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The global leading asset manager in the digital asset space

Europe's #1 digital asset manager. $6bn+ in AUM. 34% EMEA market share.
Profitable since 2015.
Now listed on Nasdaq under ticker CSHR.
$6bn+
Assets Under Management
34%
EMEA Market Share
#4
Global Crypto ETP Manager
2015
Pioneer — First Bitcoin ETP
Jean-Marie Mognetti
Co-Founder & CEO, CoinShares
"
As the global financial architecture evolves, CoinShares stands at the intersection of traditional finance and the emerging digital asset landscape. Our results reflect resilience, strategic clarity, and a deep understanding of where the world is heading. I remain confident in our direction — and invite you to move forward with us, as we help investors secure their place in this new financial era.

Digital assets: from niche to mainstream

$110bn
Cumulative global crypto ETP net flows as of mid-2025 (source: Trackinsight)
$50bn+
Estimated crypto ETP revenue market potential at full institutional adoption
86%
of institutional investors already have exposure to or plan to allocate to digital assets in 2025 (Coinbase/EY-Parthenon survey)
With U.S. spot ETFs approved in 2024, MiCA regulation now in force across Europe, and growing institutional demand globally, the runway for digital asset investment products is long. CoinShares has been building the infrastructure for this moment since 2014 — and is uniquely positioned to capture accelerating flows as this market matures.

Investment case

01
First regulated Bitcoin ETP in the world — launched in 2015. A decade before the U.S. market opened.
02
#1 in EMEA with 34% market share. Already operating in the U.S. (Valkyrie asset manager acquired in 2024), with products listed on Nasdaq, Schwab, Fidelity.
03
Uniquely positioned with broad asset management product suite, encompassing broad array of tokens as well as passive and active strategies
04
Positive regulatory environment in European Union, with development opportunity as international regulators follow suit

05
Highly compelling financial profile, with revenue diversity, consistent profitability even in dynamic markets and strong margins

06
Best-in-class management team with deep experience across TradFi and digital asset markets



Why CoinShares

Established specialist
We built Europe's first Bitcoin ETP in 2014 — a decade before U.S. spot ETFs were approved. That isn't a marketing claim. It's a product still trading today, with $3.5bn in AUM.
Hybrid expertise
We hold three regulatory licenses simultaneously: MiFID, AIFM, and MiCA — the first continental European asset manager to receive MiCA authorization from the French AMF. We operate across 44 European markets. No U.S. competitor has replicated this infrastructure.
Investor centric
We are independent. Not a bank. Not an exchange. Not a crypto-native issuer. We are a pure asset manager with more than 50% management and founder ownership — fully aligned with investor interests.

The infrastructure play on digital assets

Digital assets are becoming a structural feature of global capital markets. CoinShares is not a bet on which token wins. It is a bet on the industry growing — and on the firm that has managed it most profitably for the longest time.
  • Industry exposure, not token risk

    Buying CoinShares stock is a bet on digital assets becoming mainstream — not on which asset wins. Revenue grows as AUM grows. CoinShares benefits from Bitcoin at $50K, $100K, or $200K. No single-token concentration risk. No custody risk. No treasury leverage.

  • A business model that compounds

    Management fees are recurring, predictable, and highly visible. A fixed overhead base of ~$40m annually means every incremental dollar of AUM growth flows directly to EBITDA. This is the same operating leverage that made traditional asset managers exceptional long-term compounders — applied to the fastest-growing segment of global finance.

  • Proven across every market cycle

    CoinShares has been profitable since 2015 — through the 2018 bear market, the 2020 COVID crash, and the 2022 crypto winter that wiped out dozens of competitors. CoinShares posted positive EBITDA every single year. Durability is the rarest quality in this industry.

A business model that compounds
Management fees are recurring, predictable, and highly visible. A fixed overhead base of ~$40m annually means every incremental dollar of AUM growth flows directly to EBITDA. This is the same operating leverage that made traditional asset managers exceptional long-term compounders — applied to the fastest-growing segment of global finance.
A business model that compounds
Management fees are recurring, predictable, and highly visible. A fixed overhead base of ~$40m annually means every incremental dollar of AUM growth flows directly to EBITDA. This is the same operating leverage that made traditional asset managers exceptional long-term compounders — applied to the fastest-growing segment of global finance.
A business model that compounds
Management fees are recurring, predictable, and highly visible. A fixed overhead base of ~$40m annually means every incremental dollar of AUM growth flows directly to EBITDA. This is the same operating leverage that made traditional asset managers exceptional long-term compounders — applied to the fastest-growing segment of global finance.
CoinShares vs. the alternatives — how to position for digital asset exposure:
CoinShares
Spot Bitcoin ETF
Crypto Exchange
BTC Treasure Co.
Exposure type
Industry infrastructure
Single token (BTC)
Trading volumes / fees
Single token (BTC)
Revenue model
Recurring AUM fees
Mark-to-market
Volatile transaction fees
Mark-to-market
Earnings predictability
High — AUM-linked
N/A (pass-through)
Low — cycle-dependent
Low — token price-dependent
Profitability track record
Every year since 2015
N/A (pass-through)
Varies by cycle
Token-price dependent
Regulatory status
MiFID + AIFM + MiCA + SEC-registered (1940 Act and 1933 Act)
SEC-registered (1940 Act)
Varies by jurisdiction
Unregulated

Financial performance

$177m
FY2024 Revenue
$112m
FY2024 Total Comprehensive Income (net of exceptional income)
91%
FY2024 Gross Profit Margin
$411m
Balance Sheet Net Assets
CoinShares has maintained profitability through every market cycle since 2015 — including the 2022 crypto winter. Our asset-light model generates recurring management fee revenue with a fixed overhead base of approximately $40m annually, delivering strong operating leverage as AUM grows.
Team
Jean-Marie Mognetti
CO-FOUNDER, PRESIDENT & CEO
Richard Nash
CHIEF FINANCIAL OFFICER
Previously:
Cairn Capital, RSM
Lisa Avellini
GROUP GENERAL COUNSEL
Previously:
B.A:M, Citadel
Benoît Pellevoizin
HEAD OF MARKETING & COMMUNICATIONS
Previously:
CMO | Previously: Ledger, Ogilvy
Pierre Porthaux
HEAD OF QUANTITATIVE R&D
Previously:
Previously: Nomura, Millennium
Annabel Giles
HEAD OF PEOPLE
Previously:
Head of People: Rokos, White Oak

Board members

Christopher D. Myers
INDEPENDENT DIRECTOR
Caroline D. Pham
INDEPENDENT DIRECTOR
Paul Grinberg
INDEPENDENT DIRECTOR
Jean-Marie Mognetti
CO-FOUNDER, PRESIDENT & CEO
Daniel Masters
CHAIRMAN
Contact the board
Learn more about CoinShares
Investor Presentation
Download the full investor deck
Download pdf
Digital Asset Flows Report
Our weekly benchmark — cited by Bloomberg & Reuters
Read latest issue
Contact IR
Emily Mohr, Investor Relations Director
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