Coinshares, one of the oldest and largest managers of digital assets, is planning to list on the U.S. stock exchange soon. The company made this announcement on Tuesday when it released its figures for the first quarter of 2025.

In the first quarter, Coinshares generated a net profit of 23.8 million dollars, compared to 41.5 million dollars in the same quarter last year. The company speaks of a «robust performance across all platforms». It emphasizes that Coinshares Physical is the leader in the European market for crypto exchange trade products (ETP) «despite difficult market conditions» (Bitcoin fell by 12.1 percent and Ethereum by as much as 45.2 percent) with net inflows of 268 million dollars, three times that of the next-ranked provider.

Normalization of the Capital Markets Division

Reference is also made to other platforms (such as competitors) that have shown a «mixed picture», which is illustrated with figures on their net outflows.

The Capital Markets division of Coinshares achieved moderate results across all segments in the first quarter with profits and other income totaling 11.9 million dollar which is interpreted as «a return to normal values after the extraordinary post-election rally in the fourth quarter».

Ethereum's Depreciation Weighs on Staking Revenues

The sharp decline in Ethereum's value negatively affected staking income, which dropped by 26 percent quarter-on-quarter to 5.6 million dollars.

Since its IPO in Stockholm in 2021, Coinshares has been pursuing the goal of being listed on a U.S. stock exchange in order to gain access to the world's largest market for digital assets. According to the press release, this goal «now appears more realistic in light of improved regulation». This probably refers to the significantly more crypto-friendly course that the U.S. government has taken and which the U.S. supervisory authorities are also following.

Better Coverage by Analysts, on Tour with Investors and Quarterly Dividend

In order to increase the liquidity of trading in its shares, the company is endeavoring to increase analyst coverage and is holding roadshows with institutional investors. «In addition, the first quarterly dividend for 2024 was distributed on May 6, a further sign of shareholder operation.»

Coinshares changed its accounting currency to US dollars as of January 1, 2025, shifting from pounds. This adjustment provides a more accurate reflection of the economic environment in which the Group operates as admid its expansion. It is also likely a preparatory step for the upcoming US IPO.

«Positioning Ourselves More Strongly in the World's Largest Capital Market for Digital Assets»

Jean-Marie Mognetti, CEO of Coinshares, commented on the business performance: «Our proactive approach to market volatility has not only kept us resilient, but also enabled further growth - particularly through our Coinshares Physical platform, which is outperforming its peers at an unprecedented pace.»

Commenting on its US IPO plans, the company remarked:«As the regulatory environment in the U.S. is developing increasingly positively, this goal has become realistic and supports our strategy of positioning Coinshares more strongly in the world's largest and most influential capital market for digital assets.»

Also Active in Switzerland

Coinshares offers a wide range of financial services in the areas of asset management, trading and securities services for digital assets. The company has been active in the crypto sector since 2013. It is headquartered in Jersey and maintains offices in France, Sweden, Switzerland, the United Kingdom and the United States.

Coinshares had also invested in the Geneva-based digital bank Flowbank, which was forced to close by Finma in 2024..