CoinShares (CSHR) investor relations material

Executive summary

• Demonstrated resilience during the largest crypto contraction in history, maintaining positive net inflows of $27.6M–$28M in H1 2026 despite a $1.9B negative market price effect and a 25%–31% decline in AUM.

• Outperformed peers, being one of only two major players with net positive flows while the industry saw over $7B in peer outflows and >5% net outflows.

• Despite a 35.7% drop in total revenue to $51.4M, the business remained profitable at the segment level, with segment EBITDA of $21.6M (39%–42% margin), including $4.9M in one-time listing and transition costs.

• Ended the period with a strong balance sheet, $413.9M in available capital, $453M in net assets, and no long-term debt.

• Board is seeking shareholder approval for a multi-year share repurchase program of up to 25% of shares outstanding at the September 15, 2026 EGM.

Financial highlights

• Assets under management (AUM) declined from $7.4B–$8.0B at December 2025 to $5.5B at June 2026, driven by market losses, not client redemptions.

• Total GAAP revenue was $51.4M, down from $80M year-over-year; asset management contributed $40M (down 32.9%–33%), capital markets $11.4M–$14.9M (down 43.8%–44%).

• Segment EBITDA was $21.6M (down 63% year-over-year), impacted by $4.9M in non-recurring costs; adjusted EBITDA was $26.5M.

• Operating swung from a $75.9M gain to a $5.1M loss, mainly due to $6.1M share-based compensation and a $34.7M swing in XBT Pricing Differential.

• Net loss was $23.9M, including $16.6M in unrealized losses from XBT Pricing Differential and $15.4M in unrealized losses on treasury holdings.

Outlook and guidance

• Digital asset markets rebounded post-period, with AUM rising to $6.9B–$6.93B by August 31, 2026.

• Positive net flows continued, with $74M of inflows through August, and high-fee products’ share of AUM increased from 37% to 43%.

• Management remains focused on product innovation, global expansion, and leveraging tokenization trends for new offerings.

• Recovery in digital asset prices is expected to have a more significant impact in 2027 if current levels are maintained.