Certificate Liabilities (Tables)
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6 Months Ended |
12 Months Ended |
Jun. 30, 2026 |
Dec. 31, 2025 |
| Certificate Liabilities (Tables) [Line Items] |
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| Relationship and Fair Value Of The Certificate Liability Programs and the Assets |
The relationship and fair value of the certificate liability programs and the assets held to hedge them are presented below: | Liabilities | | Assets | | Name | | Fair value
methodology | | Type of asset
economically
hedging the liability | | Fair value
methodology | | Location on
Consolidated Balance
Sheets | | CS Physical Certificate Liabilities | | Price of referenced digital asset | | Referenced digital asset | | Quoted price of digital asset in principal market at 11:59:59 GMT | | Digital assets — held for operations | | XBT Physical Certificate Liabilities | | Price of referenced digital assets | | Referenced digital asset | | Quoted price of digital asset in principal market at 11:59:59 GMT | | Digital assets — held for operations | | XBT Certificate Liability | | Traded price of XBT certificate liability, adjusted for material market conditions related to movements in the underlying coin prices through 11:59:59 GMT | | Referenced digital asset | | Quoted price of digital asset in principal market at 11:59:59 GMT | | Digital assets — held for operations | | | | | | Digital asset ETPs which track the referenced digital asset price | | Price of digital asset ETP | | Digital asset exchange traded products | | | | | | Digital asset futures which track the referenced digital asset price | | Price of digital asset future | | Prepaids and other current assets Other non-current assets |
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| Schedule of Fair Value of Certificate Liability Programs and Assets Held to Hedge |
| | | For the Six Months Ended
June 30, | | | | 2026 | | 2025 | | Gains from operations, net of change in XBT pricing differential | | $ | 3,425 | | | $ | 4,344 | | (Loss)/Gain from change in XBT pricing differential | | | (16,556 | ) | | | 18,122 | | Total (losses)/gains from operations | | $ | (13,131 | ) | | $ | 22,466 |
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| Schedule of Fair Value of the Certificate Liabilities |
The table below disaggregates the balance of the certificate liabilities by corresponding referenced digital assets: | | | As of | | | | June 30,
2026 | | December 31,
2025 | | CoinShares XBT Provider | | | | | | | | CoinShares XBTP – Bitcoin | | $ | 1,042,940 | | $ | 1,768,572 | | CoinShares XBTP – Ethereum | | | 315,064 | | | 696,435 | | Total XBT Certificate Liabilities | | $ | 1,358,004 | | $ | 2,465,007 | | | | | | | | | | CoinShares Physical | | | | | | | | CoinShares Physical – Bitcoin | | $ | 882,116 | | $ | 1,222,197 | | CoinShares Physical – Staked Ethereum | | | 195,192 | | | 291,152 | | CoinShares Physical – Staked Solana | | | 111,714 | | | 189,058 | | CoinShares Physical – XRP | | | 125,444 | | | 226,084 | | CoinShares Physical – Other | | | 92,326 | | | 112,663 | | Total CS Physical certificate liabilities | | $ | 1,406,792 | | $ | 2,041,154 | | | | | | | | | | CoinShares XBT Provider Physical | | | | | | | | CS XBTP Physical Staked Solana | | $ | 542 | | $ | 613 | | CS XBTP Physical Other | | | 784 | | | 666 | | Total XBT CS Physical Certificate Liabilities | | $ | 1,326 | | $ | 1,279 |
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| Schedule of Breakdown of Certificate Type |
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Breakdown of certificate type by number and value: | (in thousands, except number of certificates) | | As of | | Certificate type | | Number of certificates | | Dollars | | June 30,
2026 | | December 31,
2025 | | June 30,
2026 | | December 31,
