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About CoinShares
CoinShares is a European digital asset investment firm that provides regulated exposure to cryptocurrencies. Its core business includes exchange-traded products (ETPs) tracking Bitcoin, Ethereum, and other digital assets, as well as actively managed strategies and index products. The company generates most of its revenue through recurring management fees.
Its main competitive advantage lies in being one of the earliest regulated players in the European crypto ETP market, holding multiple licenses (MiFID, AIFM, MiCA) and operating across 44 European markets. This regulatory-first approach differentiates it from unregulated crypto funds.
The market pain point it addresses is the difficulty traditional investors face in accessing crypto assets through conventional brokerage accounts, without needing to handle private keys or navigate unregulated exchanges. CoinShares packages digital assets into familiar financial instruments that can be traded on traditional exchanges.
In the past six months (February to August 2026), CoinShares completed its U.S. listing on Nasdaq via a SPAC transaction, marking its expansion into the American market. The company also received MiCA authorization from the French AMF, becoming one of the first continental European asset managers to obtain this license. It launched a UCITS platform with a Bitcoin mining ETF, targeting the broader European fund market. Financially, the firm reported $7.4 billion in assets under management as of its first annual filing, with 2025 revenue of $126.4 million and net profit of $114.3 million. However, net profit declined from $162.4 million in 2024, primarily due to a one-time FTX claim gain in 2024 that did not recur. The company also noted lower capital markets income in 2025, which it attributed to reduced positive mark-to-market effects from ETP trading prices versus underlying holdings.
CoinShares was founded in 2014 and launched the world's first regulated Bitcoin ETP in 2015. In 2016, it acquired XBT Provider and co-founded custodian Komainu with Nomura and Ledger. It listed on Nasdaq First North in 2021 with AUM reaching $6.5 billion. In 2024, it acquired Valkyrie Funds to enter the U.S. and launched the spot Bitcoin ETF (BRRR). In 2025, it received a MiCA license from the French AMF, becoming the first continental European asset manager to hold MiFID, AIFM, and MiCA licenses simultaneously. In March 2026, it completed a SPAC merger with Vine Hill, listing on Nasdaq under ticker CSHR at a ~$1.2 billion valuation, managing ~$6 billion in assets. It also launched a Bitcoin mining UCITS ETF, accessing Europe's $30 trillion institutional market.
CoinShares' latest Q4 2025 update (Feb 17, 2026) shows year-end gross AuM of $7.40bn, down $2.20bn in Q4 due to BTC falling to ~$88k and ETH to ~$2.9k. Full-year 2025 revenue reached $165.7m (up 13.1%), net profit $114.3m (down from $162.4m in 2024, which included a one-off $36.8m FTX claim gain). Adjusted EBITDA margin was healthy at 66%, with a dividend of $0.33/share. Performance was solid overall, though Q4 suffered from market declines, and financial statements for 2024 and H1 2025 require restatement related to US listing preparation.
Listed on Nasdaq on April 1, 2026 (ticker: CSHR), becoming one of the top four digital asset ETP managers globally. Launched a UCITS platform in July, debuting the Bitcoin Mining UCITS ETF (established July 16, trading on Deutsche Börse Xetra from July 21) — the only pure-play bitcoin mining UCITS strategy, with cross-border marketing approval in France for professional investors. H1 revenue: $51.4M; AUM $5.5B (June 30) with $27.6M net inflows; AUM recovered to $6.93B by August 31. Completed Bastion acquisition in early September to expand active alternative strategies. Added Hyperliquid and BNB staking products; building on-chain investment capabilities with Kiln and Railnet. Board seeking share repurchase authorization. Future priorities: strengthen core European franchise, expand active and on-chain investing, selectively enter new markets, and continue expanding the UCITS product line.
Co-founders and core executives:
Jean-Marie Mognetti - Co-founder & CEO. Previously a quantitative trader at Hermes Commodities Fund Managers. Holds a Master's in Mathematical Trading and Finance from Cass Business School.
Lisa Avellini - Group General Counsel. Previously held legal roles at Balyasny Asset Management and Citadel. Holds a Bachelor of Commerce and Bachelor of Laws from the University of Natal.