CoinShares FY2025 Segment EBITDA up 5.4% as AUM Drops to $7.4B
CSHR•CoinShares posted FY2025 revenue and gains from operations of $197.6 million, essentially flat year-on-year, while Segment EBITDA rose 5.4% to $131.3 million and operating income increased to $127.0 million. Gross AUM fell to $7.4 billion despite $1.1 billion net inflows, and net income declined to $114.3 million.
1. Financial Performance
CoinShares reported FY2025 revenue and gains from operations of $197.6 million, versus $197.8 million in FY2024, reflecting a 0.1% decline. Segment EBITDA climbed 5.4% to $131.3 million and operating income rose 1.6% to $127.0 million. Asset Management revenue increased 13.1% to $126.4 million, while Capital Markets revenue and gains fell 11.6% to $73.1 million. Net income reached $114.3 million, down from $162.4 million, due to the absence of a $36.8 million non-recurring gain and $4.3 million of transaction costs.
2. Assets Under Management
Gross assets under management stood at $7.4 billion, down from $8.0 billion at year-end 2024, despite net inflows of $1.1 billion into CoinShares Physical. The product was ranked first in Europe by net inflows for 2025, underscoring strong demand even amid overall AUM contraction.
3. Business Combination and Balance Sheet
On April 1, 2026, CoinShares completed its business combination with Vine Hill Capital Investment Corp. and began trading on the Nasdaq under the ticker CSHR. The balance sheet remains robust with $481.3 million of available capital, including $176.7 million in liquid assets and $280.0 million of earned and accrued management fees.