2025 | | Bitcoin Tracker One | | 2,096,355 | | 2,249,885 | | $ | 517,474 | | $ | 885,201 | | Bitcoin Tracker Euro | | 213,291 | | 225,032 | | | 525,465 | | | 883,371 | | Ether Tracker One | | 10,148,660 | | 10,353,931 | | | 120,558 | | | 265,659 | | Ether Tracker Euro | | 1,642,761 | | 1,677,905 | | | 194,507 | | | 430,776 | | CoinShares Bitcoin ETP | | 15,706,757 | | 14,488,307 | | | 882,113 | | | 1,222,197 | | CoinShares Ethereum Staking ETP | | 4,123,973 | | 3,251,673 | | | 195,192 | | | 291,152 | | CoinShares Litecoin ETP | | 800,220 | | 698,920 | | | 6,161 | | | 9,992 | | CoinShares XRP ETP | | 3,274,564 | | 3,298,284 | | | 125,444 | | | 226,083 | | CoinShares Polkadot Staking ETP | | 3,216,000 | | 2,775,000 | | | 3,229 | | | 6,010 | | CoinShares Tezos Staking ETP | | 3,807,400 | | 3,760,900 | | | 4,681 | | | 10,909 | | CoinShares Solana Staking ETP | | 13,466,523 | | 13,560,223 | | | 111,714 | | | 189,058 | | CoinShares Chainlink ETP | | 13,753,400 | | 13,483,400 | | | 9,233 | | | 15,577 | | CoinShares Uniswap ETP | | 10,827,500 | | 8,387,500 | | | 2,814 | | | 4,483 | | CoinShares Cardano Staking ETP | | 61,015,625 | | 47,690,625 | | | 9,659 | | | 17,354 | | CoinShares Cosmos Staking ETP | | 1,630,500 | | 1,630,500 | | | 1,490 | | | 1,864 | | CoinShares Polygon Staking ETP | | 3,501,500 | | 3,101,500 | | | 2,737 | | | 3,497 | | CoinShares Algorand Staking ETP | | 8,229,700 | | 7,794,700 | | | 7,306 | | | 9,225 | | CoinShares SEI Staking ETP | | 2,111,000 | | 1,985,000 | | | 1,012 | | | 2,227 | | CoinShares TON Staking ETP | | 360,000 | | 110,000 | | | 276 | | | 91 | | (in thousands, except number of certificates) | | As of | | Certificate type | | Number of certificates | | Dollars | | June 30,
2026 | | December 31,
2025 | | June 30,
2026 | | December 31,
2025 | | CoinShares BNB Staking ETP | | 10,000 | | — | | | 27 | | | — | | CoinShares Hyperliquid Staking ETP | | 4,730,200 | | — | | | 19,832 | | | — | | CoinShares Physical Top 10 Crypto
Market | | 423,800 | | 332,600 | | | 7,766 | | | 10,037 | | CoinShares Physical Smart Contract Platform | | 112,000 | | 119,000 | | | 1,443 | | | 2,412 | | CoinShares Finanzen.net Top 10 Crypto ETP | | 1,683,000 | | 1,394,500 | | | 14,663 | | | 18,986 | | CoinShares XBTP Physical Litecoin | | 20,000 | | 20,000 | | | 59 | | | 108 | | CoinShares XBTP Physical XRP | | 153,000 | | 63,000 | | | 311 | | | 232 | | CoinShares XBTP Physical Chainlink | | 30,000 | | 30,000 | | | 74 | | | 129 | | CoinShares XBTP Physical Uniswap | | 45,000 | | 5,000 | | | 122 | | | 29 | | CoinShares XBTP Physical Staked
Cardano | | 163,000 | | 23,000 | | | 167 | | | 56 | | CoinShares XBTP Physical Staked Polkadot | | 60,000 | | 60,000 | | | 51 | | | 112 | | CoinShares XBTP Physical Staked
Solana | | 240,000 | | 160,000 | | | 542 | | | 613 | | Total certificates | | 167,595,729 | | 142,730,385 | | $ | 2,766,122 | | $ | 4,507,440 |
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| Coinshares International Limited [Member] |
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| Certificate Liabilities (Tables) [Line Items] |
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| Schedule of Fair Value of the Certificate Liabilities |
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The fair value of the certificate liabilities is primarily driven by (i) the market price of the referenced digital asset and (ii) the number of certificates outstanding. To economically hedge its exposure, the Group holds corresponding digital assets in respect of the issued certificates. | | | As of December 31, | | | | 2025 | | 2024 | | CoinShares XBT Provider | | | | | | | | CoinShares XBTP – Bitcoin | | $ | 1,768,572 | | $ | 2,675,425 | | CoinShares XBTP – Ethereum | | | 696,435 | | | 1,020,112 | | Total XBT Certificate Liabilities | | $ | 2,465,007 | | $ | 3,695,537 | | | | | | | | | | CoinShares Physical | | | | | | | | CoinShares Physical – Bitcoin | | $ | 1,222,197 | | $ | 773,007 | | CoinShares Physical – Staked Ethereum | | | 291,152 | | | 278,318 | | CoinShares Physical – Staked Solana | | | 189,058 | | | 127,568 | | CoinShares Physical – XRP | | | 226,084 | | | 144,313 | | CoinShares Physical – Other | | | 112,663 | | | 130,737 | | Total CS Physical certificate liabilities | | $ | 2,041,154 | | $ | 1,453,943 | | | | | | | | | | CoinShares XBT Provider Physical | | | | | | | | CS XBTP Physical Staked Solana | | $ | 613 | | $ | — | | CS XBTP Physical Other | | | 666 | | | — | | Total XBT CS Physical Certificate Liabilities | | $ | 1,279 | | $ | — |
