v3.26.3
Operating Segment Information - Schedule of Analysis of the Group's Results by Reportable Segment (Details) - USD ($)
 6 Months Ended 12 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Gains/(losses) from operations          
Gain/(loss) on certificate liabilities $ 1,754,778,000 $ 86,169,000      
Other operating gains/(losses) 109,430 115,403      
Total revenues, gains/(losses) from operations 51,438,000 79,950,000      
Operating expenses          
Cost of revenue (excluding depreciation and amortization) (7,706,000) (8,787)      
Salaries and employee benefits (9,615,000) (7,457)      
Professional fees (7,868,000) (2,691)      
Marketing expenses (3,335,000) (2,225)      
Technology expense (2,545,000) (2,057)      
Allowance for credit losses 231,000 270      
Other general and administrative expenses (4,328,000) (2,323)      
Share based compensation (6,089,000) 171      
Depreciation and amortization (2,164,000) (1,409)      
Income/(loss) before income taxes (23,622,000) 78,257,000      
Coinshares International Limited [Member]          
Gains/(losses) from operations          
Gain/(loss) on certificate liabilities     $ 802,747,000 $ (2,910,985,000) $ (1,703,465,000)
Other operating gains/(losses)     211,999,000 19,835,000 (28,366,000)
Total revenues, gains/(losses) from operations     165,677,000 155,540,000 87,711,000
Operating expenses          
Cost of revenue (excluding depreciation and amortization)     (20,189,000) (15,209,000) (7,092,000)
Salaries and employee benefits     (19,521,000) (21,737,000) (13,316,000)
Professional fees     (9,870,000) (4,655,000) (4,497,000)
Marketing expenses     (5,291,000) (5,471,000) (3,219,000)
Technology expense     (4,474,000) (2,738,000) (2,404,000)
Allowance for credit losses     1,142,000 (1,902,000)
Other general and administrative expenses     (6,474,000) (5,686,000) (3,628,000)
Share based compensation     (2,839,000) (12,369,000) (1,261,000)
Depreciation and amortization     (3,143,000) (3,022,000) (3,993,000)
Income from sale of FTX claim     36,816,000
Income/(loss) before income taxes     114,721,000 163,383,000 76,470,000
Coinshares PLC [Member]          
Gains/(losses) from operations          
Gain/(loss) on certificate liabilities 1,754,778,000 86,169,000      
Operating expenses          
Share based compensation (6,089,000) 171,000      
Asset Management [Member] | Coinshares International Limited [Member]          
Schedule of Analysis of the Group's Results by Reportable Segment [Line Items]          
Revenue     126,371,000 111,691,000 53,709,000
Gains/(losses) from operations          
(Loss)/gain on digital assets and digital asset ETPs     (1,009,065,000) 2,891,150,000 1,731,831,000
Gain/(loss) on certificate liabilities     802,747,000 (2,910,985,000) (1,703,465,000)
Other operating gains/(losses)     206,318,000 19,835,000 (28,366,000)
Total gains/(losses) from operations    
Total revenues, gains/(losses) from operations [1]     126,371,000 111,691,000 53,709,000
Operating expenses          
Cost of revenue (excluding depreciation and amortization) [2]     (15,434,000) (9,621,000) (3,994,000)
Salaries and employee benefits [2]     (6,859,000) (3,016,000) (1,952,000)
Professional fees [2]     (2,254,000) (1,310,000) (1,230,000)
Marketing expenses [2]     (2,637,000) (3,593,000) (1,716,000)
Technology expense [2]     (1,089,000)
Allowance for credit losses [2]      
Other general and administrative expenses [2]     (1,873,000) (753,000) (449,000) [3]
XBT/ETP Pricing differential [2]     [4] [4]
Segment EBITDA [2]     96,225,000 93,398,000 44,368,000
Share based compensation    
Depreciation and amortization     (2,188,000)
Income from sale of FTX claim        
Interest income     598,000
Interest expense     (2,601,000)
Gain on treasury digital assets      
Fair value gain on investments    
XBT/ETP Pricing differential    
Income/(loss) before income taxes     92,034,000 93,398,000 44,368,000
Asset Management [Member] | Coinshares PLC [Member]          
Schedule of Analysis of the Group's Results by Reportable Segment [Line Items]          
Revenue 40,002,000 59,613,000      
Gains/(losses) from operations          
(Loss)/gain on digital assets and digital asset ETPs (1,864,208,000) (201,572,000)      
Gain/(loss) on certificate liabilities 1,754,778,000 86,169,000      
Other operating gains/(losses) 109,430,000 115,403,000      
Total gains/(losses) from operations      
Total revenues, gains/(losses) from operations [1] 40,002,000 59,613,000      
Operating expenses          
