CoinShares PLC (CSHR): Financial results for H1 2026
CoinShares PLC (CSHR) furnished an SEC Form 6-K — earnings release. Exhibit 99.1 CoinShares Announces First Half 2026 Results Positive net flows despite a sharp digital asset market decline; strong balance sheet with $453 million of net assets and no long-term debt JERSEY, Channel Islands — September 14, 2026 — CoinShares PLC (Nasdaq: CSHR) (“Coi
How this was made
The 30-second read
Why it matters
The earnings release provides fresh data on revenue, AUM, and cash position, essential for valuation.
Market read
First‑hand earnings data for a crypto‑focused asset manager, relevant for traders in digital‑asset exposure.
What to watch
Potential upside from upcoming share repurchase program and recovery in crypto markets.
CoinShares reported H1 2026 total revenue of $51.4 million and a net loss of $23.9 million amid lower digital asset prices, while generating positive Group net inflows and retaining approximately $453 million of net assets with no long-term debt.
Positive net inflows, positive Segment EBITDA and a debt-free long-term balance-sheet position were offset by sharply lower revenue, an operating loss and a net loss driven by market-related unrealized losses and one-time costs.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Total revenueGAAP | $51.44M | – | (35.7)% |
| Revenue and gains from operationsnon-GAAP | $38.31M | – | (62.6)% |
| Loss on digital assets and digital asset ETPsGAAP | −$1.88B | – | 948.2% |
| Gain on certificate liabilitiesGAAP | $1.75B | – | 1936.4% |
| Other operating gainsGAAP | $109.4M | – | (5.2)% |
| Operating lossGAAP | $5.1M | – | – |
| Net lossGAAP | $23.9M | – | – |
| Income/(loss) before income taxesGAAP | −$23.62M | – | – |
| Segment EBITDAother | $21.64M | – | – |
| Segment EBITDA marginother | approximately 42% | – | – |
| Asset Management Segment EBITDAother | $27.52M | – | – |
| Capital Markets Segment EBITDAother | $7.13M | – | – |
| Unallocated Segment EBITDAother | −$13.01M | – | – |
| Share based compensationGAAP | −$6.09M | – | – |
| Depreciation and amortizationGAAP | −$2.16M | – | – |
| Interest incomeGAAP | $878K | – | – |
| Interest expenseGAAP | −$5.09M | – | – |
| Loss on treasury digital assetsGAAP | −$15.40M | – | – |
| Fair value loss on investmentsGAAP | $1.10M | – | – |
| Exceptional expensesGAAP | −$1.94M | – | – |
| Total AUMother | approximately $5.52 billion | – | – |
| Group net inflowsother | approximately $27.6 million | – | – |
| Group AUM as of August 31, 2026other | approximately $6.93 billion | – | – |
| Year-to-date unrealized loss on treasury digital asset holdings as of August 31, 2026GAAP | approximately $3.56 million | – | – |
| Available Capital Positionnon-GAAP | $413.9M | – | (14.0)% |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Asset ManagementThe decline was principally attributable to lower average AUM following the decline in digital asset prices during the period. Product mix, including growth of lower-fee BLOCK Index, weighed on the indicative blended fee rate. | $40M | – | decrease of 32.9% |
| Capital MarketsLower digital asset prices reduced staking income, management reduced capital deployed to lending in line with its risk appetite, and trading gains moderated as liquidity and attractive risk-adjusted opportunities declined. | $11.4M | – | decrease of 43.8% |
Amounts quoted below without a unit are in thousands, as in the filing’s tables. Per-share figures are as printed.
Capital returns
- The Board is seeking shareholder authority to establish a share repurchase program at the EGM scheduled for September 15, 2026.
- Any repurchases will be made at the Board's discretion, subject to market conditions, applicable law and regulatory requirements.
- The Company is under no obligation to repurchase any specific number of shares.
- The decrease in Available Capital Position primarily reflected repayment of the Group's long-term borrowings, dividend distributions, settlement of the historic share option plan, the contraction of the cumulative XBT Pricing Differential and losses on treasury digital assets, partially offset by positive Segment EBITDA generated during the period.
What drove it
- Total AUM declined because of adverse market movements rather than net redemptions.
- CoinShares Physical generated approximately $155.9 million of net inflows during H1 2026.
