Unaudited Condensed Consolidated Statements of Cash Flows - USD ($)
|
4 Months Ended |
6 Months Ended |
12 Months Ended |
Dec. 31, 2025 |
Jun. 30, 2026 |
Jun. 30, 2025 |
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
| Cash flows provided by/(used in) operating activities |
|
|
|
|
|
|
| Net (loss)/income |
$ (151,410,000)
|
$ (23,935,000)
|
$ 77,600,000
|
|
|
|
| Adjustments to reconcile net income to net cash flow provided by/(used in) operating activities: |
|
|
|
|
|
|
| Gain on certificate liabilities |
|
(1,754,778,000)
|
(86,169,000)
|
|
|
|
| Loss on treasury digital assets |
|
15,398,000
|
(5,538,000)
|
|
|
|
| Share-based compensation |
|
6,089,000
|
(171)
|
|
|
|
| Changes in operating assets and liabilities: |
|
|
|
|
|
|
| Prepaids |
(30,000,000)
|
|
|
|
|
|
| Accounts payable |
14,653,000
|
|
|
|
|
|
| Accrued expenses |
47,166,000
|
|
|
|
|
|
| Due to related party |
13,000
|
|
|
|
|
|
| Net cash flow provided by operating activities |
(119,578,000)
|
|
|
|
|
|
| Cash flows provided by/(used in) financing activities |
|
|
|
|
|
|
| Proceeds from issuance of ordinary shares |
150,000,000
|
|
|
|
|
|
| Net cash used in financing activities |
150,000,000
|
|
|
|
|
|
| Net (decrease)/increase in cash and cash equivalents |
30,422,000
|
|
|
|
|
|
| Cash and cash equivalents at beginning of period |
|
30,422,000
|
|
|
|
|
| Cash and cash equivalents at end of period |
30,422,000
|
|
|
$ 30,422,000
|
|
|
| CoinShares International Limited |
|
|
|
|
|
|
| Cash flows provided by/(used in) operating activities |
|
|
|
|
|
|
| Net (loss)/income |
|
|
|
114,272,000
|
$ 162,448,000
|
$ 75,755,000
|
| Adjustments to reconcile net income to net cash flow provided by/(used in) operating activities: |
|
|
|
|
|
|
| Digital assets revenue |
|
|
|
(157,169,000)
|
(148,789,000)
|
(82,882,000)
|
| Loss on digital assets and digital asset ETPs |
|
|
|
982,773,000
|
(2,933,410,000)
|
(1,744,803,000)
|
| Gain on certificate liabilities |
|
|
|
(802,747,000)
|
2,910,985,000
|
1,703,465,000
|
| Other operating gains |
|
|
|
(206,318,000)
|
(19,835,000)
|
28,366,000
|
| Digital asset trading expenses |
|
|
|
104,000
|
133,000
|
148,000
|
| Loss on treasury digital assets |
|
|
|
4,685,000
|
(3,493,000)
|
|
| Depreciation and amortization |
|
|
|
3,143,000
|
3,022,000
|
3,993,000
|
| Allowance for credit losses |
|
|
|
(1,142,000)
|
1,902,000
|
|
| Impairment of equity method investments |
|
|
|
|
74,000
|
270,000
|
| Fair value (gain)/loss on investments |
|
|
|
1,574,000
|
(997,000)
|
(16,002,000)
|
| Share-based compensation |
|
|
|
2,839,000
|
12,369,000
|
1,261,000
|
| Other non-cash adjustments |
|
|
|
61,000
|
649,000
|
27,000
|
| Changes in operating assets and liabilities: |
|
|
|
|
|
|
| Net (purchases) sales of digital assets |
|
|
|
1,154,512,000
|
1,155,152,000
|
(72,140,000)
|
| Net redemption of XBT Certificate Liabilities |
|
|
|
(971,063,000)
|
(766,319,000)
|
(123,467,000)
|
