CoinShares Reveals Fourth Quarter 2025 Update

CoinShares, a prominent global asset manager specializing in digital assets, has announced its quarterly update for the quarter ending on December 31, 2025. This update, released on February 17, 2026, showcases various highlights and developments within the company.

The format of this Q4 2025 update differs from previous announcements due to the ongoing confidential review process with the U.S. Securities and Exchange Commission (SEC). The Company received a waiver from Nasdaq Stockholm for its Q3 2025 earnings report, leading to a similar approach for the Q4 report to avoid delays in the U.S. business combination process. Despite these constraints, CoinShares recognizes its disclosure obligations to stakeholders and has prepared this update to provide a business overview aligning with regulatory requirements.

In terms of business performance during Q4 2025, CoinShares observed market movements that reflected broader trends in the digital asset market. While Bitcoin and Ethereum saw price declines at the end of the year, the company’s Assets under Management (AuM) and performance remained consistent with market conditions, mirroring the first half of 2025.

The regulatory landscape for digital asset ETPs continued to evolve, with positive developments in European markets like the United Kingdom and France focusing on enhancing retail access. CoinShares’ long-term distribution strategy stands to benefit from these structural shifts, supporting its growth and market presence.

Product launches were a key focus for CoinShares in the latter half of 2025, with the introduction of the CoinShares SEI Staking ETP and the CoinShares Toncoin Staking ETP in Europe, alongside the CoinShares Altcoins ETF (DIME) in the United States. These new offerings aimed to diversify the company’s portfolio and cater to evolving investor demands.

In terms of AuM development, CoinShares experienced a notable increase in total gross AuM by $1.56 billion in Q3, followed by a decline of $2.20 billion in Q4 due to negative price action in the digital asset market. Despite these fluctuations, CoinShares closed the year with a gross AuM of $7.40 billion, showcasing resilience and adaptability in a dynamic market environment.

As the company progresses towards a business combination with Vine Hill Capital Investment Corp, key milestones have been achieved, including a court directions hearing, irrevocable undertakings representing 80% of issued shares, and progress in the confidential SEC review process. Financial reporting updates and restatements have been made to align with IFRS accounting standards, ensuring transparency and accuracy in reporting.

CoinShares also announced a dividend of $0.33 per share for the year ended December 31, 2025, demonstrating commitment to shareholders and financial stability. Moving forward, the company remains focused on strategic growth initiatives and regulatory compliance to drive long-term value for investors and stakeholders.