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CoinShares PLC
NASDAQ: CSHR Financials Cap Markets 🔎 Screen
$386M
Market Cap
P/E
PEG
-123.3%
ROCE
26.2%
ROE
0.42
D/E
-414.8%
OPM
-32.1%
% from 52W High
91
α RS
🔍 CSHR is showing a momentum setup because RS Rating is 91 (top decile vs market) and fcf_machines preset's Backtest win rate is 53.8% over 90 days. Net: Partial signal stack, not a recommendation. ? RS Rating Backtest
Sources
RS Rating 91 · Backtest win rate 53.8%
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Currency-adjusted total returns for CSHR including FX impact
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📈 Price History
Ratio Health
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By Category
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About

CoinShares PLC engages in the creating financial products with digital assets and blockchain technology business in Jersey. It operates through three segments: Asset Management, Capital Markets, and Principal Investments. The company offers CoinShares Physical, CoinShares Valkyrie, CoinShares XBT, and The Blockchain Global Equity Index products. It also provides hedge fund solutions, indices, venture services, and capital markets services. CoinShares PLC was incorporated in 2008 and is headquartered in Saint Helier, Jersey.

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3-Statement Financial Model
Bear / Base / Bull projections · DCF fair value · Reverse-DCF
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🎙 Management Tone Confident Specific ↑ Improving 4 quarters Full tone analysis in Intelligence →
Good quarter Investor Presentation One-Pager? Q2 2025
Revenue (Core Business)
$41.5M
-3% YoY
Net Income
$32.4M
+2% YoY
EPS
$0.49
+4% YoY
Fee-Paying AUM
$6.6B
+26% QoQ
What Went Right
  • Net income rose 2% YoY to $32.4M, supported by $7.8M treasury gains
  • CoinShares Physical had record fees of $6.8M, with $170M inflows offsetting XBT outflows
  • Capital markets delivered steady $11.3M income despite volatile prices
What to Watch
  • Core revenue declined 3% YoY as capital markets income fell from $14.6M to $11.3M
  • XBT Provider continued net outflows of $126M in Q2, though slowing
  • Admin expenses rose slightly due to U.S. expansion investments and cost allocation changes
Management Guidance
  • No explicit revenue guidance provided; H2 outlook described as 'very promising'
  • Expect new U.S. product lines (Solana, Ripple ETFs) pending SEC approval
  • U.S. listing remains a priority, with progress expected in coming months
Investor Lens
The thesis strengthens. CoinShares demonstrates resilient earnings power through diverse revenue streams and strategic U.S. expansion. The 26% sequential AUM growth and record CoinShares Physical flows indicate strong product-market fit, while the net income improvement underscores cost discipline. Regulatory catalysts (GENIUS Act, Clarity Act) and pending ETF approvals offer upside, but the slow SEC approval pace and XBT outflows are near-term headwinds.
From investor presentation · AI-generated analysis · Not investment advice
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📈 STRONG Solid Q2 with net income up 2% YoY to $32.4M
Revenue
Core business revenue (asset management fees plus capital markets income) came in at ~$41.5M, down from $42.9M in Q2 2024. Asset management fees rose to $30M (up from $28.3M) while capital markets income fell to $11.3M (from $14.6M).
Profitability
Net income was $32.4M, up 2% YoY from $31.8M, boosted by $7.8M unrealized treasury gains. Adjusted EBITDA was $26.3M, down from $34M due to non-recurring items in the prior year. EPS reached $0.49.
Margins
Operating margins were not explicitly disclosed, but management noted stable underlying profitability and consistent margins. Costs remained tightly managed with group admin expenses flat YoY at $10.3M; cost allocation methodology changed, increasing expenses reported at business unit level.
Balance Sheet
The group is highly cash-generative; free cash flow can be proxied by core revenue minus costs (excluding XBT Provider cash flows). AUM growth drove a strong quarter-end position. No debt or material CapEx discussed.
Key Risks
Regulatory delays in U.S. ETF approvals (SEC not yet approving S-1s); XBT Provider outflows persist ($126M in Q2); management deliberately capped Bitcoin treasury at ~$30M to mitigate volatility risk.
Outlook
H2 is off to a strong start with AUM at new highs post-quarter end. Management expects further product launches in the U.S. and continued positive momentum, pending regulatory clarity.
Generated by AI · Q2 2025 results · Not investment advice
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✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter
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📞 Earnings Call Transcripts (5)
Q2 2025 Q2 2025 2025-08-29
Q2 2025 saw stable revenues and strong AUM growth, with adjusted EBITDA at $26.3 million and profit after tax rising to $32.4 million. Strategic U.S. expansion advanced, while regulatory delays continue to affect new product launches.
Q1 2025 Q1 2025 2025-05-13
Q1 2025 saw resilient profits and strong margins despite a major digital asset price decline, with Asset Management fees up year-over-year and CoinShares Physical leading European ETP inflows. Strategic focus remains on U.S. expansion, product diversification, and operational scalability.
Q4 2024 Q4 2024 2025-02-18
Q4 2024 delivered record revenues and strong margins, driven by robust asset management and capital markets performance, despite increased costs from acquisitions and prudent credit loss provisions. Strategic diversification, disciplined risk management, and regulatory tailwinds position the group for continued growth in 2025.
Q3 2024 Q3 2024 2024-11-05
Q3 2024 saw stable performance, record management fees in asset management, and strong inflows in both Europe and the U.S. A new accounting policy for digital assets improved transparency, and the company began holding Bitcoin as a treasury asset. Regulatory and market trends are expected to drive further growth.
Q2 2024 Q2 2024 2024-08-06
Q2 2024 delivered strong financial results, driven by robust ETP inflows, the FTX claim sale, and disciplined cost control, despite the FlowBank impairment and asset price declines. Strategic innovation and a balanced capital approach position the business for continued growth.
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Financial Model
Projections are built from each company's audited annual financials (Income Statement, Balance Sheet, Cash Flow) over the last 5 fiscal years. Forward assumptions — revenue growth %, EBITDA margin, D&A (USD millions), interest expense, tax rate, and capex — are AI-generated using historical context and refreshed twice a year: after the December results season and after the September/Q4 results season.

DCF Valuation
Fair Value = Σ(FCFt / (1+WACC)t) + Terminal Value. Terminal Value uses the Gordon Growth Model: FCF5 × (1+g) / (WACC−g). Default WACC: 10% (US risk-free ~4.5%, equity risk premium ~5.5%). Default terminal growth: 3% (long-run US nominal GDP proxy).

CAGR Tracker
Expected 5-year CAGR = (DCF Fair Value / Current Price)1/5 − 1. Assumes fair value is reached in exactly 5 years — a mechanical estimate only.

Data Sources & Limitations
Financial statements sourced from public filings. Prices updated daily. Forward assumptions are AI-generated. All monetary values in USD millions. Non-US ADR companies may have currency conversion inaccuracies. Models are point-in-time and do not update intra-quarter or account for M&A, macro shocks, or extraordinary items.

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Investment Risk:
Investing in securities, including US equities and ETFs, involves inherent risks including the potential loss of principal. All investments are subject to market fluctuations, economic conditions, regulatory changes, and other factors that may affect their value. Past performance is not indicative of future results. This analysis is provided for informational and educational purposes only and should not be construed as investment advice under any circumstances.

No Investment Recommendation:
This analysis does not constitute, nor should it be interpreted as, an offer, solicitation, or recommendation to buy, sell, or hold any securities or financial products. Investors are strongly advised to conduct their own independent research and due diligence and to consult with a licensed financial advisor or an SEC-registered investment adviser before making any investment decisions, taking into account their individual financial situation, risk tolerance, and investment objectives.

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Conflict of Interest Disclosure:
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Information Sources:
The analysis is based on publicly available information including SEC filings (10-K, 10-Q), annual reports, management commentary, and publicly available financial data. Information is believed to be accurate as of the date of publication but may be subject to change without notice. Readers are encouraged to independently verify all information before acting upon it.

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