CoinShares Reports Resilience Despite Crypto Market Slump

CoinShares entered the second half of 2026 with $413.9 million of available capital and no long-term debt, a notable cushion after digital-asset prices suffered one of their steepest first-half declines in years.

The Nasdaq-listed asset manager reported $51.4 million of revenue for the six months ended June 30, down from $80 million a year earlier. Segment EBITDA fell to $21.6 million from $59 million, while the company posted a $23.9 million net loss. CoinShares said the reported result was distorted by unrealized losses and one-time expenses tied to its Nasdaq listing, U.S. reporting transition and settlement of a historic option plan.

The pressure was visible in assets under management, which declined to $5.52 billion from $7.4 billion at the end of 2025. Bitcoin fell roughly 32% during the period and Ethereum about 48%, according to Chief Executive Jean-Marie Mognetti. But the AUM decline was largely a price effect, not a rush for the exits. CoinShares recorded $27.6 million of net inflows, including $155.9 million into its CoinShares Physical platform, although the older XBT Provider business saw roughly $104.6 million of outflows.

That split is central to the investment case. The newer physically backed products are attracting assets even as the broader market contracts, while legacy products are shrinking. CoinShares said its blended fee rate weakened mainly because of product mix, rather than broad fee compression. Its BLOCK Index strategy grew to $1.56 billion in AUM by June 30, despite the crypto downturn.

Market recovery after the reporting period has already improved the picture. Group AUM reached approximately $6.93 billion by August 31, while the unrealized loss on treasury digital assets narrowed to about $3.56 million from $15.4 million at June-end.

Management is using that balance-sheet flexibility to pursue active strategies, staking products, tokenization initiatives and blockchain infrastructure partnerships with Kiln and Railnet. The acquisition of Bastion Asset Management, completed in September, is intended to add active investment capabilities alongside CoinShares’ passive products.

The company is also seeking authority for a buyback covering up to 25% of outstanding shares. That proposal puts capital allocation alongside growth as a near-term catalyst for CSHR, but the larger test is operational: whether positive flows persist once the crypto rebound loses momentum.