CoinShares PLC Ordinary Shares

For H1 2026, CoinShares reported GAAP revenue of $51.4 million versus $80 million in the prior-year period. Asset management contributed $40 million, down 33%, and capital markets generated $14.9 million of segment revenue and gains, compared with $26.5 million a year earlier. Segment EBITDA was $21.6 million versus $59 million in H1 2025, and management said it would have been about $26.5 million excluding circa $4.9 million of one-off listing/U.S. GAAP transition costs. AUM ended the period at $5.5 billion, with about $1.9 billion of the decline attributed to market moves and about $28 million of positive net flows. Guidance was qualitative rather than formal: management said market conditions had improved in Q3, AUM had recovered to about $6.9 billion by August 31, and positive net flows through the end of August were about $74 million. They also said they were not providing cost guidance, but illustrated adjusted operating expenses of about $20.7 million for H1 excluding non-recurring items, and discussed a potential share repurchase authority of up to 25% of shares outstanding.

Jean-Marie Mognetti framed the half as proof that CoinShares can perform through severe crypto downturns without losing client assets, emphasizing resilience in both asset management and capital markets. He highlighted continued product expansion beyond passive listed products into active strategies, staking, on-chain infrastructure, and tokenization-related offerings, saying the goal is to “make the frontier investable.” He was upbeat but measured, repeatedly stressing that the business is being built for cycles rather than trying to avoid them.

Richard Nash focused on how the market decline hit AUM and revenue, while the business remained profitable and retained positive flows. He cited ending AUM of $5.5 billion, segment EBITDA of $21.6 million, $14.9 million of capital markets revenue and gains, and about $413.9 million of available capital at June 30 with no long-term debt. He also broke out key cash uses: repayment of $28.3 million of long-term debt, $21.5 million of dividends, $18.7 million of share option settlement cash costs, and $4.3 million of bonus payments, while noting the board’s repurchase authority is just flexibility, not a commitment to spend.

Analysts pressed management on tokenization, new product strategy, M&A, and whether buybacks should be weighed against acquisitions. Mognetti said CoinShares is already active in tokenization on the capital markets side and is looking to build products around the trend, while Bastion Asset Management adds an active/alpha capability alongside the company’s beta products. On capital allocation, management said share repurchases are an obvious option at current valuations, but M&A remains a priority if the right opportunity appears; on buybacks, Richard Nash said the authority sought at the AGM is a ceiling over a multi-year window, with funding and execution details left to the board.