- The legacy CoinShares XBT Provider platform recorded approximately $104.7 million of net outflows.
- BLOCK Index grew to $1.559 billion from $1.333 billion as of December 31, 2025.
- In February 2026, the Company reduced the management fee on its flagship physically backed bitcoin ETP from 25 to 15 basis points.
- Capital Markets generated net gains from trading and other activities of $3.4 million, which were gains from operations rather than revenue under U.S. GAAP.
- The Company completed the acquisition of Bastion in early September.
- In July, CoinShares launched its first Bitcoin Mining UCITS ETF.
Concerns
- Total revenue declined 35.7% as lower digital asset prices reduced average AUM and Asset Management revenue.
- Capital Markets revenue declined 43.8%, with lower staking income, reduced lending deployment and moderated trading gains.
- The Group reported an operating loss of $5.1 million and a net loss of $23.9 million.
- The net loss included a $16.6 million unrealized loss arising from the XBT Pricing Differential and a $15.4 million unrealized loss on treasury digital asset holdings.
- The operating cost base included Nasdaq listing costs and costs associated with transition to U.S. public-company reporting requirements.
- The Company also cited one-time costs associated with the Nasdaq listing and settlement of a historic option plan.
What to watch
- Whether the recovery in Group AUM to approximately $6.93 billion as of August 31, 2026 is sustained.
- Net-flow trends at CoinShares Physical relative to net outflows from the legacy CoinShares XBT Provider platform.
- The revenue and margin effects of lower average AUM, product mix and the reduction of the flagship physically backed bitcoin ETP management fee from 25 to 15 basis points.
- Capital Markets activity, including staking income, lending capital deployment and trading opportunities.
- Shareholder action at the September 15, 2026 EGM on authority for a share repurchase program.
- Integration of Bastion and the development of initiatives involving Kiln and Railnet.
Balance sheet and cash flow
- Approximately $453 million of net assets as of June 30, 2026.
- No long-term debt as of June 30, 2026.
- Cash and cash equivalents: $47,068 (in thousands) as of June 30, 2026, compared with $64,243 (in thousands) as of December 31, 2025, a change of (26.7)%.
- Digital assets - held for operations: $2,515,483 (in thousands), compared with $3,974,713 (in thousands), a change of (36.7)%.
- Digital assets - held as treasury: $26,687 (in thousands), compared with $33,354 (in thousands), a change of (20.0)%.
- Digital asset exchange traded products: $640,116 (in thousands), compared with $1,145,428 (in thousands), a change of (44.1)%.
- Digital asset receivables, net: $238,969 (in thousands), compared with $108,517 (in thousands), a change of 120.2%.
- Total assets: $3,468,323 (in thousands), compared with $5,326,255 (in thousands), a change of (34.9)%.
- XBT Certificate Liabilities: $(1,358,004) (in thousands), compared with $(2,465,007) (in thousands), a change of (44.9)%.
- XBT CS Physical Certificate Liabilities: $(1,326) (in thousands), compared with $(1,279) (in thousands).
- CS Physical Certificate Liabilities: $(1,406,792) (in thousands), compared with $(2,041,154) (in thousands), a change of (31.1)%.
- Digital asset payables: $(114,764) (in thousands), compared with $(168,374) (in thousands), a change of (31.8)%.
- Amounts due to brokers: $(173,582) (in thousands), compared with $(169,086) (in thousands), a change of 2.7%.
- Total liabilities: $(3,054,468) (in thousands), compared with $(4,844,900) (in thousands), a change of (37.0)%.
- Available Capital Position included accrued fee of $284,594 (in thousands), compared with $280,020 (in thousands), a change of 1.6%.
- The June 30, 2026 Available Capital Position included approximately $116.7 million of liquid assets and approximately $284.6 million of earned and accrued CoinShares XBT management fees.
- The cumulative unrealized impact of the XBT Pricing Differential was $10.2 million as of June 30, 2026, compared with $26.9 million as of December 31, 2025.