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| Schedule of Breakdown of Certificate Type |
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Breakdown of certificate type by number and value: | (in thousands, except number of certificates) | | As of December 31, | | | | Number of certificates | | Dollars | | Certificate type | | 2025 | | 2024 | | 2025 | | 2024 | | Bitcoin Tracker One | | 2,249,885 | | 2,713,492 | | $ | 885,201 | | $ | 1,200,872 | | Bitcoin Tracker Euro | | 225,032 | | 332,913 | | | 883,371 | | | 1,474,552 | | Ether Tracker One | | 10,353,931 | | 12,287,008 | | | 265,659 | | | 370,577 | | Ether Tracker Euro | | 1,677,905 | | 2,119,967 | | | 430,776 | | | 649,535 | | CoinShares Bitcoin ETP | | 14,488,307 | | 8,555,086 | | | 1,222,197 | | | 773,007 | | CoinShares Ethereum Staking ETP | | 3,251,673 | | 2,803,190 | | | 291,152 | | | 278,318 | | CoinShares Litecoin ETP | | 698,920 | | 607,000 | | | 9,992 | | | 11,839 | | CoinShares XRP ETP | | 3,298,284 | | 1,831,780 | | | 226,083 | | | 144,312 | | CoinShares Polkadot Staking ETP | | 2,775,000 | | 1,698,100 | | | 6,010 | | | 12,997 | | CoinShares Tezos Staking ETP | | 3,760,900 | | 839,000 | | | 10,909 | | | 5,878 | | CoinShares Solana Staking ETP | | 13,560,223 | | 6,181,100 | | | 189,058 | | | 127,568 | | CoinShares Chainlink ETP | | 13,483,400 | | 8,021,000 | | | 15,577 | | | 15,433 | | CoinShares Uniswap ETP | | 8,387,500 | | 6,190,000 | | | 4,483 | | | 7,873 | | CoinShares Cardano Staking ETP | | 47,690,625 | | 34,472,500 | | | 17,354 | | | 31,182 | | CoinShares Cosmos Staking ETP | | 1,630,500 | | 694,500 | | | 1,864 | | | 2,433 | | CoinShares Polygon Staking ETP | | 3,101,500 | | 1,443,500 | | | 3,497 | | | 7,131 | | CoinShares Algorand Staking ETP | | 7,794,700 | | 5,026,000 | | | 9,225 | | | 17,703 | | CoinShares SEI Staking ETP | | 1,985,000 | | — | | | 2,227 | | | — | | CoinShares TON Staking ETP | | 110,000 | | — | | | 91 | | | — | | CoinShares Physical Top 10 Crypto
Market | | 332,600 | | 114,000 | | | 10,037 | | | 3,786 | | CoinShares Physical Smart Contract Platform | | 119,000 | | 121,000 | | | 2,412 | | | 3,343 | | (in thousands, except number of certificates) | | As of December 31, | | | | Number of certificates | | Dollars | | Certificate type | | 2025 | | 2024 | | 2025 | | 2024 | | CoinShares Finanzen.net Top 10 Crypto ETP | | 1,394,500 | | 730,000 | | | 18,986 | | | 11,141 | | CoinShares XBTP Physical Litecoin | | 20,000 | | — | | | 108 | | | — | | CoinShares XBTP Physical XRP | | 63,000 | | — | | | 232 | | | — | | CoinShares XBTP Physical Chainlink | | 30,000 | | — | | | 129 | | | — | | CoinShares XBTP Physical Uniswap | | 5,000 | | — | | | 29 | | | — | | CoinShares XBTP Physical Staked
Cardano | | 23,000 | | — | | | 56 | | | — | | CoinShares XBTP Physical Staked Polkadot | | 60,000 | | — | | | 112 | | | — | | CoinShares XBTP Physical Staked
Solana | | 160,000 | | — | | | 613 | | | — | | Total certificates | | 142,730,385 | | 96,781,136 | | $ | 4,507,440 | | $ | 5,149,480 |
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| Schedule of Reconciliation of Certificates |
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Reconciliation of certificates | | | For the year ended
December 31, | | | | 2025 | | 2024 | | Opening position | | $ | 5,149,480 | | | $ | 2,948,821 | | | Movement from net redemption of XBT Certificate Liabilities | | | (971,063 | ) | | | (766,319 | ) | | Movement from net issuance of XBT CS Physical Certificate Liabilities | | | 1,859 | | | | — | | | Movement from net issuance of CS Physical Certificate Liabilities | | | 1,101,229 | | | | 165,188 | | | Management fee, net | | | (87,830 | ) | | | (83,109 | ) | | (Gain)/loss on certificate liabilities | | | (802,747 | ) | | | 2,910,985 | | | Translation of foreign currency denominated holdings | | | 116,512 | | | | (26,086 | ) | | Closing position | | $ | 4,507,440 | | | $ | 5,149,480 | |
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