CoinShares (CSHR) investor relations material

Company overview and business model

• Asset manager specializing in digital assets, operating an institutional-grade platform with integrated capital markets capabilities.

• Combines recurring fee-based revenues from asset management with balance sheet-driven, yield-oriented returns from capital markets activities.

• Offers regulated, exchange-listed products and non-listed investment solutions, including ETPs, staking, lending, and algorithmic trading.

• Operates across multiple jurisdictions with a security-first approach, emphasizing risk management, regulatory compliance, and cybersecurity.

• Established a leading position in the fragmented European digital asset ETP market and is expanding in the U.S.

Financial performance and metrics

• For the year ended December 31, 2025: revenue of $165.7M, operating income of $127.0M, and net income of $114.3M.

• Segment EBITDA for 2025 was $131.3M, up 5.4% from 2024; Asset Management fees grew 13.1% to $126.4M.

• AUM at year-end 2025 was $7.4B, down 7.9% from 2024, with fee-paying AUM at $6.39B.

• Capital markets revenue and gains were $73.1M in 2025, down 11.6% year-over-year.

• Available capital position increased 16.4% to $481.4M at year-end 2025.

Use of proceeds and capital allocation

• No proceeds from resale of shares by selling shareholders; proceeds from warrant exercises (if any) will be used for general corporate purposes.

• Aggregate proceeds from full cash exercise of warrants could be $126.5M, but actual proceeds depend on market price exceeding $11.50 per share.

• Dividend of $21.5M paid in March 2026 for the 2025 financial year; no current intention to pay regular dividends going forward.