| Digital asset ETPs, trade receivables and other assets |
|
|
|
(76,434,000)
|
(454,854,000)
|
102,053,000
|
| Trade payables, lease and other liabilities |
|
|
|
4,749,000
|
|
1,149,000
|
| Amounts due to brokers |
|
|
|
69,962,000
|
98,272,000
|
835,000
|
| Current tax liabilities |
|
|
|
(226,000)
|
(39,000)
|
(96,000)
|
| Net cash flow provided by operating activities |
|
|
|
123,575,000
|
17,270,000
|
(122,068,000)
|
| Cash flows (used in)/provided by investing activities |
|
|
|
|
|
|
| Purchases of intangible assets |
|
|
|
(1,721,000)
|
(1,492,000)
|
(1,490,000)
|
| Proceeds from disposals of intangible assets |
|
|
|
|
|
363,000
|
| Purchases of property and equipment |
|
|
|
(338,000)
|
(229,000)
|
(136,000)
|
| Proceeds from disposals of property and equipment |
|
|
|
|
75,000
|
72,000
|
| Cash paid for acquisitions, net of cash acquired |
|
|
|
|
(429,000)
|
|
| Purchases of other investments |
|
|
|
(4,500,000)
|
(55,000)
|
(588,000)
|
| Proceeds from sale of other investments |
|
|
|
|
5,220,000
|
56,000
|
| Net cash used in investing activities |
|
|
|
(6,559,000)
|
3,090,000
|
(1,723,000)
|
| Cash flows provided by/(used in) financing activities |
|
|
|
|
|
|
| Proceeds from issuance of fund units |
|
|
|
|
316,000
|
|
| Repayment of long-term debt |
|
|
|
|
(2,770,000)
|
(77,000)
|
| Proceeds from exercise of share options |
|
|
|
471,000
|
571,000
|
10,000
|
| Purchases of share options |
|
|
|
(5,547,000)
|
(51,000)
|
|
| Repurchase of ordinary shares |
|
|
|
(10,617,000)
|
(344,000)
|
(5,266,000)
|
| Dividends paid |
|
|
|
(25,070,000)
|
(41,966,000)
|
|
| Net cash used in financing activities |
|
|
|
(40,763,000)
|
(44,244,000)
|
(5,333,000)
|
| Net (decrease)/increase in cash and cash equivalents |
|
|
|
76,253,000
|
(23,884,000)
|
(129,124,000)
|
| Cash and cash equivalents at beginning of period |
|
64,243,000
|
24,915,000
|
24,915,000
|
32,475,000
|
163,078,000
|
| Effect of exchange rate changes |
|
|
|
(36,925,000)
|
16,324,000
|
(1,479,000)
|
| Cash and cash equivalents at end of period |
64,243,000
|
|
|
64,243,000
|
24,915,000
|
32,475,000
|
| Supplemental Disclosures |
|
|
|
|
|
|
| Cash paid for income taxes |
|
|
|
674,000
|
974,000
|
811,000
|
| Cash paid for interest |
|
|
|
7,739,000
|
10,971,000
|
8,246,000
|
| Cash received for interest |
|
|
|
1,736,000
|
8,462,000
|
7,975,000
|
| Non-cash Investing and Financing Activities |
|
|
|
|
|
|
| Net transfers to treasury digital assets |
|
|
|
22,791,000
|
12,192,000
|
|
| Acquisition of right-of-use assets |
|
|
|
809,000
|
|
3,836,000
|
| Share-based compensation settled in equity |
|
|
|
|
304,000
|
$ 1,652,000
|
| Coinshares PLC |
|
|
|
|
|
|
| Cash flows provided by/(used in) operating activities |
|
|
|
|
|
|
| Net (loss)/income |
|
(23,935,000)
|
77,600,000
|
|
|
|
| Adjustments to reconcile net income to net cash flow provided by/(used in) operating activities: |
|
|
|
|
|
|
| Digital assets revenue |
|
(43,077,000)
|
