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EarningsQ2 2026 Earnings Report
CSHR Q2 2026 EPS Results
Actual EPS-$0.14
Consensus EPS$0.10
Beat/MissMissed by -$0.24
One Year Ago EPS$0.06
CSHR Q2 2026 Revenue Results
Actual Revenue$22.91M
Expected Revenue$35.70M
Beat/MissMissed by -$12.79M
YoY Revenue Growth―
Earnings Announcement Details
QuarterQ2 2026
Date09/14/2026
TimeBefore Open
Conference CallMonday, September 14, 2026
CSHR Upcoming Earnings
CoinShares's next earnings date is estimated for November 18, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
CSHR Q2 2026 Earnings Call
0:00 / 0:00
Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was positive overall. Management emphasized resilience through a severe digital asset market contraction, positive net flows, continued profitability in both operating segments, a strong debt-free balance sheet, subsequent AUM recovery, continued product expansion, and capital-allocation flexibility. These strengths outweighed the significant declines in AUM, revenue, EBITDA, and reported operating results, as well as the unrealized treasury and XBT-related losses.Company Guidance
Positive Net Flows Despite Market Contraction
CoinShares generated approximately $28 million of positive net inflows during H1 2026, despite the sharp decline in digital asset prices. Management stated that the AUM reduction was overwhelmingly market-driven rather than caused by client redemptions.
Physical Platform Continued to Attract Assets
CoinShares Physical generated approximately $156 million of net inflows during the first half, demonstrating continued migration toward the company's newer physical platform and strength in its core European franchise.
Underlying Operating Businesses Remained Profitable
The asset management and capital markets segments both remained profitable. Segment EBITDA was $21.6 million in H1 2026, or approximately $26.5 million excluding circa $4.9 million of one-off costs associated with the Nasdaq listing and U.S. GAAP conversion.
Strong Balance Sheet and Debt Repayment
As of June 30, CoinShares had approximately $453 million of net assets, approximately $413.9 million to $414 million of available capital, and no long-term debt after repaying its $28.3 million loan to Intesa Sanpaolo.
Capital Markets Remained Profitable While Risk Was Reduced
The capital markets segment generated approximately $14.9 million of revenue and gains during H1 2026. Management deliberately reduced lending activity and maintained a conservative approach to balance-sheet deployment as market conditions deteriorated.
AUM Rebounded After the Reporting Period
Group AUM recovered from $5.5 billion on June 30 to approximately $6.9 billion by the end of August, an increase of approximately 25% in two months, as digital asset markets recovered. Bitcoin increased approximately 34% between June 30 and August 31, Ethereum approximately 40%, and Solana approximately 57%.
Continued Positive Flows Through August
Clients continued to allocate capital after the half-year period, with approximately $74 million of positive net flows through the end of August.
Improving Mix Toward Higher-Fee Products
High fee-generating products increased from 37% of overall AUM at June 30 to 43% at the end of August, reflecting their greater sensitivity to the recovery in digital asset prices.
Block Index Provided Diversification
The CoinShares Blockchain Global Equity Index, or Block, increased approximately 18% by the end of June while Bitcoin and Ethereum declined. Block AUM rose from $1.3 billion to $1.56 billion and increased from approximately 18% to 28% of overall AUM, despite approximately $24 million of net outflows from the product.
Limited Product-Level Pricing Pressure
The blended fee yield declined from approximately 156 basis points in 2025 to 128 basis points in H1 2026, but management stated that the decline was predominantly a product-mix effect. High fee-generating product yields remained broadly within a 255-284 basis point range, access products remained between approximately 22 and 27 basis points, and actual product-level fee-rate changes accounted for only approximately four basis points of the decline.
Continued Product and Platform Expansion
CoinShares stated that it is continuing to build beyond passive listed products across active strategies, staking, on-chain infrastructure, and new investment exposures. The company launched its first UCITS platform in Europe in July and remains focused on launching ETFs and other innovative products.
Bastion Added Active-Management Capabilities
The Bastion Asset Management acquisition, closed after regulatory hurdles were cleared, brought a different offering into the CoinShares ecosystem. Management said the fully integrated team supports expansion into actively managed alpha strategies, additional distribution channels, and potential markets including Asia and the U.S.
Progress on Tokenization Opportunities
Capital markets traded more real-world assets in H1 than Bitcoin or Ethereum, according to management, and the company is working on tokenization-related products. Partnerships with Kiln and Railnet are intended to support composability and new asset-management products built around the tokenization trend.
Share Repurchase Authorization Proposed
The board proposed a multi-year share repurchase program of up to 25% of shares outstanding, equivalent to authority for approximately 32.9 million shares. Management emphasized that approval would be an authorization rather than a spending commitment, with actual repurchases remaining at the board's discretion.
Capital Returned While Maintaining Financial Flexibility
During H1, CoinShares repaid $28.3 million of long-term debt, paid approximately $21.5 million in dividends, and incurred approximately $18.7 million of cash costs settling part of its historic share option plan, while still ending the period with approximately $413.9 million of available capital.
Nasdaq Listing Expanded Strategic Access
Management described the U.S. Nasdaq listing as a significant milestone intended to broaden access among U.S. institutional investors. The company is also working on increased research coverage and stated that it may become eligible for certain Russell indices, subject to eligibility, ranking, and free-float requirements.
Potential Treasury Loss Reversal
Management stated that, as of August 31, the majority of the treasury loss recorded in the first half had been reversed following the recovery in digital asset prices.
CSHR Earnings History
Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
Nov 18, 2026 | 2026 (Q3) | 0.02 | ― | ||
| 2026 (Q2) | 0.062 | -317.74% (-0.20) | |||
| 2025 (Q4) | 0.063 | 58.73% (+0.04) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed