CoinShares PLC Ordinary Shares Q2 FY2026 Earnings Call

· Earnings call transcript and AI-powered summary

CoinShares H1 2026 Earnings Summary

Context: First earnings call post-U.S. Nasdaq listing. Digital asset markets contracted sharply (Bitcoin -32%, Ethereum -48% YTD), testing business resilience. AUM declined due to market moves, not client outflows. Comparisons are primarily to H1 2025 and Dec 2025 unless noted.

Key Financial Highlights

  • Assets Under Management (AUM): Ended H1 2026 at $5.5B (down from $7.4B at Dec 2025 and $8B at June 2025). ~$1.9B decline market-driven; +$28M positive net inflows. Recovered to $6.9B by Aug 31, 2026 (+25% in two months) as Bitcoin +34%, Ethereum +40%, Solana +57%.
  • Revenue: GAAP revenue $51.4M (vs $80M H1 2025). Asset management contribution $40M (down 33% YoY due to lower avg AUM). Capital markets segment revenue & gains $14.9M (vs $26.5M H1 2025).
  • Profitability: Segment EBITDA $21.6M (vs $59M H1 2025). Adjusted for $4.9M one-time Nasdaq/U.S. GAAP costs: ~$26.5M. Operating loss $5.1M (vs $75.9M gain H1 2025), impacted by $6.1M share-based comp and $16.6M XBT Pricing Differential loss (unrealized; vs $18.1M gain prior year).
  • Management Fees: $14M generated. Blended fee yield 128 bps (vs 156 bps 2025), primarily mix shift (Block Index weighting increased) rather than fee compression.

Business Performance Highlights

Professional feature The full AI summary covers key highlights, financial performance and analyst Q&A.
Operator : Thank you for standing by, and welcome to the CoinShares H1 2026 earnings broadcast. All participants dialing in are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. You can submit your questions via the post box below the video on the platform. Please be advised that today's conference is being recorded. I'd now like to hand the conference over to your host, Jeri-Lea Brown. Thank you. Jeri-Lea Brown : Good morning, everyone, and thank you for joining us. Before we begin, CoinShares would like to remind everyone that statements made on today's call and webcast will include forward-looking statements, including statements about plans, goals, expectations, and aspirations for the company. Such forward-looking statements are based on current expectations and assumptions and are not guarantees of future performance or success. The statements are subject to risks and uncertainties, and actual results may and often do materially differ from those expressed or implied in the forward-looking statements. For a discussion of these risks and uncertainties, please refer to the CoinShares annual report on Form 20-F for the fiscal year ended December 31st, 2025, and other filings with the SEC. CoinShares undertakes no obligation to update any forward-looking statements except as may be required by law. In addition, during this call, CoinShares will refer to certain non-GAAP financial measures. The non-GAAP measures may not be
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