(69,340,000)
|
|
|
|
| Loss on digital assets and digital asset ETPs |
|
1,877,339,000
|
179,106,000
|
|
|
|
| Gain on certificate liabilities |
|
(1,754,778,000)
|
(86,169,000)
|
|
|
|
| Other operating gains |
|
(109,430,000)
|
(115,403,000)
|
|
|
|
| Digital asset trading expenses |
|
125,000
|
50,000
|
|
|
|
| Loss on treasury digital assets |
|
15,398,000
|
(5,538,000)
|
|
|
|
| Depreciation and amortization |
|
2,164,000
|
1,409,000
|
|
|
|
| Allowance for credit losses |
|
(231,000)
|
(270,000)
|
|
|
|
| Fair value (gain)/loss on investments |
|
(1,099,000)
|
688,000
|
|
|
|
| Share-based compensation |
|
6,089,000
|
(171,000)
|
|
|
|
| Other non-cash adjustments |
|
846,000
|
56,000
|
|
|
|
| Changes in operating assets and liabilities: |
|
|
|
|
|
|
| Net (purchases) sales of digital assets |
|
(8,109,000)
|
425,768,000
|
|
|
|
| Net redemption of XBT Certificate Liabilities |
|
(105,652,000)
|
(278,187,000)
|
|
|
|
| Digital asset ETPs, trade receivables and other assets |
|
157,400,000
|
(47,939,000)
|
|
|
|
| Trade payables, lease and other liabilities |
|
(5,328,000)
|
2,785,000
|
|
|
|
| Amounts due to brokers |
|
4,497,000
|
27,976,000
|
|
|
|
| Current tax liabilities |
|
221,000
|
167,000
|
|
|
|
| Net cash flow provided by operating activities |
|
12,440,000
|
112,588,000
|
|
|
|
| Cash flows (used in)/provided by investing activities |
|
|
|
|
|
|
| Purchases of intangible assets |
|
(598,000)
|
(933,000)
|
|
|
|
| Purchases of property and equipment |
|
(292,000)
|
(196,000)
|
|
|
|
| Net cash used in investing activities |
|
(890,000)
|
(1,129,000)
|
|
|
|
| Cash flows provided by/(used in) financing activities |
|
|
|
|
|
|
| Proceeds from reverse recapitalization, net of transaction costs |
|
25,795,000
|
|
|
|
|
| Repayment of long-term debt |
|
(28,791,000)
|
|
|
|
|
| Payments of lease liabilities |
|
(855,000)
|
(465,000)
|
|
|
|
| Proceeds from exercise of share options |
|
|
458,000
|
|
|
|
| Purchases of share options |
|
(18,081,000)
|
(5,753,000)
|
|
|
|
| Repurchase of ordinary shares |
|
|
(10,617,000)
|
|
|
|
| Dividends paid |
|
(21,443,000)
|
(12,799,000)
|
|
|
|
| Net cash used in financing activities |
|
(43,375,000)
|
(29,176,000)
|
|
|
|
| Net (decrease)/increase in cash and cash equivalents |
|
(31,825,000)
|
82,283,000
|
|
|
|
| Cash and cash equivalents at beginning of period |
|
64,243,000
|
24,915,000
|
24,915,000
|
|
|
| Effect of exchange rate changes |
|
14,650,000
|
(33,963,000)
|
|
|
|
| Cash and cash equivalents at end of period |
$ 64,243,000
|
47,068,000
|
73,235,000
|
$ 64,243,000
|
$ 24,915,000
|
|
| Supplemental Disclosures |
|
|
|
|
|
|
| Cash paid for income taxes |
|
(95,000)
|
(491,000)
|
|
|
|
| Cash paid for interest |
|
4,512,000
|
2,967,000
|
|
|
|
| Cash received for interest |
|
878,000
|
458,000
|
|
|
|
| Non-cash Investing and Financing Activities |
|
|
|
|
|
|
| Net transfers to treasury digital assets |
|
$ 8,418,000
|
$ 6,477,000
|
|
|
|