices offset $126 million of outflows from its XBT Provider platform.
The firm noted that average assets under management in early Q3 have reached record levels due to continued digital asset price gains. The company said its BLOCK Index returned 53.7% during the quarter, outperforming Bitcoin and major equity benchmarks including the S&P 500 and MSCI World Index.
Capital Markets Income
The group’s capital markets unit reported $11.3 million in income and gains, compared with $14.6 million in the second quarter of 2024. Ethereum staking generated $4.3 million, making it the largest single contributor to the division’s revenue.
Other contributors included $2.6 million from lending activities, $2.2 million from delta-neutral trading, and $1.5 million from liquidity provisioning. The firm said the diversified mix of activities provided resilience during volatile market conditions. A $7.8 million treasury gain also bolstered quarterly results, reversing a $0.4 million loss in the prior-year period.
Plans for U.S. Expansion
Chief Executive Jean-Marie Mognetti said the company is preparing to shift its primary listing from Sweden to the United States, citing stronger investor appetite for digital asset companies in U.S. markets.
He pointed to recent U.S. listings by firms including Circle and Bullish as examples of higher valuations and demand. CoinShares said it expects greater clarity on the timing of its U.S. listing during the third quarter.
The company also highlighted what it described as a favorable regulatory climate for cryptocurrencies in the U.S., citing recent legislation and supportive signals from the administration.
