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CoinShares International Ltd.
Interim / Quarterly Report • Aug 29, 2025
6038_ir_2025-08-29_acf1ff67-8603-4cd9-9a3f-d3dfaaa0d118.pdf
Interim / Quarterly Report
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Registration number: 102185
Interim report
Condensed consolidated interim financial statements for the six month period ended 30 June 2025
Contents
| Page | |
|---|---|
| Company Information | 1-3 |
| Interim Management Report | 4 |
| Independent Review Report | 5-6 |
| Condensed Consolidated Statement of Comprehensive Income | 7 |
| Condensed Consolidated Statement of Financial Position | 8-9 |
| Condensed Consolidated Statement of Changes in Equity | 10 |
| Condensed Consolidated Statement of Cash Flows | 11-12 |
| Notes to the Financial Statements | 13-25 |
Company Information
Condensed consolidated interim financial statements for the six month period ended 30 June 2025
| CoinShares International Limited |
|---|
| Jersey |
| 102185 |
| 2nd Floor 2 Hill Street St Helier Jersey JE2 4UA |
| Daniel Masters Jean-Marie Mognetti Carsten Køppen Johan Lundburg Viktor Fritzén Christine Rankin |
| CoinShares Corporate Services (Jersey) Limited |
| Baker Tilly Channel Islands Limited 2nd Floor, Lime Grove House Green Street St Helier Jersey JE2 4UB |
| Britannia Bank and Trust Limited Building 2 Caves Village PO Box N 3917 Nassau The Bahamas DBS Bank Ltd 12 Marina Boulevard Singapore 18982 Barclays Bank 13 Library Place Jersey JE4 8NE Handelsbanken Kungsträdgårdsgatan 2 106 70 Stockholm Silicon Valley Bank, a division of First-Citizens Bank & Trust Company 3003 Tasman Dr Santa Clara CA 95054 Banque Populaire 76 Avenue France 75013 Paris France |
Company Information (continued)
Condensed consolidated interim financial statements for the six month period ended 30 June 2025
| Bankers (continued) | Customers Bank Rye Ridge Shopping Center 102 South Ridge Street Rye Brook New York 10573 Sparkasse Bank Malta plc |
|---|---|
| 101 Townsquare Ix-Xatta ta'Qui-si-Sana Sliema SLM3112 Malta |
|
| Custodians | Komainu Digital 3rd Floor 2 Hill Street St Helier Jersey JE2 4UA Zodia Custody Limited Thomas House 84 Eccleston Squares London SW1V 1PX |
| Legal Advisor | Carey Olsen Jersey LLP 47 Esplanade St Helier Jersey JE1 0BD Baker & McKenzie Advokatbyrå KB Vasagatan 7, Floor 8 P.O Box 180 SE-101 23 Stockholm Sweden |
Company Information (continued)
Condensed consolidated interim financial statements for the six month period ended 30 June 2025
Brokers Marex Prime Services Limited 155 Bishopsgate London EC2M 3TQ
Interactive Brokers LLC 110 Bishopsgate London EC2N 4AY
Marex Capital Markets Inc. 425 S Financial Place, Suite 1850 Chicago IL 60605
Mangold Fondkommission AB Engelbrektsplan 2 114 34 Stockholm
BMO Capital Markets Ltd 100 Liverpool Street London EC2M 2AT
LMAX Broker Ltd. 1A Nicholas Road London W11 4AN
Interim Management Report
Condensed consolidated interim financial statements for the six month period ended 30 June 2025
The directors present their report and the Condensed Consolidated interim financial statements of CoinShares International Limited (the 'Company') and together with its subsidiaries (the 'Group') for the period ended 30 June 2025.
Principal activity
The principal activity of the Group is to engage in creating financial products associated with digital assets and blockchain technology.
Results and dividends
The total comprehensive income for the period amounted to \$57,760,396 (30 June 2024: \$75,802,728).The profit for the period, after taxation and prior to taking into account other comprehensive income was \$55,846,768 (30 June 2024: \$73,386,491). Other comprehensive gain for the period was \$1,913,628 (30 June 2024: \$2,416,237).
The Group has paid dividends of \$12,799,380 (30 June 2024: \$5,850,071).
Going concern
The Group has net assets as at 30 June 2025 of \$410,091,146 (31 December 2024: \$393,872,620) and has generated total comprehensive income of \$57,760,396 (30 June 2024: \$75,802,728). The directors have prepared these financial statements on a going concern basis on the understanding that they have satisfied themselves that sufficient working capital will be available for 12 months from the date of issue of these financial statements.
The Group has an obligation to settle amounts due to investors for Exchange Traded Products ('ETPs') that reference the performance of specific digital assets issued. As the Group holds hedging assets to collateralise in excess of this liability, the directors consider that they will be able to convert digital assets to fiat currency so as to settle the obligations in the event that certificates are redeemed and so deem a going concern risk to not be material. In addition, delays in the settlement of the certificates may be imposed or certain modifications be made in the occurrence of market illiquidity or other disruptions.
Furthermore, the directors deem the cyber security of the Group and its custody providers to be sufficient to mitigate cyber risk and the risk of theft of digital assets that could potentially leave the Group unhedged and exposed in its obligation to certificate holders.
Accordingly, the directors have prepared the financial statements on a going concern basis.
Statement of Directors' responsibilities
The directors are responsible for preparing the interim financial statements in accordance with applicable laws and regulations.
The Board confirms that:
• the condensed consolidated interim financial statements have been prepared in accordance with IAS 34 'Interim Financial Reporting' and give a true and fair view of the assets, liabilities, financial position and profit or loss of the Group.
The report was approved by the board on 29 August 2025 and signed on its behalf.
.......................................................... Jean-Marie Mognetti Director
Independent auditor's review report on interim financial information
To the Members of CoinSharesInternational Limited
Conclusion
We have been engaged by CoinShares International Limited (the "Company" and together with its subsidiaries, the "Group") to review the condensed set of consolidated interim financial statements for the six months ended 30 June 2025, which comprise the condensed consolidated interim statement of financial position as at 30 June 2025, and the condensed consolidated interim comprehensive income, condensed consolidated interim statement of changes in equity and the condensed consolidated interim statement of cash flows for the period then ended, and notes to the condensed consolidated interim financial statements.
Based on our review, nothing has come to our attention that causes us to believe that the condensed consolidated interim financial statements is not prepared, in all material respects, in accordance with UK adopted International Accounting Standard 34 Interim Financial Reporting ("IAS 34").
