| Schedule of Revenue Consists |
The Group’s revenue consists of the following: | | | For the Six Months Ended
June 30, | | | | 2026 | | 2025 | | Management fees | | $ | 40,002 | | $ | 59,613 | | Staking revenue | | | 6,642 | | | 9,823 | | Lending book interest | | | 2,432 | | | 4,927 | | Other revenue | | | 2,362 | | | 5,587 | | Total Revenue | | $ | 51,438 | | $ | 79,950 | The Group’s management fees consist of the following: | | | For the Six Months Ended
June 30, | | | | 2026 | | 2025 | | CoinShares XBT Provider AB | | $ | 27,787 | | $ | 44,762 | | CoinShares Physical | | | 8,686 | | | 12,418 | | Block Index | | | 2,057 | | | 1,198 | | CoinShares U.S. | | | 1,341 | | | 1,235 | | Other | | | 131 | | | — | | Total Management Fees | | $ | 40,002 | | $ | 59,613 | Staking revenue, Lending book interest, and other revenue | | | For the Six Months Ended
June 30, | | | | 2026 | | 2025 | | Staking revenue | | $ | 6,642 | | $ | 9,823 | | Lending book interest | | | 2,432 | | | 4,927 | | Other revenue: | | | | | | | | Other digital asset income | | | — | | | — | | Other operating income | | | 1,510 | | | 3,363 | | Fee rebates | | | 852 | | | 2,224 | | Total other revenue | | $ | 2,362 | | $ | 5,587 |
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| Schedule of Revenue Consists |
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The Group’s revenue consists of the following: | | | For the Years Ended December 31, | | | | 2025 | | 2024 | | 2023 | | Management fees | | $ | 126,371 | | $ | 111,691 | | $ | 53,709 | | Staking revenue | | | 21,901 | | | 29,449 | | | 24,692 | | Lending book interest | | | 10,684 | | | 9,397 | | | 2,390 | | Other revenue | | | 6,721 | | | 5,003 | | | 6,920 | | Total Revenue | | $ | 165,677 | | $ | 155,540 | | $ | 87,711 | The Group’s management fees consist of the following: | | | For the Years Ended December 31, | | | | 2025 | | 2024 | | 2023 | | CoinShares XBT Provider AB | | $ | 92,647 | | $ | 85,814 | | $ | 48,389 | | CoinShares Physical | | | 27,676 | | | 21,363 | | | 3,373 | | Block Index | | | 3,281 | | | 2,215 | | | 1,787 | | CoinShares U.S. | | | 2,763 | | | 2,137 | | | — | | Other | | | 4 | | | 162 | | | 160 | | Total Management Fees | | $ | 126,371 | | $ | 111,691 | | $ | 53,709 | Staking revenue, Lending book interest, and other revenue | | | For the Years Ended December 31, | | | | 2025 | | 2024 | | 2023 | | Staking revenue | | $ | 21,901 | | $ | 29,449 | | $ | 24,692 | | Lending book interest | | | 10,684 | | | 9,397 | | | 2,390 | | Other revenue: | | | | | | | | | | | Other digital asset income | | | 3 | | | 1,310 | | | 3,152 | | Other operating income | | | 2,481 | | | 2,066 | | | 1,928 | | Fee rebates | | | 4,237 | | | 1,627 | | | 1,840 | | Total other revenue | | $ | 6,721 | | $ | 5,003 | | $ | 6,920 |
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