Cost of revenue (excluding depreciation and amortization) [2] (5,043) (7,123,000)      
Salaries and employee benefits [2] (3,599,000) (2,775,000)      
Professional fees [2] (943,000) (842,000)      
Marketing expenses [2] (1,413,000) (1,044,000)      
Technology expense [2] (419,000) (507,000)      
Allowance for credit losses [2]      
Other general and administrative expenses [2] (1,068,000) (999,000)      
XBT/ETP Pricing differential [2] [5] [6]      
Segment EBITDA 27,517,000 46,323,000      
Share based compensation      
Depreciation and amortization (1,259,000) (1,025,000)      
Interest income 293,000 159,000      
Interest expense (1,696,000) (992,000)      
Gain on treasury digital assets      
Fair value gain on investments      
Non-recurring expenses [7] (758,000)        
XBT/ETP Pricing differential [5] [6]      
Income/(loss) before income taxes 24,097,000 44,465,000      
Capital Markets [Member] | Coinshares International Limited [Member]          
Schedule of Analysis of the Group's Results by Reportable Segment [Line Items]          
Revenue     39,306,000 43,849,000 34,002,000
Gains/(losses) from operations          
(Loss)/gain on digital assets and digital asset ETPs     31,038,000 37,663,000 7,367,000
Gain/(loss) on certificate liabilities     (4,584,000) (14,588,000) 341,000
Other operating gains/(losses)     5,698,000 (1,000) (422,000)
Total gains/(losses) from operations     32,152,000 23,074,000 7,286,000
Total revenues, gains/(losses) from operations [1]     71,458,000 66,923,000 41,288,000
Operating expenses          
Cost of revenue (excluding depreciation and amortization) [2]     (4,755,000) (5,507,000) (2,803,000)
Salaries and employee benefits [2]     (5,602,000) (3,195,000) (2,889,000)
Professional fees [2]     (1,989,000) (66,000) (772,000)
Marketing expenses [2]     (15,000) (70,000)
Technology expense [2]     (907,000)
Allowance for credit losses [2]     1,142,000 (1,902,000)  
Other general and administrative expenses [2]     (1,665,000) (1,372,000) (666,000) [3]
XBT/ETP Pricing differential [2]     [4] [4]
Segment EBITDA [2]     57,667,000 54,811,000 34,158,000
Share based compensation    
Depreciation and amortization     (474,000)
Income from sale of FTX claim        
Interest income     598,000
Interest expense     (2,601,000)
Gain on treasury digital assets      
Fair value gain on investments    
XBT/ETP Pricing differential    
Income/(loss) before income taxes     55,190,000 54,811,000 34,158,000
Capital Markets [Member] | Coinshares PLC [Member]          
Schedule of Analysis of the Group's Results by Reportable Segment [Line Items]          
Revenue 11,436,000 22,149,000      
Gains/(losses) from operations          
(Loss)/gain on digital assets and digital asset ETPs (15,751,000) 21,771,000      
Gain/(loss) on certificate liabilities 18,690,000 (19,063,000)      
Other operating gains/(losses) 486,000 1,636,000      
Total gains/(losses) from operations 3,425,000 4,344,000      
Total revenues, gains/(losses) from operations [1] 14,861,000 26,493,000      
Operating expenses          
Cost of revenue (excluding depreciation and amortization) [2] (2,663,000) (1,664,000)      
Salaries and employee benefits [2] (2,459,000) (2,206,000)      
Professional fees [2] (872,000) (610,000)      
Marketing expenses [2] (10,000)      
Technology expense [2] (574,000) (470,000)      
Allowance for credit losses [2] 231,000 270,000      
Other general and administrative expenses [2] (1,389,000) (542,000)      
XBT/ETP Pricing differential [2] [5] [6]      
Segment EBITDA 7,135,000 21,261,000      
Share based compensation      
Depreciation and amortization (452,000) (192,000)      
Interest income 293,000 159,000      
Interest expense (1,696,000) (992,000)      
Gain on treasury digital assets      
Fair value gain on investments      
Non-recurring expenses [7] (564,000)        
XBT/ETP Pricing differential [5] [6]      
Income/(loss) before income taxes 4,716,000 20,236,000      
Unallocated [Member] | Coinshares International Limited [Member]          
Schedule of Analysis of the Group's Results by Reportable Segment [Line Items]          
Revenue     [8] [9] [9]
Gains/(losses) from operations          
(Loss)/gain on digital assets and digital asset ETPs     (4,746,000) [8] 4,597,000 [9] 5,605,000 [9]
Gain/(loss) on certificate liabilities     4,584,000 [8] 14,588,000 [9] (341,000) [9]
Other operating gains/(losses)     (17,000) [8] 1,000 [9] 422,000 [9]
Total gains/(losses) from operations     (179,000) [8] 19,186,000 [9] 5,686,000 [9]