Basis for Conclusion
We conducted our review in accordance with International Standard on Review Engagements (UK) 2410 Review of Interim Financial Information Performed by the Independent Auditor of the Entity ("ISRE 2410"). A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures.
A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
The annual financial statements of the Group are prepared in accordance with UK adopted IFRSs. The condensed set of interim consolidated financial statements has been prepared in accordance with IAS 34.
Emphasis of Matter – Change in Presentation and Functional Currency
We draw attention to Note 6 to the condensed consolidated interim financial statements, which discloses the Group's change in its presentation and functional currency from GBP to USD, both effective 1 January 2025. The presentation currency change has been applied retrospectively in accordance with IAS 21 and IAS 8, with comparative information restated, while the functional currency change has been applied prospectively from the date of change.
Accordingly, the condensed consolidated interim financial statements have been prepared reflecting the change described in note 6. Our conclusion is not modified in respect of this matter.
Conclusions Relating to Going Concern
Based on our review procedures, which are less extensive than those performed in an audit as described in the Basis for Conclusion section of this report, nothing has come to our attention to suggest that management has inappropriately adopted the going concern basis of accounting or that management has identified material uncertainties relating to going concern that are not appropriately disclosed.
This conclusion is based on the review procedures performed in accordance with ISRE 2410, however future events or conditions may cause the entity to cease to continue as a going concern.
Responsibilities of the Directors
The Directors are responsible for the preparation and fair presentation of the condensed consolidated interim financial statements in accordance with IAS 34, and for such internal control as the Directors determine is necessary to enable the preparation of condensed consolidated interim financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the condensed consolidated interim financial statements, the Directors are responsible for assessing the Group and Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.
The Directors are responsible for overseeing the Group's financial reporting process.
Auditor's Responsibilities for the Review of the Consolidated Condensed Interim Financial Statements
Our responsibility is to express to the Company a conclusion on the condensed consolidated set of interim financial statements in the six-month financial report ended 30 June 2025, based on our review. Our conclusion, including our Conclusions Relating to Going Concern, are based on procedures that are less extensive than audit procedures, as described in the Basis for Conclusion paragraph of this report.
Use of this Report
This report is made solely to the Members of the Company, as a body. Our review work has been undertaken so that we might state to the Members those matters we are required to state to them in a reviewer's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and its Members, as a body, for our review work, for this report, or for the conclusion we have formed.
Baker Tilly Channel Islands Limited
Chartered Accountants St Helier, Jersey Date:
CoinShares International Limited Condensed Consolidated Statement of Comprehensive Income
For the period ended 30 June 2025
| 1 January 2025 to | 1 January 2024 to | ||
|---|---|---|---|
| 30 June 2025 | 30 June 2024 | ||
| Note | \$ | \$ | |
| Revenue | 11 | 59,613,477 | 53,097,330 |
| Cost of sales | 13 | (8,516,670) | (6,769,340) |
| Gross profit | 51,096,807 | 46,327,990 | |
| Administrative expenses | 14 | (18,288,784) | (20,977,018) |
| Other operating income | 11 | 20,519,340 | 22,808,416 |
| (Loss)/gain on digital assets held as inventory | (255,533,931) | 1,023,415,706 | |
| (Loss)/gain on digital assets held for collateral purposes | (179,572,748) | 208,989,049 | |
| Gain/(loss) on certificate liability | 211,146,503 | (1,405,501,227) | |
| Other operating gains through profit and loss | 15 | 229,665,269 | 188,711,470 |
| Operating profit | 59,032,456 | 63,774,386 | |
| Non-reoccurring income | 12 | - | 36,410,210 |
| Fair value gain on investments through profit and loss | 49,406 | 723 | |
| Fair value loss on investments in joint ventures/associates | - | (25,060,095) | |
| Finance costs | (3,053,884) | (6,911,221) | |
| Finance income | 476,143 | 5,747,305 | |
| Profit before income tax expense | 56,504,121 | 73,961,308 | |
| Income tax expense | (657,353) | (574,817) | |
| Profit after income tax expense | 55,846,768 | 73,386,491 | |
| Other comprehensive income | |||
| Items that may be reclassified subsequently to profit or loss | |||
| Exchange differences on translation of foreign operations | 1,544,032 | 2,151,138 | |
| 1,544,032 | 2,151,138 | ||
| Items that will not be reclassified subsequently to profit or loss | |||
| Fair value gain on financial assets through other comprehensive income | 369,596 | 265,099 | |
| 369,596 | 265,099 | ||
| Total other comprehensive Income | 1,913,628 | 2,416,237 | |
| Total comprehensive income | 57,760,396 | 75,802,728 | |
| Earnings per share (basic) | 24 | 0.85 | 1.10 |
| Earnings per share (diluted) | 24 | 0.83 | 1.05 |
The notes on pages 13 to 25 are an integral part of these financial statements.
Condensed Consolidated Statement of Financial Position
As at 30 June 2025
| 30 June | 31 December | 01 January | ||
|---|---|---|---|---|
| 2025 | 2024 | 2024 | ||
| ASSETS | Note | \$ | \$ | \$ |
| Non-current assets | ||||
| Property, plant and equipment | 2,896,229 | 3,018,628 | 3,902,816 | |
| Goodwill | 18 | 2,820,039 | 2,819,334 | 1,198,651 |
| Other intangible assets | 18 | 12,082,469 | 11,112,946 | 12,370,284 |
| Investments | 19 | 25,597,731 | 25,089,311 | 31,969,162 |
| Trade and other receivables | 1,283,184 | 1,576,741 | 418,365 | |
| Other non-current assets | 1,052,375 | 1,122,041 | 2,815,813 | |
| 45,732,027 | 44,739,001 | 79,595,140 | ||
| Current assets | ||||
| Cash and cash equivalents | 73,234,599 | 24,914,826 | 32,474,674 | |
| Trade and other receivables | 20 | 5,076,195 | 3,735,191 | 2,415,050,843 |
| Digital assets held as inventory | 16 | 2,543,877,161 | 3,064,631,511 | 609,691,766 |
| Digital assets held for collateral purposes | 17 | 1,905,441,519 | 1,485,879,446 | 338,769,307 |
| Other current assets | 20 | 1,608,250,227 | 1,396,762,139 | 2,853,320 |
| 6,135,879,701 | 5,975,923,113 | 3,398,839,910 | ||
| 6,181,611,728 | 6,020,662,114 | 3,478,435,050 | ||
| LIABILITIES | ||||
| Current liabilities | ||||
| XBT Certificate Liability | 21 | (3,467,370,390) | (3,748,081,024) | (2,384,018,752) |
| Physical Certificate Liability | 21 | (1,905,441,519) | (1,485,879,446) | (609,691,766) |
| Amounts due to brokers | (128,448,868) | (99,123,574) | (852,229) | |
| Trade and other payables | 22 | (11,631,646) | (13,202,075) | (7,145,027) |
| Other current liabilities | 22 | (227,647,476) | (252,737,960) | (138,694,811) |
| Current lease liabilities | (845,806) | (732,431) | (717,572) | |
| Current tax liabilities | (250,724) | (115,402) | (199,842) | |
| (5,741,636,428) | (5,599,871,912) | (3,141,319,999) | ||
| Net current assets | 394,243,273 | 376,051,201 | 257,519,911 | |
| Non-current liabilities | ||||
| Non-current lease liabilities | (2,027,279) | (2,260,321) | (3,060,927) | |
| Non-current loans | (27,856,875) | (24,657,261) | (29,466,524) | |
| (29,884,154) | (26,917,582) | (32,527,451) | ||
| Total liabilities | (5,771,520,582) | (5,626,789,494) | (3,173,847,449) | |
| Net assets | 410,091,146 | 393,872,620 | 304,587,601 |
Condensed Consolidated Statement of Financial Position
As at 30 June 2025
| 30 June 2025 |
31 December 2024 |
01 January 2024 |
||
|---|---|---|---|---|
| Restated | Restated | |||
| Note | \$ | \$ | \$ | |
| EQUITY | ||||
| Share capital | 23 | 43,722 | 43,722 | 44,583 |
| Share premium | 23 | 41,457,555 | 41,457,554 | 42,066,680 |
| Other reserves | (7,465,126) | 2,123,781 | (1,621,182) | |
| Retained Earnings | 376,054,995 | 350,247,563 | 264,097,520 | |
| Total equity | 410,091,146 | 393,872,620 | 304,587,601 |
The financial statements on pages 7 to 25 were approved by the Board of Directors on 29 August 2025 and signed on its behalf by:
..........................................................
Jean-Marie Mognetti Director Date: 29 August 2025 The notes on pages 13 to 25 are an integral part of these financial statements.
Condensed Consolidated Statement of Changes in Equity
For the period ended 30 June 2025
| Note | Share capital \$ |
Share premium \$ |
Other reserves \$ |
Retained earnings \$ |
Total equity \$ |
|
|---|---|---|---|---|---|---|
| At 1 January 2024 | 44,583 | 42,066,680 | (1,621,182) | 264,097,520 | 304,587,601 | |
| Profit for the period |
- | - | - | 73,386,492 | 73,386,492 | |
| Other comprehensive income for the period |
- | - | 2,151,138 | 265,099 | 2,416,237 | |
| Total comprehensive income | - | - | 2,151,138 | 73,651,591 | 75,802,729 | |
| Share buybacks |
- | - | (340,226) | - | (340,226) | |
| Share based payments |
- | - | - | 26,971 | 26,971 | |
| Share cancellations |
- | - | 1,030,190 | - | 1,030,190 | |
| Share options exercised |
(225) | (205,863) | 1,205,207 | (1,000,480) | (1,361) | |
| Dividends paid |
- | - | - | (11,700,115) | (11,700,115) | |
| Total transactions with owners recognised in equity | (225) | (205,863) | 1,895,171 | (12,673,624) | (10,984,541) | |
| Transfer of revaluation reserve: digital assets disposal |
- | - | (2,117,486) | - | (2,117,486) | |
| Total transfer of revaluation reserve | - | - | (2,117,486) | - | (2,117,486) | |
| At 30 June 2024 | 44,358 | 41,860,817 | 307,641 | 325,075,487 | 367,288,302 | |
| At 1 January 2025 | 43,722 | 41,457,555 | 2,123,780 | 350,247,563 | 393,872,620 | |
| Profit for the period |
- | - | - | 55,846,768 | 55,846,768 | |
| Other comprehensive (loss)/income for the period |
- | - | 1,544,032 | 369,596 | 1,913,628 | |
| Total comprehensive (loss)/income | - | - | 1,544,032 | 56,216,364 | 57,760,396 | |
| Share buybacks |
23 | - | - | (10,616,649) | (125,056) | (10,741,705) |
| Share option related charges |
- | - | 213,035 | - | 213,035 | |
| Share based payments |
23 | - | - | 1,788,000 | - | 1,788,000 |
| Share cancellations |
- | - | - | (3,429,396) | (3,429,396) | |
| Share options exercised |
- | - | (2,517,324) | (1,011,680) | (3,529,004) | |
| Dividends paid |
- | - | - | (25,842,800) | (25,842,800) | |
| Total transactions with owners recognised in equity | - | - | (11,132,938) | (30,408,932) | (41,541,870) | |
| At 30 June 2025 | 43,722 | 41,457,555 | (7,465,126) | 376,054,995 | 410,091,146 |
The notes on pages 13 to 25 are an integral part of these financial statements.
