CoinShares

What CoinShares does

CoinShares is a European-headquartered digital asset investment firm operating as a regulated asset manager specializing in physically-backed crypto exchange-traded products (ETPs). Founded in 2014 and publicly listed on Nasdaq under ticker CSHR since April 1, 2026, the company manages approximately $7.4 billion in gross assets under management and holds a dominant 34% market share in Europe's crypto ETP market, ranking among the top four global crypto asset managers. CoinShares serves institutional investors (asset managers, hedge funds, family offices), wealth management professionals, retail investors via brokerage platforms, and crypto-native institutions including miners and foundations across Europe and the United States.

The company's product suite includes single-asset physically-backed ETPs (Bitcoin, Ethereum, Solana, XRP, and others), staking ETPs offering 0% management fees with shared staking rewards and slashing indemnification, actively managed systematic strategies, customized indices, and institutional capital markets services. The technology backbone combines physical crypto held in institutional-grade custody with blockchain-verified daily proof-of-reserves audited by The Network Firm, and a staking infrastructure coordinated with third-party providers such as Blockdaemon. The Capital Markets team provides liquidity provisioning, lending/borrowing, hedging, and treasury management, supported by market makers Virtu Financial Ireland Limited and Flow Traders B.V. In April 2026, CoinShares launched the Vault — a hybrid fund structure combining traditional regulated assets with DeFi protocol yields, built with Kiln using its Railnet protocol, making it the first regulated European asset manager to combine MiCA and traditional securities authorizations in a single product framework.

CoinShares generates revenue primarily through management fees on AUM, with $165.7 million in total FY2025 revenue (up 6.5% YoY), of which $126.4 million was asset management revenue (up 13.1% YoY). Distribution occurs through regulated European stock exchanges (Xetra, Euronext, SIX Swiss, Nasdaq Stockholm) and increasingly through Nasdaq US following the April 2026 SPAC merger, supplemented by B2B2C partnerships with online brokers such as BoursoBank (7M+ retail customers in France). The company operates under both MiFID and MiCA regulatory authorizations and is ISO 27001 certified. Following its Nasdaq listing at approximately $1.2 billion valuation, CoinShares is pursuing US market expansion through the acquired Valkyrie platform and newly filed products including bitcoin volatility ETFs.

Name

CoinShares

Legal name

CoinShares PLC

Website

https://coinshares.com

Company type

Public

Founded year

2014

Operating status

Operating

Headcount range

51–100 employees

Short description

CoinShares is a European-regulated digital asset manager offering physically-backed crypto ETPs, staking products, and active strategies. Founded in 2014 and Nasdaq-listed (CSHR) since April 2026, it manages $7.4 billion AUM with 34% European crypto ETP market share.

Ownership category

akta.pro rank

Product category

Digital Asset Management and Crypto Exchange-Traded Products

NAICS

Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523), Commodity Contracts Intermediation (523160), Other Financial Vehicles (52599), Investment Banking and Securities Intermediation (523150)

SIC

Security & Commodity Brokers, Dealers, Exchanges & Services (6200), Security Brokers, Dealers & Flotation Companies (6211), Commodity Contracts Brokers & Dealers (6221)

akta.pro primary industry

Index-Tracking Funds, ETPs & Structured Index Products (Crypto) (FSADAHAC)

akta.pro secondary industries

Managed Accounts, Separately Managed Accounts (SMA) & Funds Platforms (Crypto) (FSADAHAM), Portfolio Management Systems (PMS), Rebalancing & Analytics (Crypto) (FSADAHAE), Cross-Margin, Portfolio Margin & Risk Engine Providers (FSADAGAH)

Keywords

• Crypto exchange-traded products
• Digital asset management
• Physically-backed ETP
• Crypto staking products
• Institutional crypto investing

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Asset Management Fees: CoinShares earns management fees on its ETP products, which are expressed as annual percentage of AUM. The company reported asset management revenue of $126.4 million in FY2025, up 13.1% year-over-year, driven by growth in AUM and product range. Some staking ETPs carry 0% management fees, with revenue generated from staking reward share.
2. Total Revenue: CoinShares reported FY2025 total revenue of $165.7 million, a 6.5% year-over-year increase. Segment EBITDA was $131.3 million, up 5.4% year-over-year. Net income was $114.3 million, impacted by $36.8 million non-recurring FTX bankruptcy claim gain in prior year and $4.3 million in Nasdaq listing transaction costs.

Pricing tiers

Go-to-market motion3 records

Distribution channels5 records

Marketing channels6 records

Core offering

CoinShares designs, issues, and manages physically-backed cryptocurrency exchange-traded products (ETPs) that allow investors to gain exposure to digital assets through standard brokerage accounts. Its product range spans single-asset Bitcoin and Ethereum ETPs, a staking ETP suite covering Ethereum, Solana, Polkadot, Sei, Chainlink, Uniswap, Toncoin, and Polygon (with 0% management fees and shared staking rewards), actively managed quantitative strategies, customized digital asset indices, and a Capital Markets trading business offering liquidity provisioning and treasury management.

Differentiator

Problem solved

Functional benefit

Brands

• CoinShares Physical: Physically-backed crypto ETPs tracking single digital assets including Bitcoin, Ethereum, Solana, and others. Includes staking-enabled versions with 0% management fees.
• CoinShares Physical Staking
• CoinShares XBT Provider
• CoinShares Digital Securities
• CoinShares Capital Markets
• CoinShares Index
• CoinShares Vault
• The Node

Products and services

• CoinShares Physical Crypto ETPs Physically-backed exchange-traded products tracking major cryptocurrencies, where the underlying crypto assets are purchased and held in secure institutional-grade custody, providing investors with simple, regulated access to digital assets through standard brokerage accounts on major European exchanges.
• CoinShares Physical Staking ETPs Suite of physically-backed staking ETPs covering Ethereum, Solana, Polkadot, Sei, Chainlink, Uniswap, Toncoin, and Polygon. They share staking rewards with investors via daily Coin Entitlement adjustments, charge 0% management fees, and indemnify investors against slashing risk through the Staking Agent.
• CoinShares Active Strategies Actively managed, systematic strategies built by CoinShares' quantitative experts to capture opportunities in digital asset markets, backed by the operational rigour of a publicly listed asset manager.
• CoinShares Indices Robust, transparent indices spanning equities, crypto, and gold, used for passive financial products (ETPs) and institutional benchmarking, centered on digital assets and blockchain impact.
• CoinShares Capital Markets Trading technology and support services including liquidity provisioning, lending and borrowing, bespoke hedging and risk management, and treasury management for the CoinShares Group and external institutional clients such as miners, foundations, and crypto funds.
• CoinShares Vault Hybrid fund structure combining traditional regulated assets with DeFi protocol yields, allocating across four yield buckets (DeFi protocols, tokenized money market funds and ETFs, institutional repo, and market neutral strategies) under MiCA and traditional securities authorizations.
• CoinShares XBT Provider (Swedish ETPs) ETP platform specifically designed for Swedish investors, with products denominated in SEK and listed on Nasdaq Stockholm via CoinShares XBT Provider AB (Publ).

Quantifiable outcome

• CoinShares Physical ranked #1 in Europe by net inflows in 2025 with $1.1 billion in net inflows
• +3 more outcomes

Named customers11 records

Segments4 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration7 records

Feature4 records

Partnerships

Eight partnerships are on record, tiered minor and core.

• London Blockchain Summit / Institutional Tokenisation SummitminorStrategic or Co-development Partner · 10 June 2026CoinShares is listed as a confirmed attendee at the London Blockchain Summit's Institutional Tokenisation Summit (July 7, 2026 at DLA Piper in London), joining major financial institutions such as BlackRock, Galaxy Digital, NYSE, State Street, Bank of America Merrill Lynch, Clearstream, NatWest and Re7 Capital.
• Virtu Financial Ireland LimitedcoreTechnology or Integration · 8 June 2026CoinShares Digital Securities Limited appointed Virtu Financial Ireland Limited as an additional market maker for its crypto exchange traded products programme, covering Bitcoin and Ethereum Staking ETPs. The appointment was made through a supplementary prospectus approved by the UK's Financial Conduct Authority.
• KilncoreTechnology or Integration · 7 April 2026CoinShares partnered with Kiln, an institutional onchain yield provider, to build its new 'vault' fund structure that combines traditional regulated assets with DeFi protocol yields. The vault uses Kiln's Railnet protocol to allocate across four yield buckets: DeFi protocols, tokenized money market funds and ETFs, institutional repo, and market neutral strategies. This is the first regulated European asset manager to offer this hybrid approach under a single compliant framework combining MiCA and traditional securities authorizations.
• Valkyrie Funds LLCcoreStrategic or Co-development Partner · 12 March 2024CoinShares completed its acquisition of Valkyrie Funds LLC (Valkyrie ETF Business), a US-based digital asset manager, expanding its US asset management reach by approximately $530 million in AUM. The acquisition accelerates CoinShares' US market expansion and product innovation strategy, with Valkyrie being rebranded as CoinShares' US asset management platform.
• Napoleon Crypto SAScoreStrategic or Co-development Partner · 4 July 2022CoinShares completed the acquisition of Napoleon Crypto SAS (French fintech specializing in social trading platforms) for approximately 13.9 million euros. The acquisition enabled CoinShares to promote products across the European Union, expand its presence in the consumer market, and enhance technology offerings for crypto trading and investment community building.
• Flow Traders B.V.coreTechnology or IntegrationFlow Traders B.V. serves as an existing market maker for CoinShares' crypto ETP programme, alongside Virtu Financial Ireland Limited.
• BoursoBankcoreChannel Partner/ Reseller/ DistributorBoursoBank (France's largest online bank with over 7 million customers) selected CoinShares as its crypto ETP provider, offering around 10 products tracking Bitcoin, Ethereum, XRP, TRON, and Solana. The offering operates within AMF and MiCA regulatory standards with orders starting at €0.99 per trade.
• Grayscale ResearchminorStrategic or Co-development PartnerBoth CoinShares and Grayscale Research apply traditional finance valuation models (discounted cash flows, earnings multiples) to crypto assets. CoinShares applied long-term valuation frameworks to Hyperliquid's HYPE token and Ether, with base-case valuations of $147 and $4,935 respectively by 2031. This represents a parallel approach to institutionalizing crypto valuation methodology.

Scale indicators14 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• Grayscale Investments: Largest crypto asset manager globally and the dominant US spot Bitcoin/Ethereum ETP/trust issuer. Closely comparable to CoinShares in product type (single-asset crypto ETPs) and target institutional/wholesale investor base, though with a US-centric distribution focus.
• 21Shares: European-headquartered crypto ETP issuer offering a broad range of physically-backed crypto products. Directly competes with CoinShares Physical in European exchanges and is among the closest European-headquartered analogs to CoinShares' ETP business model.
• WisdomTree: Established asset manager with a growing crypto ETP suite in Europe and the US. Comparable to CoinShares in offering regulated, exchange-listed crypto exposure to institutional and wealth management clients, but with a broader traditional finance product set.
• Bitwise Asset Management: US-based crypto asset manager offering spot crypto ETPs and actively managed funds. Comparable to CoinShares in focusing on institutional-grade crypto ETP issuance with a research-driven approach, though primarily US-focused.
• Hashdex: Crypto asset manager offering ETPs tracking single assets and crypto index baskets. Comparable to CoinShares in providing regulated exchange-traded crypto exposure, with particular overlap in index-based crypto products.

Broad incumbents

• VanEck: Diversified asset manager with a meaningful crypto ETP franchise alongside traditional ETFs, equities, and commodities. Comparable to CoinShares in offering regulated crypto ETPs, but with a much broader product portfolio and larger AUM base.
• Invesco (Galaxy): Global asset manager with crypto ETP offerings developed in partnership with Galaxy Digital. Comparable in offering regulated spot Bitcoin ETPs to institutional and retail clients, though as part of a much wider product portfolio.
• Fidelity Digital Assets: Fidelity's digital asset division offering spot crypto ETPs (Wise Origin Bitcoin Fund) and institutional custody. Comparable to CoinShares in targeting institutional crypto allocation, though embedded within a much larger traditional asset manager.
• BlackRock (iShares): World's largest asset manager with iShares Bitcoin Trust (IBIT) leading spot Bitcoin ETF AUM. Comparable as the dominant scaled competitor in regulated crypto ETPs, though operating as a broad incumbent across many asset classes.

Emerging players

• Galaxy Digital: Crypto-focused financial services firm offering asset management, trading, and investment banking. Comparable to CoinShares in providing institutional crypto exposure and capital markets services, with overlap in ETP-related initiatives via Invesco partnership.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/coinsharesco
• Facebookfacebook.com/CoinSharesCo
• LinkedInlinkedin.com/company/coinshares

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Subsidiaries4 records

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A4 records

Investments37 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about CoinShares