CoinShares PLC (NASDAQ:CSHR), a global asset manager specialising in digital assets, today announced its financial results for the six months ended June 30, 2026.

The Company reported an operating loss of $5.1 million for H1 2026, compared with operating income of $75.9 million in H1 2025, and a net loss of $23.9 million, compared with net income of $77.6 million in H1 2025.

Total revenue amounted to $51.4 million, compared with $80.0 million in H1 2025. Asset Management revenue was $40.0 million (H1 2025: $59.6 million), principally reflecting lower average Assets Under Management (“AUM”) following the decline in digital asset prices. Capital Markets revenue was $11.4 million (H1 2025: $22.1 million), with a further $3.4 million of gains from operations, resulting in Capital Markets Segment revenue and gains of $14.9 million (H1 2025: $26.5 million).

Total AUM of $5.5 billion as of June 30, 2026, compared with $7.4 billion as of December 31, 2025. The decline in AUM was driven by market performance rather than net redemptions, with the Group generating $27.6 million of net inflows during the period.

CoinShares Physical attracted $155.9 million of net inflows, partially offset at Group level by $104.6 million of net outflows from the legacy CoinShares XBT Provider platform.

The Board is seeking shareholder authority to establish a share repurchase program at the EGM scheduled for September 15, 2026, providing the Company with an additional capital allocation tool alongside continued investment in organic growth and selective acquisitions.

Jean-Marie Mognetti, Co-Founder, President and Chief Executive Officer of CoinShares, said:

“The first half of 2026 was one of the most difficult digital asset markets in recent years, with bitcoin declining by approximately one-third between January and June. Against that backdrop, CoinShares generated $21.6 million of Segment EBITDA at a 42% margin, with positive Segment EBITDA in both quarters, while recording positive net flows across the Group.

What matters particularly to me is what our clients did. CoinShares Physical, our European growth platform, attracted approximately $156 million of net new assets during the half, even as digital asset markets declined sharply. The fall in our overall AUM was therefore principally a price effect rather than a flow effect, demonstrating the resilience of our core European franchise through a difficult market.

Our reported net loss of $23.9 million reflects a number of items that create a significant difference between our GAAP result and the operating performance reflected in Segment EBITDA, including unrealized movements in treasury digital assets and the XBT Pricing Differential, as well as one-time costs associated with our Nasdaq listing and the settlement of a historic option plan.

Since the end of the half, digital asset markets have begun to recover, increasing our AUM and partially reversing the unrealized loss on our treasury holdings. While we do not manage the business around short-term market movements, the subsequent recovery illustrates the distinction between market-driven movements in our reported results and the underlying performance of the operating platform.

Having repaid our Reyl Intesa loan, we enter the second half with no long-term debt, approximately $453 million of net assets and substantial available capital. This gives us the capacity both to invest behind the continued development of the platform and to return capital where we believe that is the better use of it, including through a share repurchase program for which the Board is seeking shareholder authority at the upcoming EGM.

This is our first half-year report since listing on Nasdaq. We are building CoinShares for the long term: a regulated investment platform combining investment products, market infrastructure and blockchain-native technology, with a simple purpose: to make the frontier investable.”

Following the end of the reporting period, digital asset prices recovered from their June 30 levels. As of August 31, 2026, Group AUM had increased to approximately $6.93 billion, compared with $5.52 billion as of June 30, 2026. The recovery also favourably impacted the Group’s treasury digital asset holdings, with the year-to-date unrealized loss on those holdings reducing to approximately $3.56 million as of August 31, 2026, compared with $15.4 million as of June 30, 2026.

As of June 30, 2026, CoinShares had approximately $453 million of net assets and no long-term debt.

During the period, the Group repaid its long-term debt facility with Reyl.