Condensed Consolidated Statement of Cash Flows
For the period ended 30 June 2025
| 1 January 2025 to | 1 January 2024 to | ||
|---|---|---|---|
| 30 June 2025 | 30 June 2024 | ||
| \$ | \$ | ||
| Cash flows from operating activities | |||
| Profit after income tax expense | 55,846,768 | 73,386,491 | |
| Adjustments for: | |||
| - Loss / (gain) on digital assets | 435,165,864 | (1,232,404,755) | |
| - (Gain) / loss on certificate liability | (211,146,503) | 1,405,501,227 | |
| - Depreciation and amortisation | 1,139,121 | 1,705,057 | |
| - Share based payment expense | 189,516 | 861,928 | |
| - Net finance costs | 2,577,782 | 1,163,916 | |
| - Income tax expense | 657,353 | 574,817 | |
| - Other operating (gains) through profit and loss | (222,084,576) | (211,336,258) | |
| - Loss on investments and joint ventures | (122,118) | 25,059,371 | |
| - (Gain) on foreign exchange | (30,466,694) | (4,729,822) | |
| - Dividend income | (61,618) | - | |
| 31,694,895 | 59,781,972 | ||
| Changes in working capital: | |||
| - Trade receivables and other assets | (47,939,366) | (377,115,218) | |
| - Trade payables and other liabilities | 2,784,769 | 15,035,276 | |
| (13,459,702) | (302,297,970) | ||
| Changes in operating activities: | |||
| - Net acquisitions of digital assets | 423,918,515 | 708,428,475 | |
| - Net purchases of certificate liabilities | (322,949,698) | (408,154,132) | |
| Cash generated from/(used in) operations | 87,509,115 | (2,023,627) | |
| Finance expense paid | (2,966,611) | (8,329,486) | |
| Movement in income tax payable | (490,565) | 217,265 | |
| Net cash flow generated from/(used in) operating activities | 84,051,939 | (10,135,848) | |
| Cash flows from investing activities | |||
| Net purchase of intangible assets | (933,072) | (697,242) | |
| Disposal of subsidiaries | - | 27,398 | |
| Disposal of investments | - | 5,115,057 | |
| Net purchase of property, plant and equipment | (196,009) | (96,121) | |
| Finance income | 246,770 | ||
| Dividend received | 458,250 | - | |
| Net cash (used in)/generated from investing activities | 61,618 (609,213) |
4,595,862 | |
| Cash flows from financing activities | |||
| Issue of shares | - | 365,690 | |
| Increase on net amounts due to brokers | 27,976,323 | 71,321,093 | |
| Lease related payments | (464,512) | (452,616) | |
| Share option liquidations | (5,295,457) | 195,230 | |
| Share buybacks | (10,616,650) | (340,226) | |
| Dividends paid | (12,799,380) | (5,850,071) | |
| Net cash (used in)/generated from financing activities | (1,199,676) | 65,239,100 | |
| Net increase in cash and cash equivalents | 82,243,050 | 59,699,114 |
Condensed Consolidated Statement of Cash Flows (continued)
For the period ended 30 June 2025
| 1 January 2025 to 30 June 2025 |
1 January 2024 to 30 June 2024 Restated |
|
|---|---|---|
| \$ | \$ | |
| Net increase in cash and cash equivalents | 82,243,050 | 59,699,114 |
| Cash and cash equivalents | ||
| At the beginning of the period | 24,914,411 | 32,474,674 |
| Effects of currency translation on cash and cash equivalents | (33,922,862) | 5,727,413 |
| At the end of the period | 73,234,599 | 97,901,201 |
| Cash and cash equivalents comprise | ||
| Cash at bank | 47,192,880 | 44,615,793 |
| Amounts due from broker | 23,168,221 | 44,567,149 |
| Amounts due from exchanges | 2,873,498 | 8,718,259 |
| At the end of the period | 73,234,599 | 97,901,201 |
The notes on pages 13 to 25 are an integral part of these financial statements.
Notes to the Condensed Consolidated Interim Financial Statements
For the period ended 30 June 2025
These notes form an integral part of and should be read in conjunction with the accompanying financial statements.
1 General information
CoinShares International Limited (the 'Company') and its subsidiaries (together the 'Group') operates in Jersey, Channel Islands. The principal activity of the Group is to engage in creating financial products associated with digital assets and blockchain technology.
The Company is a company limited by shares and is incorporated and domiciled in Jersey. The address of its registered office is 2nd Floor, 2 Hill Street, St Helier, Jersey JE2 4UA.
2 Significant events and transactions during the period
There were no significant events during the period that required disclosure in these financial statements.
3 Basis of preparation
The interim financial statements have been prepared in accordance with IAS 34 'Interim Financial Reporting' and are presented on a condensed basis. The accounting policies adopted are consistent with those of the previous year.
The interim financial statements do not include all of the information required in annual financial statements, and should be read in conjunction with the financial statements for the year ended 31 December 2024, which are available on the CoinShares website in investor resources.
4 New and revised IFRS Standards in issue
Amended IFRS Standards that have been issued and adopted by the UK Endorsement Board effective from 1 January 2025:
Lack of Exchangeability amendement to IAS 21 the effects of changes in foreign exchange rates - no impact
5 Significant accounting policies
The Interim Financial Statements have been prepared in accordance with the accounting policies adopted in the Group's most recent annual financial statements for the year ended 31 December 2024.
5.1 Buy-back of shares
During the period, the Company undertook a purchase of its own shares already in issue. The consideration paid, including any directly attributable incremental costs, is deducted from equity attributable to the owners as treasury shares until the shares are cancelled or reissued.
5.2 Hedging Activities
The Group applies hedge accounting in accordance with IFRS 9 – Financial Instruments to manage its exposure to changes in the fair value of its digital asset holdings. The Group designates ETPs referencing digital assets as hedging instruments in a fair value hedge relationship. These hedging arrangements mitigate fluctuations in the fair value of the hedged items, which arise from changes in digital asset prices.
The Group's hedging strategy is designed to offset fair value movements in its digital asset holdings using a 1:1 hedge ratio, ensuring a high degree of correlation between the hedged item and hedging instrument. The ETPs issued by the Group serve as designated fair value hedges, with their value moving in direct alignment with the corresponding digital asset holdings.
In addition to fair value changes, the hedged items and hedging instruments are subject to periodic additions, driven by new issuances of ETPs and changes in the Group's underlying digital asset positions. These additions are factored into the hedge accounting framework to ensure continuous alignment and effectiveness.
Given that the hedge is governed by the terms set out in the various ETP prospectuses issued by the Group, it operates at 100% effectiveness, with no anticipated hedge ineffectiveness.
Notes to the Condensed Consolidated Interim Financial Statements (continued)
For the period ended 30 June 2025
5.2 Hedging Activities (continued)
Hedge effectiveness is assessed at inception and on an ongoing basis to ensure that:
- An economic relationship exists between the digital asset holdings and the corresponding ETPs.
- The hedge remains fully effective, with no material basis risk.
- The hedge ratio is adjusted dynamically to reflect additions to both the hedged items and the hedging instruments, ensuring continuous alignment.
6 Change in functional and presentational currency
Change in functional currency
Effective 01 January 2025, the Group changed the functional currency of its parent company from GBP to USD. This change was made because management determined that the primary economic environment in which the entity operates has changed due to the following reasons.
- Increased USD cost-base for the Group moving into 2025.
- Change in jurisdiction driving competitive forces/regulation following the acquisition of Valkyrie in 2024.
- Change in strategic plans and management intent following the adoption of the 2025 strategy and budget which is focused on operational growth in the US.
In accordance with IAS 21 – The Effects of Changes in Foreign Exchange Rates, the change in functional currency has been applied prospectively from the date of change. All assets, liabilities, income, and expenses were translated into the new functional currency using the exchange rate at the date of the change.
Change in presenational currency
In addition, the Group changed its presentation currency from GBP to USD, effective from 01 January 2025.
Management believes that the change will result in more relevant and reliable information for users of the financial statements, as the new presentation currency better reflects the economic substance of the Group's operations and aligns with the functional currency of its primary operating entities.
