Key Highlights

  • CoinShares reported approximately 28 million dollars of positive net inflows in the first half of 2026, even as digital asset prices fell sharply and industry peers experienced more than 7 billion dollars of combined outflows.
  • Total GAAP Revenue was 51.4 million dollars, down from 80 million dollars in the prior year period, primarily reflecting lower average Assets under management.
  • Segment EBITDA was 21.6 million dollars, or approximately 26.5 million dollars excluding roughly 4.9 million dollars in one-time costs tied to the company's Nasdaq listing and U.S. GAAP transition.
  • The board proposed a multi-year share repurchase program of up to 25 percent of shares outstanding, subject to Shareholder approval at the company's upcoming annual general meeting.

First results as a U.S.-listed company amid a market downturn

CoinShares International Limited (NASDAQ:CSHR), a Jersey-headquartered digital asset manager, reported first half 2026 results marking its first Earnings release since completing its Nasdaq listing. The period coincided with a sharp contraction in digital asset markets, with Bitcoin down approximately 32 percent and Ethereum down approximately 48 percent since the beginning of the year, contributing to a roughly 25 percent decline in the company's assets under management to 5.5 billion dollars from 7.4 billion dollars at the end of December 2025.

Total GAAP revenue for the period was 51.4 million dollars, compared with 80 million dollars in the prior year period, with asset management revenue of 40 million dollars down 33 percent, principally reflecting lower average assets under management rather than deteriorating product economics. Capital Markets segment revenue and gains totaled 14.9 million dollars, compared with 26.5 million dollars a year earlier, reflecting a deliberate reduction in lending activity as the company adopted a more conservative approach to Balance Sheet deployment during the downturn.

Net inflows outperform the broader industry

Despite the market-driven decline in assets under management, the company generated approximately 28 million dollars of positive net inflows during the first half, a result management emphasized stood in sharp contrast to more than 7 billion dollars of combined net outflows experienced across major industry peers over the same period. The company's CoinShares Physical platform in Europe was a particular bright spot, attracting approximately 156 million dollars of net inflows that more than offset outflows from the company's legacy XBT product line.

The company's Blockchain Global Equity index product, known as Block, also demonstrated the benefits of diversification, rising approximately 18 percent in value during the first half even as core digital assets declined sharply, growing from 1.3 billion dollars to 1.56 billion dollars in assets under management despite approximately 24 million dollars of net outflows on the product. This shift in product mix toward Block, which carries a lower management fee Yield than the company's legacy products, was the primary driver behind the group's blended fee yield declining to 128 basis points from 156 basis points, a mix effect rather than evidence of broader pricing pressure.

Balance sheet strength against continued market volatility

The company ended June with approximately 414 million dollars of available capital and no long-term debt, having repaid its outstanding Loan to Intesa Sanpaolo during the period, providing a foundation from which the board has proposed a multi-year share repurchase program of up to 25 percent of shares outstanding, subject to shareholder approval at the company's upcoming annual general meeting. Post-period data through August showed digital asset markets recovering meaningfully, with Bitcoin rising approximately 34 percent and the company's assets under management climbing back to approximately 6.9 billion dollars, alongside continued positive net flows of approximately 74 million dollars.

Balanced against this recovery, the company's segment EBITDA declined sharply to 21.6 million dollars from 59 million dollars in the prior year period, reflecting the Operating Leverage inherent in a fee-based model where a significant portion of the cost base remains fixed in the short term even as revenue moves with asset values. Management also disclosed unresolved items including the search for a permanent chief financial officer following the departure of its interim CFO from that role, and acknowledged that a significant portion of the company's current equity value is represented by capital already on its balance sheet rather than by near-term earnings power alone.

Resilience through a downturn, with recovery already underway

CoinShares' first results as a Nasdaq-listed company demonstrated that client capital remained committed to the platform even as digital asset prices fell sharply, a distinction management drew clear attention to relative to broader industry outflows. The combination of positive net flows, a diversified product mix, and a debt-free balance sheet positions the company to participate meaningfully in the market recovery already visible in post-period data. Whether the proposed share buyback program and continued product Diversification can translate this resilience into sustained earnings growth will be a key question as digital asset markets continue to evolve.