CoinShares generated positive net inflows and $21.6 million of Segment EBITDA during the first half of 2026 despite one of the most difficult digital asset markets in recent years.
The digital asset investment manager reported total revenue of $51.4 million, down from $80 million a year earlier as declining crypto prices reduced average assets under management and weighed on capital markets activity.
Assets under management ended June at approximately $5.5 billion, compared with $7.4 billion at the end of 2025. However, CoinShares said the decline was driven primarily by market performance rather than client redemptions, with the group generating $27.6 million of net inflows.
CoinShares Physical attracted approximately $155.9 million of net inflows, partially offset by $104.6 million of outflows from the legacy XBT Provider platform.
Segment EBITDA was $21.6 million, representing an approximately 42% margin and remaining positive in both quarters.
The company reported a $23.9 million net loss, affected by a $16.6 million unrealized XBT Pricing Differential loss, a $15.4 million unrealized loss on treasury digital assets and one-time expenses associated with its Nasdaq listing and a historic option plan.
Market conditions improved after June. CoinShares’ AUM recovered to approximately $6.93 billion by August 31, while the unrealized loss on treasury digital assets fell to approximately $3.56 million from $15.4 million at the end of June.
CoinShares ended the first half with approximately $453 million of net assets, no long-term debt and an available capital position of $413.9 million.
The company is also expanding its platform through the acquisition of Bastion, initiatives with Kiln and Railnet, additional staking products and its first Bitcoin Mining UCITS ETF. Its board is seeking shareholder authorization for a share repurchase program.
KEY QUOTES:
“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.”
“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.”
Jean-Marie Mognetti, Co-Founder, President and CEO of CoinShares