In accordance with IAS 21 and IAS 8 (Accounting Policies, Changes in Accounting Estimates and Errors), the comparative figures for prior periods have been restated in the new presentation currency using the following methodology:
- Assets and liabilities were translated at the closing rate at the end of the comparative period;
- Income and expenses were translated using avergae rates;
- Equity items were translated at historical exchange rates;
- Resulting exchange differences have been recognized in the foreign currency translation reserve within equity.
The exchange rates used for the restatement of 01 January 2024 to 30 June 2024 were:
- Closing rate: 1.26346 (GBP:USD)
- Average rate: 1.26481 (GBP:USD)
The impact of the change in presentation currency is a reclassification within equity, and has no impact on profit or loss, total comprehensive income, or cash flows previously reported.
CoinShares International Limited Notes to the Condensed Consolidated Interim Financial Statements (continued)
For the period ended 30 June 2025
7 Parent Company
Under Article 105(11) of the Companies (Jersey) Law 1991, the directors of a holding company need not prepare separate financial statements. Accordingly, these financial statements present the consolidated results of the Group, headed by the Company.
8 Seasonal variations
The Group's activities and financial performance are not impacted by seasonality. The activities of the Group are impacted by ongoing developments within the digital asset ecosystem, including (but not limited to) (i) digital asset price fluctuations, (ii) regulatory matters arising in a variety of jurisdictions, and (iii) competing products and services.
9 Personnel
The number of full-time employees as at the reporting date was 98 (30 June 2024: 92).
10 Operating segments
The Group comprises four core operating segments from which it earns both revenues/gains and incurs expenses, being:
- Asset Management
- Capital Markets
- Principal Investments
- Group Costs
The Group does not monitor its assets and liabilities split by operating segment, but rather on a consolidated basis.
This is the measure reported to the Group's Chief Executive, being the Group's chief operating decision maker, for the assessment of segment performance.
Notes to the Condensed Consolidated Interim Financial Statements (continued)
For the period ended 30 June 2025
10 Operating segments (continued)
The following is an analysis of the Group's revenue and results by reportable segment in the period ended 30 June 2025.
| Asset | Capital | Principal Investments \$ |
Group Costs \$ |
Total | |
|---|---|---|---|---|---|
| Management \$ |
Markets \$ |
\$ | |||
| Revenue | 59,613,477 | - | - | - | 59,613,477 |
| Gain on certificate liability |
211,146,503 | - | - | - | 211,146,503 |
| Loss on digital assets and financial instruments |
(211,146,503) | 2,738,201 | (1,813,068) | 4,779,960 | (205,441,410) |
| Investment losses |
- | - | 419,002 | - | 419,002 |
| Other operating income |
- | 20,519,340 | - | - | 20,519,340 |
| Total revenue, gains & other income |
59,613,477 | 23,257,541 | (1,394,066) | 4,779,960 | 86,256,912 |
| Cost of sales |
(7,122,601) | (1,394,069) | - | - | (8,516,670) |
| Exceptional items |
- | - | - | - | - |
| Adjusted gross profit |
52,490,876 | 21,863,472 | (1,394,066) | 4,779,960 | 77,740,242 |
| Net finance costs |
(858,316) | (858,316) | - | (861,109) | (2,577,741) |
| Other admin expenses |
(7,170,568) | (4,008,704) | - | (7,109,512) | (18,288,784) |
| Profit before tax |
44,461,992 | 16,996,452 | (1,394,066) | (3,190,661) | 56,873,717 |
| Income tax expense |
(657,353) | ||||
| Fair value gain on financial assets through other comprehensive |
income | (369,596) | |||
| Profit after tax |
55,846,768 | ||||
| Exchange differences on translation of foreign operations |
1,544,032 | ||||
| Fair value gain on financial assets through other comprehensive |
income | 369,596 | |||
| Total comprehensive income |
57,760,396 |
Notes to the Condensed Consolidated Interim Financial Statements (continued)
For the period ended 30 June 2025
10 Operating segments (continued)
The following is an analysis of the Group's revenue and results by reportable segment in the period ended 30 June 2024.
| Asset | Capital Management Markets \$ \$ |
Principal Investments \$ |
Group Costs \$ |
Total \$ |
|
|---|---|---|---|---|---|
| Revenue | 53,016,172 | - | 81,158 | - | 53,097,330 |
| Loss on certificate liability |
(1,405,501,227) | - | - | - | (1,405,501,227) |
| Gain on digital assets and financial instruments |
1,405,501,227 | 6,003,249 | 2,370,761 | 7,240,988 | 1,421,116,224 |
| Investment losses |
- | - | (24,794,273) | - | (24,794,273) |
| Other operating income |
- | 22,808,416 | - | - | 22,808,416 |
| Total revenue, gains & other income |
53,016,172 | 28,811,665 | (22,342,354) | 7,240,988 | 66,726,470 |
| Cost of sales |
(3,534,144) | (3,208,211) | (26,984) | - | (6,769,339) |
| Exceptional income |
- | 36,410,210 | - | - | 36,410,210 |
| Adjusted gross profit |
49,482,029 | 62,013,665 | (22,369,339) | 7,240,988 | 96,367,342 |
| Net finance costs |
- | - | - | (1,163,916) | (1,163,916) |
| Other admin expenses |
(3,388,196) | (1,779,523) | - | (15,809,300) | (20,977,019) |
| Profit before tax |
46,093,833 | 60,234,142 | (22,369,339) | (9,732,229) | 74,226,407 |
| Income tax expense |
(574,817) | ||||
| Fair value gain on financial assets through other |
comprehensive income |
(265,099) | |||
| Profit after tax |
73,386,491 | ||||
| Exchange differences on translation of foreign operations |
2,151,138 | ||||
| Fair value gain on financial assets through other |
comprehensive income |
265,099 | |||
| Total comprehensive income |
75,802,728 |
There is no geographical split of revenues, gains or other income required in assessing the operating segments of the Group. All operations undertaken by the Group which generate such items are based in Jersey. This analysis is already presented by means of the existing split provided within this note.
Notes to the Condensed Consolidated Interim Financial Statements (continued)
For the period ended 30 June 2025
11 Revenue
| Notes | 1 January to 30 June 2025 \$ |
1 January to 30 June 2024 \$ |
|
|---|---|---|---|
| Management fees Other revenue |
(i) | 59,613,477 - |
53,016,172 81,158 |
| 59,613,477 | 53,097,330 | ||
| Other operating income | 20,519,340 | 22,808,416 | |
| 80,132,817 | 75,905,746 | ||
| (i) The Group's management fee is made up of the following: | |||
| CoinShares XBT Provider AB | 44,762,777 | 42,336,639 | |
| CoinShares Physical | 12,418,257 | 8,894,920 | |
| Block Index | 1,197,582 | 1,127,086 | |
| CoinShares Valkyrie | 1,234,861 | 657,527 | |
| 59,613,477 | 53,016,172 |
12 Non-reoccurring income
On 6 February 2024, the Group received a notice of acceptance regarding a claim made to FTX in respect of assets held on the exchange at the time of its bankruptcy in 2022. These assets were fully written off by the Group in 2022. The claim was for US Dollars \$28,119,093 and a range of digital assets with a value as at the date of bankruptcy of \$3,269,019, bringing the total claim value on this basis to \$31,388,112. There is no non-reoccurring income for the period up to June 2025.
13 Cost of sales
| 1 January to 30 June |
1 January to 30 June |
||
|---|---|---|---|
| 2025 | 2024 | ||
| \$ | \$ | ||
| Trading expenses | 2,945,732 | 2,529,806 | |
| Issuer fees | 1,935,243 | 1,032,349 | |
| Custody fees | 2,651,162 | 2,161,448 | |
| Direct salary costs | 1,254,713 | 1,045,737 | |
| Movement in expected credit loss | (270,180) | - | |
| 8,516,670 | 6,769,340 | ||
| 14 Administration expenses | |||
| 1 January to | 1 January to | ||
| 30 June | 30 June | ||
| 2025 | 2024 | ||
| \$ | \$ | |
|---|---|---|
| Salary costs | 7,119,895 | 6,505,465 |
| Bonus accrual | 337,491 | 3,758,950 |
| Legal fees | 594,570 | 382,805 |
| Professional fees | 916,005 | 2,407,183 |
| Marketing | 2,225,342 | 1,897,153 |
| IT expenses | 2,057,496 | 1,174,462 |
| Depreciation of right of use assets | 489,332 | 500,341 |
| Amortisation of Block Index | 832,223 | 891,203 |
| Entertainment expenses | 150,420 | 85,882 |
| Travel expenses | 580,900 | 553,907 |
| Other expenses | 2,985,110 | 2,819,668 |
| 18,288,784 | 20,977,018 |
Notes to the Condensed Consolidated Interim Financial Statements (continued)
For the period ended 30 June 2025
15 Other operating gains through profit and loss
| 1 January to 30 June 2025 \$ |
1 January to 30 June 2024 \$ |
|
|---|---|---|
| Gain on digital asset ETPs | 176,697,258 | 108,669,355 |
| Gain on digital asset payables/receivables | 21,332,526 | 78,593,785 |
| Gain/(loss) on derivatives | 1,365,133 | (3,859,718) |
| Gain/(loss) of foreign exchange | 30,473,508 | 4,729,821 |
| (Loss)/gain on other operating activities | (203,157) | 578,227 |
| 229,665,269 | 188,711,470 | |
16 Digital assets held as inventory
| 30 June 2025 \$ |
31 December 2024 \$ |
|
|---|---|---|
| Bitcoin | 1,563,210,178 | 1,700,486,583 |
| Ethereum | 761,620,747 | 1,108,745,177 |
| Other digital assets | 219,046,236 | 255,399,751 |
| 2,543,877,161 | 3,064,631,511 |
Digital assets held as inventory represent digital assets held to either (i) trade in accordance with the Collateral Management Agreement in respect of the XBTP product suite, or (ii) as investments with a view to sell in order to generate realised gains. Please refer to note 21 for a breakdown of the certificate liability arising in respect of the exchange traded products issued by XBTP.
17 Digital assets held for collateral purposes
| 30 June 2025 | 31 December 2024 | ||
|---|---|---|---|
| \$ | \$ | ||
| Bitcoin | 1,237,303,043 | 796,723,073 | |
| Ethereum | 228,124,414 | 288,517,958 | |
| Solana | 131,802,012 | 134,298,946 | |
| Other digital assets | 308,212,050 | 266,339,468 | |
| Digital assets held for external noteholders | 1,905,441,519 | 1,485,879,446 | |
Reconciliation of digital assets held for collateral purposes
Digital assets held for collateral purposes are held to collateralise the exchange traded products issued by its wholly owned subsidiaries CoinShares Digital Securities Limited (CSDSL) and XBT Provider (XBTP).The assets therefore have an equivalent liability owing to the holders of these products. Please refer to note 21 for a breakdown of the certificate liability arising in respect of the exchange traded products issued by CSDSL and XBTP.
Notes to the Condensed Consolidated Interim Financial Statements (continued)
For the period ended 30 June 2025
18 Goodwill and other intangible assets
| 30 June 2025 |
31 December 2024 |
|
|---|---|---|
| \$ | \$ | |
| Goodwill (i) |
2,820,039 | 2,819,334 |
| Other intangible assets (ii) |
12,082,469 | 11,112,946 |
| 14,902,508 | 13,932,280 |
(i) The goodwill balance is comprises of goodwill recognised in respect of various regulatory licenses held across the wider Group and the acquisition of Valkyrie in 2024 (see note 24).
(ii) Other intangible assets predominantly comprise amounts recognised in respect of the BLOCK index, which represents a fee generating contract which is amortised on a straight-line basis over 10 years.
19 Investments
| Investments in Listed Equities \$ |
Other Investments Through P&L \$ |
Other Investments Through OCI \$ |
Total \$ |
|
|---|---|---|---|---|
| At 31 December 2024 |
767 | 18,964,472 | 6,124,073 | 25,089,312 |
| Additions | - | 165,065 | - | 165,065 |
| Disposals | - | (76,399) | - | (76,399) |
| Fair value (loss)/gain through profit and loss |
- | 50,158 | - | 50,158 |
| Fair value gain through other comprehensive income |
- | - | 369,595 | 369,595 |
| At 30 June 2025 |
767 | 19,103,296 | 6,493,668 | 25,597,731 |
The Group has classed investments under the fair value hierarchy as follows .
| 31 December 2024 \$ |
Movements in equity \$ |
Gain/(loss) on investments \$ |
30 June 2025 \$ |
|
|---|---|---|---|---|
| Level 1 |
767 | - | - | 767 |
| Level 2 |
6,124,073 | - | 369,595 | 6,493,668 |
| Level 3 |
18,964,472 | 88,666 | 50,158 | 19,103,296 |
| Total investments |
25,089,312 | 88,666 | 419,753 | 25,597,731 |
Notes to the Condensed Consolidated Interim Financial Statements (continued)
For the period ended 30 June 2025
19 Investments (continued)
Level 1 and 2 valuations and inputs
The finance department performs monthly valuations of the Group's investments that are classified as Level 1 and 2 within the fair value hierarchy, utilising market data (investments in listed equities) and observable inputs (CoinShares Fund II carried interest and investments held at cost or price of recent investment that may subsequently be reclassified to Level 3). Discussions of valuation processes and results are held between the Chief Financial Officer, Audit committee and the Board once every quarter, in line with the Group's reporting periods.
Level 3 valuations and inputs
The finance department performs quarterly valuations of the Group's investments that are classified as Level 3 within the fair value hierarchy, utilising a range of observable and unobservable inputs. Discussions of valuation processes and results are held between the Chief Financial Officer, Audit committee and the Board once every quarter, in line with the Group's reporting periods.
The main Level 3 inputs used by the Group are derived and evaluated as follows:
- price of recent investment;
- earnings multiples, estimated based on market information for similar types of companies;
- AUM multiples, estimated based on market information for similar types of companies; and
- percentage ownership of net asset value of the investee company.
20 Trade receivables and other current assets
| 31 December | |||
|---|---|---|---|
| Note | 30 June 2025 | 2024 | |
| \$ | \$ | ||
| Trade receivables | |||
| Accounts receivable | 2,522,754 | 2,126,487 | |
| Amounts owed by related parties | 317,020 | 40,642 | |
| Deposits paid | 43,013 | 43,015 | |
| Prepayments | 1,975,881 | 1,397,110 | |
| VAT receivable | 217,527 | 127,936 | |
| Total trade receivables | 5,076,195 | 3,735,191 | |
| Other current assets | |||
| Digital asset ETPs and funds | 1,399,912,859 | 1,195,166,977 | |
| Other assets | (i) | 208,337,368 | 201,595,161 |
| Total other current assets | 1,608,250,227 | 1,396,762,139 | |
| Total trade receivables and other current assets | 1,613,326,423 | 1,400,497,329 | |
(i) The majority of current other assets represent digital asset lending balances to small number of counterparties totalling \$205,381,044 (31 December 2024: \$196,836,698). The digital asset lending balances include an expected credit loss provision of \$1,631,982 (31 December 2024: \$1,902,162) in relation to these lending balances.
Notes to the Condensed Consolidated Interim Financial Statements (continued)
For the period ended 30 June 2025
21 Certificate liability
| 30 June 2025 |
31 December 2024 |
30 June 2025 |
31 December 2024 |
|
|---|---|---|---|---|
| No. Certificates | No. Certificates | \$ | \$ | |
| Certificate type | ||||
| Bitcoin Tracker One | 2,543,574 | 2,713,492 | 1,286,450,870 | 1,212,656,502 |
| Bitcoin Tracker Euro | 290,889 | 332,913 | 1,468,872,899 | 1,483,866,520 |
| Ether Tracker One | 12,089,893 | 12,287,008 | 260,519,378 | 386,852,925 |
| Ether Tracker Euro | 2,103,986 | 2,119,967 | 451,527,243 | 664,705,078 |
| CoinShares Physical Bitcoin | 11,775,826 | 8,555,086 | 1,221,413,915 | 787,335,786 |
| CoinShares Physical Staked Ethereum | 3,016,390 | 2,803,190 | 222,409,320 | 284,461,142 |
| CoinShares Physical Litecoin | 689,820 | 607,000 | 11,058,362 | 11,896,387 |
| CoinShares Physical XRP | 2,571,414 | 1,831,780 | 210,969,476 | 146,962,677 |
| CoinShares Physical Staked Polkadot | 2,118,000 | 1,698,100 | 8,533,172 | 13,395,177 |
| CoinShares Physical Staked Tezos | 866,000 | 839,000 | 10,718,033 | 6,111,721 |
| CoinShares Physical Staked Solana | 7,775,603 | 6,181,100 | 129,769,608 | 132,415,675 |
| CoinShares Physical Chainlink | 10,669,400 | 8,021,000 | 13,549,568 | 16,068,630 |
| CoinShares Physical Uniswap | 8,211,500 | 6,190,000 | 5,586,306 | 8,129,577 |
| CoinShares Physical Staked Cardano | 40,307,500 | 34,472,500 | 24,535,166 | 32,084,742 |
| CoinShares Physical Staked Cosmos | 1,074,500 | 694,500 | 2,551,201 | 2,532,275 |
| CoinShares Physical Staked Polygon | 2,273,500 | 1,443,500 | 4,634,610 | 7,422,122 |
| CoinShares Physical Staked Algorand | 6,403,700 | 5,026,000 | 12,126,429 | 18,385,677 |
| CoinShares Physical Top 10 Crypto Market | 188,000 | 114,000 | 5,910,003 | 3,875,021 |
| CoinShares Physical Smart Contract Platform | 136,000 | 121,000 | 2,883,056 | 3,439,260 |
| CoinShares Finanzen.net Top 10 Crypto ETP | 1,139,500 | 730,000 | 18,144,967 | 11,363,576 |
| CoinShares XBT Physical Litecoin | 10,000 | - | 59,741 | - |
| CoinShares XBT Physical XRP | 25,000 | - | 109,160 | - |
| CoinShares XBT Physical Staked Polkadot | 60,000 | - | 205,713 | - |
| CoinShares XBT Physical Staked Solana | 60,000 | - | 273,713 | - |
| 5,372,811,908 | 5,233,960,470 | |
|---|---|---|
| 30 June 2025 \$ |
31 December 2024 \$ |
|
| CoinShares XBT Provider - Bitcoin | 2,755,323,769 | 2,696,523,022 |
| CoinShares XBT Provider - Ethereum | 712,046,621 | 1,051,558,003 |
| Total CoinShares XBT Provider | 3,467,370,390 | 3,748,081,024 |
| CoinShares Physical Bitcoin | 1,221,413,915 | 787,335,786 |
| CoinShares Physical Staked Ethereum | 222,409,320 | 284,461,142 |
| CoinShares Physical Staked Solana | 129,769,608 | 132,415,675 |
| CoinShares Physical Other | 331,200,348 | 281,666,843 |
| Total CoinShares Physical | 1,904,793,191 | 1,485,879,446 |
| CoinShares XBT Physical Staked Solana | 273,713 | - |
| CoinShares XBT Physical Other | 374,615 | - |
| Total CoinShares XBT Physical | 648,327 | - |
| Total | 5,372,811,908 | 5,233,960,470 |
Notes to the Condensed Consolidated Interim Financial Statements (continued)
For the period ended 30 June 2025
22 Trade payables and other liabilities
| 30 June 2025 \$ |
31 December 2024 \$ |
|
|---|---|---|
| Trade and other payables | ||
| Accounts payable | 1,613,550 | 1,377,399 |
| Accrued liabilities | 10,018,096 | 11,824,676 |
| Total trade and other payables | 11,631,646 | 13,202,075 |
| Other current liabilities | ||
| Solana seed | 173,186,600 | 207,921,600 |
| OTC Trades | 11,849,889 | 7,795,286 |
| Other borrowings | 41,457,125 | 32,887,055 |
| Amounts due to exchange | 1,423 | 3,101,281 |
| Fund liabilities to external investors | 1,152,439 | 1,032,738 |
| Total other current liabilities | 227,647,476 | 252,737,960 |
| Total trade payables and other payables and other current liabilities | 239,279,122 | 265,940,035 |
23 Issue, repurchases and repayments of equity
During the period, the following share issuances, share option issuances, share splits, share redemptions and share options lapses occurred.
| Share capital and premium \$ |
Options \$ |
Treasury shares \$ |
Fully diluted share capital \$ |
|
|---|---|---|---|---|
| 31 December 2024 | 41,501,277 | 6,380,259 | - | 47,881,536 |
| Share based payments | - | 213,035 | - | 213,035 |
| Share buybacks | - | - | (10,616,650) | (10,616,650) |
| Share options exercised | - | (318,580) | 1,788,001 | 1,469,421 |
| Share options liquidated | - | (2,198,744) | - | (2,198,744) |
| 30 June 2025 | 41,501,277 | 4,075,970 | (8,828,649) | 36,748,598 |
Notes to the Condensed Consolidated Interim Financial Statements (continued)
For the period ended 30 June 2025
24 Earnings per share
The calculation of the basic and diluted earnings per share is based on the following data:
| 1 January to 30 June |
1 January to 30 June |
|
|---|---|---|
| 2025 | 2024 | |
| Earnings | \$ | \$ |
| Earnings for the purposes of basic earnings per share being net profit attributable to owners of the Company |
55,846,768 | 73,386,491 |
| Earnings for the purposes of diluted earnings per share | 55,846,768 | 73,386,491 |
| 1 January to | 1 January to | |
| 30 June | 30 June | |
| 2025 | 2024 | |
| Number of shares | Number | Number |
| Weighted average number of ordinary shares for the purposes of basic earnings per share |
65,538,318 | 66,503,520 |
| Weighted effect of dilutive potential ordinary shares: Share options Weighted average number of ordinary shares for the purposes of diluted earnings |
2,612,094 | 3,718,583 |
| per share | 68,150,412 | 70,222,104 |
| 1 January to | 1 January to | |
| 30 June | 30 June | |
| 2025 | 2024 | |
| \$ | \$ | |
| Basic earnings per share | 0.85 | 1.10 |
| Diluted earnings per share | 0.82 | 1.05 |
25 Business combinations
Acquisition of Valkyrie Funds LLC
On the 12 March 2024 the Group exercised its option to acquire 100% of VFL following the launch of Valkyrie Bitcoin Fund in January 2024 post the SEC's approval of a Bitcoin ETF. VFL is a US digital asset manager's investment advisory business speciailising in actively managed cryptocurreny exchange traded funds. The acquisition was made to enhance and develop the Group's asset management business in the US, with a clear focus on product innovation and market differentiation.
Notes to the Condensed Consolidated Interim Financial Statements (continued)
For the period ended 30 June 2025
26 Related party transactions
The following related party transactions occurred during the period.
The Group has an investment in Komainu Holdings Limited ('KHL') of which Mr Jean-Marie Mognetti is a director and shareholder. The Group has a recharge agreement with KHL which allows for use of office facilities. \$86,367 has been charged for the period of which \$15,084 is outstanding at the period end.
Komainu (Jersey) Limited ('KJL'), a wholly owned subsidiary of KHL provides custodial services to the Group. During the period, the Group paid fees to KJL of \$2,143,257 of which \$668,853 was outstanding at the period end.
StableMint is an investment (former associate) of the Group. The Group has settled expenditure on behalf of StableMint in the period of \$1,812 of which \$1,812 remains outstanding at the period end.
FlowB Holding Switzerland AB ('FlowB') is an investment (former associate) of the Group. The Group has made a contribution to FlowB of CHF 267,536 during the period in support of legal expenses incurred.
The Group had control of CoinShares GP II Limited ('CS2GP') until 3 April 2025 where it was disposed of in its entirety to a third party. As part of this transaction the Group retains the carried interest due to it as Carried Interest Partner to CoinShares Fund II LP ('CS2LP') at 31 December 2024 being \$6,124,073, which is due on dissolution of the underlying Fund. In lieu of any consideration, the Group is also entitled to receive 50% of any carried interest earned in excess of the amount held at 31 December 2024. As at the period end, the carried interest was valued at \$6,493,669 and deemed fully recoverable.
Mr Richard Nash is a person discharging managerial responsibility and a shareholder of the Group. As at the period end, the Group held 3 BTC (\$323,006) on his behalf.
Mr Daniel Masters is the Group's Chairman and a shareholder of the Group. During the period, the Group undertook trades on his behalf equating to \$580,838. As at the period end the Group held 225,300 XTZ (\$121,662) owed to Mr Masters. The Group also holds a receivable from Mr Masters and one other person jointly of US\$37,183 in relation to an investment that was transferred using the Group as a broker.
Mr Jean-Marie Mognetti is the Group's Chief Executive Officer and a shareholder of the Group. As at the period end the Group held 9.08 BTC (\$977,450) owed to Mr Mognetti.
The Non-Executive directors of the Group receive remuneration for their role. In total, they have received \$185,064 for the period, of which \$13,951 remains outstanding at the period end.
27 Events after the reporting date
On 23 July 2025, the Group announced its French subsidiary, CoinShares Asset Management, has received authorisation under the Markets in Crypto-Assets (MiCA) Regulation, making it the first continental European regulated asset management company to achieve this milestone. This authorisation positions CoinShares as the only asset management firm in continental Europe to hold a triple regulatory license combination (AIFM License, MiFID License, MiCA Authorisation).
On 29 July 2025, The Group announced the launch of CoinShares Physical Staked SEI (Ticker: CSEI, ISIN: GB00BSLNZT73) – the world's first zero fee exchange-traded product offering regulated exposure to SEI's high-performance blockchain infrastructure.
On 18 August 2025, The Group approved to transfer 100% of its membership interest in Valkyrie Funds LLC to CoinShares Co.
On 18 August 2025, The Group approved to transfer 100% of the ordinary share capital in CoinShares Co which were held by CoinShares International Limited to CoinShares Capital Markets (UK) Limited