v3.26.3
Revenue
 6 Months Ended 12 Months Ended
Jun. 30, 2026
Dec. 31, 2025
Revenue [Line Items]    
Revenue

3. Revenue

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

Management fees

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

Management fees derived from CoinShares XBT Provider AB are denominated in fiat but remain held in digital assets until redemption and are therefore non-cash impacting upon recognition. Management fees derived from CoinShares Physical are denominated in digital assets and, although liquidated to cash on a monthly basis, are also non-cash impacting upon recognition. For the six months ended June 30, 2026 and 2025, $33.2 million and $52.5 million respectively, is therefore included as a non-cash adjustment to digital assets revenue within the consolidated statements of cash flows.

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

Staking revenue, lending book interest, other digital asset income and a portion of fee rebates are received in digital assets and therefore non-cash impacting. All staking revenue and lending book interest is non-cash and is described as such in the consolidated statement of cash flows. For the six months ended June 30, 2026 and 2025, the Group classified non-cash revenue for staking, lending book interest, and other digital asset income in the amounts of $9.9 million and $17.0 million, respectively, in digital assets revenue within the consolidated statements of cash flows.

 
Coinshares International Limited [Member]    
Revenue [Line Items]    
Revenue  

4. Revenue

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

Management fees

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

Management fees derived from CoinShares XBT Provider AB are denominated in fiat but remain held in digital assets until redemption and are therefore non-cash impacting upon recognition (see Note 2). Management fees derived from CoinShares Physical are denominated in digital assets and, although liquidated to cash on a monthly basis, are also non-cash impacting upon recognition. For the years ended December 31, 2025, 2024, and 2023, $120.3 million, $107.2 million, and $51.8 million, respectively, is therefore classified as digital assets revenue within the consolidated statements of cash flows.

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

Staking revenue, lending book interest, other digital asset income and a portion of fee rebates are received in digital assets and therefore non-cash impacting. All staking revenue and lending book interest is non-cash and is described as such in the consolidated statement of cash flows. For the years ended December 31, 2025, 2024, and 2023, the Group classified non-cash revenue for staking, lending book interest, and other digital asset income in the amounts of $36.8 million, $41.6 million and $31.1 million, respectively, in digital assets revenue within the consolidated statements of cash flows.