CoinShares reports second-quarter net profit of USD 32.4 million… pursuing U.S. listing

European digital asset (cryptocurrency) manager CoinShares reported a second-quarter net profit of USD 32.4 million (about KRW 450 billion). Inflows into exchange-traded products (ETPs) following cryptocurrency price increases and higher asset management fees were cited as the main factors.

According to crypto-focused media The Block on the 29th, CoinShares' second-quarter net profit was USD 32.4 million, a 5.3% decrease from the previous quarter but a 1.9% increase year-over-year. Assets under management (AUM) were USD 3.5 billion, up 26% from the first quarter, with a net inflow of USD 1.7 billion into spot-based ETPs alone. This was attributed to Bitcoin and Ethereum rising 29% and 37%, respectively, over the same period.

CoinShares earned USD 30 million in asset management fees during the period. Specifically, Ethereum staking (USD 4.3 million), delta-neutral strategies (USD 2.2 million), and lending (USD 2.6 million) supported revenue. The treasury division, which recorded a valuation loss of USD 3 million in the first quarter, turned to a valuation gain of USD 7.8 million, contributing to improved results.

Jean-Marie Mognetti, Chief Executive Officer (CEO) of CoinShares, said, "The second quarter delivered solid performance across all business segments," and added, "The rebound in digital asset prices has substantially restored assets under management by the end of the first half." He also forecasted, "In August, Bitcoin and Ethereum reached record highs, and asset growth and trading momentum are expected to continue in the second half."

The company is simultaneously pursuing a listing on U.S. exchanges. CEO Mognetti explained, "Moving the listing from Nasdaq Stockholm in Sweden to the United States would provide deeper access to capital markets and enhance corporate value," and said, "As in recent cases where Circle and Bullish saw share price increases immediately after U.S. listings, entering the U.S. market would significantly increase shareholder value." He added, "We will pursue a listing at an appropriate time."