CoinShares reports $32.4M Q2 profit as crypto rally lifts AUM to $3.46B

CoinShares has delivered a solid performance in the second quarter of 2025, driven by surging cryptocurrency prices and increased investor interest, even in the face of some notable outflows.

The European digital asset management firm reported a 26% increase in assets under management (AUM), taking the total to $3.46 billion. 

This came despite $126 million being withdrawn from its XBT Provider products over the same period. CEO, Jean-Marie Mognetti, attributed the positive results largely to the market rally led by Bitcoin and Ethereum. 

“Our robust Q2 results and continued product innovation position CoinShares at the forefront of regulated digital asset exposure”, Mognetti said. 

He also noted that the upward trend in crypto prices persisted into August, placing CoinShares in a strong position for the second half of the year.

Financially, the company recorded a net profit of $32.4 million for the quarter. This marked a slight increase of 1.9% from the $31.8 million in Q2 2024 and a much more significant jump of 26% from the $24 million recorded in Q1 2025. 

These gains followed a challenging first quarter, where profits had dipped by over 42% compared to the previous year.

Mognetti pointed out that those early struggles stemmed from broader economic pressures that overpowered crypto market trends. 

However, he expressed confidence in the digital asset industry’s resilience, noting that it is undergoing what he called a “wholesale transformation” of the global economic landscape.

The asset management division proved to be a bright spot, generating $30 million in management fees. These gains were fueled by $170 million in net inflows into CoinShares’ physically backed products. 

According to the company, this was the second-best quarterly performance on record for that segment. The capital markets unit also contributed, bringing in $11.3 million in income and gains, with $4.3 million coming from Ethereum staking alone.

Looking to the US for Growth

As it reported its quarterly results, CoinShares also revealed that it is actively working toward a listing in the United States. 

The company believes this move could provide significant value to shareholders, taking advantage of the regulatory environment and broader market momentum.

Mognetti highlighted the strategic importance of the listing, stating: “We’re exploring a US public listing to capitalise on market momentum and regulatory clarity”. He added that the move would provide new opportunities for growth, potentially unlocking “substantial value”.

The timing appears favourable. The US Securities and Exchange Commission (SEC) is currently reviewing a large number of applications in the crypto exchange-traded product (ETP) space. 

Bloomberg Intelligence analyst, James Seyffart, recently reported that 92 crypto ETPs are awaiting approval, a sign of growing institutional interest in regulated digital assets.

CoinShares’ US ambitions are also seen as a way to tap into the higher valuations often seen in American markets. 

The company’s decision aligns with a broader trend of European firms expanding across the Atlantic to capture new investor bases and benefit from clearer regulatory frameworks.

The market’s reaction to CoinShares’ performance has been generally positive, especially given the wider momentum in the digital asset space. Bitcoin and Ethereum, two of the most closely watched cryptocurrencies, have seen increased inflows. 

CoinShares’ own positioning in the space is increasingly viewed as a benchmark for institutional involvement in crypto.

Ethereum and Solana lead ecosystem activity

Ethereum’s blockchain saw a significant increase in economic activity in August, building on the momentum that supported CoinShares’ performance. 

Monthly adjusted on-chain transfer volume exceeded $320 billion. This has been the highest since May 2021 and the third-largest monthly total ever recorded, according to The Block.

This surge in volume includes not just basic transfers, but also DeFi interactions and other complex blockchain transactions. 

Ethereum also recorded a rise in 30-day transaction counts and near-record monthly active address numbers, signalling a strong level of engagement across its ecosystem.

The increase in activity has been supported by corporate treasuries stepping up Ethereum accumulation. Publicly traded companies increased their combined ETH holdings from around $4 billion in early August to more than $12 billion by the end of the month. 

This was led by significant additions from firms like BitMine Immersion and SharpLink Gaming. Simultaneously, trading volumes in spot ETH ETFs spiked late in the month, further driving investor interest.

At the same time, average transaction fees on Ethereum fell to multi-year lows, making the network more attractive for high-volume and institutional users. 

The total value locked in Ethereum-based DeFi platforms also remains near historical highs, contributing to its continued dominance in the decentralised finance landscape.

Meanwhile, Solana is making waves in the perpetual futures space. In August, perpetual futures trading on Solana reached record levels, surpassing even Ethereum’s decentralised exchange (DEX) activity on some days. 

Drift Protocol, a leading platform on Solana, was one of the top contributors to this growth, generating $16.02 billion in volume for the month and locking in over $1.3 billion in its trading pairs.

Solana’s broader decentralised finance ecosystem is also benefitting from a surge in stablecoin liquidity, especially in the form of USDC. In August alone, Circle minted 750 million USDC on the Solana blockchain in a single day. 

Total stablecoin inflows into Solana reached $1.25 billion for the week, helping to fuel lending platforms like Kamino and the newly launched Jupiter Lend.

Drift Protocol V2 has already absorbed over $2 billion in USDC deposits, with stablecoins now powering much of the perpetual futures activity on Solana. 

The availability of deep liquidity, coupled with lower transaction costs and increased network speed, has helped Solana attract a broad base of traders. 

Most of these traders are engaged in fewer than 10 trades, but over 22,000 have carried out between 10 and 1,000 trades, pointing to steady, organic growth.

Solana’s momentum comes after a slower first quarter, with activity dropping across the board. But it has since recovered, with SOL prices climbing above $200 and maintaining strength at $209.80. 

Alongside rising DEX trading volumes, now over $113 billion, Solana is reinforcing its reputation as one of the most active blockchain networks in 2025.

The rapid development across both Ethereum and Solana’s ecosystems, along with CoinShares’ expansion plans, underline the evolving landscape of digital asset management. 

With a focus on regulated products, institutional adoption, and global growth, CoinShares and its peers appear poised to shape the next chapter of the crypto investment story.