Analysis
CoinShares' H1 2026 revenue contracted materially as the digital asset market decline reduced average AUM and activity across both operating segments. Total revenue was $51.4 million, compared with $80.0 million in H1 2025, while Asset Management revenue was $40.0 million, down 32.9%. Capital Markets revenue was $11.4 million, down 43.8%, reflecting lower staking income, deliberately reduced lending deployment and more moderate trading gains. Total AUM was approximately $5.52 billion at June 30, 2026, versus approximately $7.40 billion at December 31, 2025.
Client-flow data was more resilient than the AUM decline alone suggests. The Group generated approximately $27.6 million of net inflows during H1 2026, and CoinShares Physical attracted approximately $155.9 million of net inflows. These flows were partly offset by approximately $104.7 million of net outflows from the legacy CoinShares XBT Provider platform. Management characterized the AUM decline as driven by adverse market movements rather than net redemptions. BLOCK Index grew to $1.559 billion, from $1.333 billion at December 31, 2025, although its lower fee rate contributed to pressure on the blended Asset Management fee rate.
Underlying segment profitability remained positive but was substantially below the prior year. Segment EBITDA was $21.6 million, compared with $59.0 million in H1 2025, with Asset Management Segment EBITDA of $27.5 million and Capital Markets Segment EBITDA of $7.1 million. The Company reported a Segment EBITDA margin of approximately 42% and said Segment EBITDA was positive in both quarters. However, the reported result moved to an operating loss of $5.1 million and a net loss of $23.9 million, compared with operating income of $75.9 million and net income of $77.6 million in H1 2025. The reported loss included the XBT Pricing Differential, a $15.4 million unrealized loss on treasury digital asset holdings, share-based compensation, depreciation and amortization, financing items and exceptional expenses.
The balance sheet remained a central offset to the weaker earnings result. CoinShares reported approximately $453 million of net assets, no long-term debt and an Available Capital Position of approximately $413.9 million at June 30, 2026. The Available Capital Position included approximately $116.7 million of liquid assets and approximately $284.6 million of earned and accrued CoinShares XBT management fees. It declined from $481.4 million at December 31, 2025, primarily due to debt repayment, dividend distributions, option-plan settlement, the contraction in the XBT Pricing Differential and treasury digital asset losses.
Post-period market recovery improved reported operating indicators. Group AUM increased to approximately $6.93 billion as of August 31, 2026, and the year-to-date unrealized loss on treasury digital asset holdings reduced to approximately $3.56 million from $15.4 million at June 30, 2026. There was no quantitative financial outlook. Capital-allocation attention is on the September 15, 2026 EGM, where the Board is seeking authority to establish a discretionary share repurchase program, alongside investment in organic growth and selective acquisitions.
Management, verbatim
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.
Jean-Marie Mognetti, Co-Founder, President and Chief Executive Officer
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.
Jean-Marie Mognetti, Co-Founder, President and Chief Executive Officer
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 Chief Executive Officer
Not in the filing
stated, not guessed- Gross profit and gross margin
- GAAP and non-GAAP EPS
- Operating cash flow
- Free cash flow
- Cash flow from investing activities
- Cash flow from financing activities
- Tax expense or benefit and effective tax rate
- Quantified dividend distributions
- Quantified share repurchases
- Quantitative forward revenue, margin, expense or tax-rate guidance
- Prior-quarter comparisons for revenue, segment revenue, profitability and cash-flow metrics
- A total debt amount
- A reported net-income reconciliation from income/(loss) before income taxes to net loss
AlphAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
CoinShares PLC, a Nasdaq‑listed digital‑asset manager, filed a Form 6‑K reporting H1 2026 results.
Ticker impact
CoinShares PLC released its H1 2026 earnings with revenue down 35% and a net loss of $23.9M, plus a share repurchase proposal.
Potential short-term downside pressure, with a possible rebound if share buyback is approved.
Revenue decline and loss are material, but cash position and inflows mitigate risk; market reaction will hinge on buyback approval.
Market effects
Highlights pressure on digital asset managers amid falling crypto prices, may affect peer valuations.
European crypto asset platforms could see similar inflow/outflow dynamics.
Signals broader challenges for crypto‑linked investment products worldwide.
Counterpoint
Despite earnings miss, the strong balance sheet and net inflows suggest the stock could be undervalued.
Key entities
- companyCoinShares PLC
Nasdaq‑listed digital‑asset manager.
- executiveJean‑Marie Mognetti
CEO who commented on the results.