Total revenues, gains/(losses) from operations [1]     (179,000) [8] 19,186,000 [9] 5,686,000 [9]
Operating expenses          
Cost of revenue (excluding depreciation and amortization) [2]     [8] (81,000) [9] (295,000) [9]
Salaries and employee benefits [2]     (7,060,000) [8] (15,526,000) [9] (8,475,000) [9]
Professional fees [2]     (5,627,000) [8] (3,279,000) [9] (2,495,000) [9]
Marketing expenses [2]     (2,639,000) [8] (1,808,000) [9] (1,503,000) [9]
Technology expense [2]     (2,478,000) [8] (2,738,000) [9] (2,404,000) [9]
Allowance for credit losses [2]     [8] [9]  
Other general and administrative expenses [2]     (2,936,000) [8] (3,561,000) [9] (2,513,000) [3],[9]
XBT/ETP Pricing differential [2]     (1,633,000) [4],[8] (15,760,000) [4],[9] (2,234,000) [9]
Segment EBITDA [2]     (22,373,000) [8] (23,567,000) [9] (14,233,000) [9]
Share based compensation     (2,839,000) [8] (12,369,000) [9] (1,261,000) [9]
Depreciation and amortization     (481,000) [8] (3,022,000) [9] (3,993,000) [9]
Income from sale of FTX claim [9]       36,816,000  
Interest income     597,000 [8] 8,495,000 [9] 7,975,000 [9]
Interest expense     (2,602,000) [8] (11,355,000) [9] (8,510,000) [9]
Gain on treasury digital assets     (4,685,000) [8] 3,493,000 [9]  
Fair value gain on investments     (1,574,000) [8] 923,000 [9] 15,732,000 [9]
XBT/ETP Pricing differential     1,633,000 [8] 15,760,000 [9] 2,234,000 [9]
Income/(loss) before income taxes     (32,503,000) [8] 15,174,000 [9] (2,056,000) [9]
Unallocated [Member] | Coinshares PLC [Member]          
Schedule of Analysis of the Group's Results by Reportable Segment [Line Items]          
Revenue [8] (1,812,000) [9]      
Gains/(losses) from operations          
(Loss)/gain on digital assets and digital asset ETPs 2,620,000 [8] 695,000 [9]      
Gain/(loss) on certificate liabilities (18,690,000) [8] 19,063,000 [9]      
Other operating gains/(losses) (486,000) [8] (1,636,000) [9]      
Total gains/(losses) from operations (16,556,000) [8] 18,122,000 [9]      
Total revenues, gains/(losses) from operations [1] (16,556,000) [8] 16,310,000 [9]      
Operating expenses          
Cost of revenue (excluding depreciation and amortization) [2] [8] [9]      
Salaries and employee benefits [2] (1,879,000) [8] (2,476,000) [9]      
Professional fees [2] (5,790,000) [8] (1,239,000) [9]      
Marketing expenses [2] (1,922,000) [8] (1,171,000) [9]      
Technology expense [2] (1,552,000) [8] (1,080,000) [9]      
Allowance for credit losses [2] [8] [9]      
Other general and administrative expenses [2] (1,871,000) [8] (782,000) [9]      
XBT/ETP Pricing differential [2] 16,556,000 [5],[8] (18,122,000) [6],[9]      
Segment EBITDA (13,014,000) [8] (8,560,000) [9]      
Share based compensation (6,089,000) [8] 171,000 [9]      
Depreciation and amortization (453,000) [8] (192,000) [9]      
Interest income 292,000 [8] 158,000 [9]      
Interest expense (1,697,000) [8] (992,000) [9]      
Gain on treasury digital assets (15,398,000) [8] 5,538,000 [9]      
Fair value gain on investments 1,099,000 [8] (689,000) [9]      
Non-recurring expenses [7],[8] (619,000)        
XBT/ETP Pricing differential (16,556,000) [5],[8] 18,122,000 [6],[9]      
Income/(loss) before income taxes (52,435,000) [8] 13,556,000 [9]      
Reportable Segment [Member] | Coinshares International Limited [Member]          
Schedule of Analysis of the Group's Results by Reportable Segment [Line Items]          
Revenue     165,677,000 155,540,000 87,711,000
Gains/(losses) from operations          
(Loss)/gain on digital assets and digital asset ETPs     (982,773,000) 2,933,410,000 1,744,803,000
Gain/(loss) on certificate liabilities     802,747,000 (2,910,985,000) (1,703,465,000)
Other operating gains/(losses)     211,999,000 19,835,000 (28,366,000)
Total gains/(losses) from operations     31,973,000 42,260,000 12,972,000
Total revenues, gains/(losses) from operations [1]     197,650,000 197,800,000 100,683,000
Operating expenses          
Cost of revenue (excluding depreciation and amortization) [2]     (20,189,000) (15,209,000) (7,092,000)
Salaries and employee benefits [2]     (19,521,000) (21,737,000) (13,316,000)
Professional fees [2]     (9,870,000) (4,655,000) (4,497,000)
Marketing expenses [2]     (5,291,000) (5,471,000) (3,219,000)
Technology expense [2]     (4,474,000) (2,738,000) (2,404,000)
Allowance for credit losses [2]     1,142,000 (1,902,000)  
Other general and administrative expenses [2]     (6,474,000) (5,686,000) (3,628,000) [3]
XBT/ETP Pricing differential [2]     (1,633,000) [4] (15,760,000) [4] (2,234,000)
Segment EBITDA [2]     131,340,000 124,642,000 64,293,000
Share based compensation     (2,839,000) (12,369,000) (1,261,000)
Depreciation and amortization     (3,143,000) (3,022,000) (3,993,000)
Income from sale of FTX claim       36,816,000  
Interest income     1,793,000 8,495,000 7,975,000
Interest expense     (7,804,000) (11,355,000) (8,510,000)
Gain on treasury digital assets     (4,685,000) 3,493,000  
Fair value gain on investments     (1,574,000) 923,000 15,732,000
XBT/ETP Pricing differential     1,633,000 15,760,000 2,234,000
Income/(loss) before income taxes     $ 114,721,000 $ 163,383,000 $ 76,470,000
Reportable Segment [Member] | Coinshares PLC [Member]          
Schedule of Analysis of the Group's Results by Reportable Segment [Line Items]          
Revenue 51,438,000 79,950,000      
Gains/(losses) from operations          
(Loss)/gain on digital assets and digital asset ETPs (1,877,339,000) (179,106,000)      
Gain/(loss) on certificate liabilities 1,754,778,000 86,169,000      
Other operating gains/(losses) 109,430,000 115,403,000      
Total gains/(losses) from operations (13,131,000) 22,466,000      
Total revenues, gains/(losses) from operations [1] 38,307,000 102,416,000      
Operating expenses          
Cost of revenue (excluding depreciation and amortization) [2] (7,706,000) (8,787,000)      
Salaries and employee benefits [2] (7,937,000) (7,457,000)      
Professional fees [2] (7,605,000) (2,691,000)      
Marketing expenses [2] (3,335,000) (2,225,000)      
Technology expense [2] (2,545,000) (2,057,000)      
Allowance for credit losses [2] 231,000 270,000      
Other general and administrative expenses [2] (4,328,000) (2,323,000)      
XBT/ETP Pricing differential [2] 16,556,000 [5] (18,122,000) [6]      
Segment EBITDA 21,638,000 59,024,000      
Share based compensation (6,089,000) 171,000      
Depreciation and amortization (2,164,000) (1,409,000)      
Interest income 878,000 476,000      
Interest expense (5,089,000) (2,976,000)      
Gain on treasury digital assets (15,398,000) 5,538,000      
Fair value gain on investments 1,099,000 (689,000)      
Non-recurring expenses [7] (1,941,000)        
XBT/ETP Pricing differential (16,556,000) [5] 18,122,000 [6]      
Income/(loss) before income taxes $ (23,622,000) $ 78,257,000      
[1] The revenue segment measure that is provided to the CODM is the total of revenue and gains/(losses) from operations.
[2] The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.
[3] Other segment items for each reportable segment include regulatory expenses, entertainment expenses, travel, and hotel expenses.
[4] Represents the impact of valuation differences between certain financial instruments and their underlying digital asset exposures. XBT certificates and certain third-party ETPs are measured using observable market prices, which may trade at a discount or premium to the value of the underlying digital assets held for hedging. These differences result in unrealized gains or losses that are driven by market spreads.
[5] Represents the impact of valuation differences between certain financial instruments and their underlying digital asset exposures. XBT certificates and certain third-party ETPs are measured using observable market prices, which may trade at a discount or premium to the value of the underlying digital assets held for hedging, as outlined further in Note 6. These differences result in unrealized gains or losses that are driven by market spreads.
[6] Represents the impact of valuation differences between certain financial instruments and their underlying digital asset exposures. XBT certificates and certain third-party ETPs are measured using observable market prices, which may trade at a discount or premium to the value of the underlying digital assets held for hedging as outlined further in Note 6. These differences result in unrealized gains or losses that are driven by market spreads.
[7] Segment EBITDA excludes one-off transactions and other non-recurring items that are not considered indicative of the Group’s ongoing operating performance.
[8] Unallocated represents other business activities and unallocated corporate expenses managed at the Group level. Accordingly, these expenses are not allocated to the Group’s segments.
[9] Unallocated represents other business activities below the quantitative thresholds when determining the entity’s reportable segments and unallocated corporate expenses managed at the Group level. Accordingly, these expenses are not allocated to the Group’s segments.