$CSHR

CoinShares PLC

CIK:0002087587|SEC Filings

Consolidated Statement of Operations - USD ($) $ in Thousands	4 Months Ended	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
General and administrative expenses	$ (151,415)
Unrealized foreign currency gain	5
Net income	$ (151,410)
Net income per share:
Loss per share, diluted (in Dollars per share)	$ (1,442)
Weighted average of ordinary shares used to compute net income per share:
Weighted average shares outstanding, diluted (in Shares)	105
Weighted average shares outstanding, basic (in Shares)	105
Weighted average shares outstanding, diluted (in Shares)	105
Loss per share, basic (in Dollars per share)	$ (1,442)
Loss per share, diluted (in Dollars per share)	$ (1,442)
CoinShares International Limited
Net income		$ 114,272	$ 162,448	$ 75,755
Other comprehensive income
Foreign currency translation adjustment		1,713	4,109	(12,148)
Total comprehensive income		$ 115,985	$ 166,557	$ 63,607
Net income per share:
Loss per share, diluted (in Dollars per share)		$ 1.74	$ 2.42	$ 1.1
Weighted average of ordinary shares used to compute net income per share:
Weighted average shares outstanding, diluted (in Shares)		65,831,201	67,122,760	68,968,578
Weighted average shares outstanding, basic (in Shares)		65,831,201	66,543,318	67,282,937
Weighted average shares outstanding, diluted (in Shares)		65,831,201	67,122,760	68,968,578
Loss per share, basic (in Dollars per share)		$ 1.74	$ 2.44	$ 1.13
Loss per share, diluted (in Dollars per share)		$ 1.74	$ 2.42	$ 1.1
Revenue		$ 165,677	$ 155,540	$ 87,711
Gains/(losses) from operations
(Loss)/gain on digital assets and digital asset ETPs		(982,773)	2,933,410	1,744,803
Gain/(loss) on certificate liabilities		802,747	(2,910,985)	(1,703,465)
Other operating gains/(losses)		211,999	19,835	(28,366)
Total gains/(losses) from operations		31,973	42,260	12,972
Operating expenses
Cost of revenue (excluding depreciation and amortization)		20,189	15,209	7,092
Salaries and employee benefits		19,521	21,737	13,316
Share-based compensation		2,839	12,369	1,261
Professional fees		9,870	4,655	4,497
Marketing expense		5,291	5,471	3,219
Technology expense		4,474	2,738	2,404
Depreciation and amortization		3,143	3,022	3,993
Allowance for credit losses		(1,142)	1,902
Other general and administrative expenses		6,474	5,686	3,628
Total operating expenses		70,659	72,789	39,410
Operating income		126,991	125,011	61,273
Other income (expenses)
Income from sale of FTX claim			36,816
(Loss)/gain on treasury digital assets		(4,685)	3,493
Fair value (loss)/gain on investments		(1,574)	997	16,002
Impairment of equity method investment			(74)	(270)
Interest income		1,793	8,495	7,975
Interest expense		(7,804)	(11,355)	(8,510)
Income before income taxes		114,721	163,383	76,470
Income tax expense		$ 449	$ 935	$ 715

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	4 Months Ended	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash flows from operating activities
Net Income (loss)	$ (151,410)
Changes in operating assets and liabilities:
Prepaids	(30,000)
Accounts payable	14,653
Accrued expenses	47,166
Due to related party	13
Net cash used in operating activities	(119,578)
Proceeds from issuance of ordinary shares	150,000
Net cash provided by financing activities	150,000
Net increase in cash held	30,422
Cash at beginning of period
Cash at end of period	30,422	$ 30,422
Cash flows provided by / (used in) financing activities
Proceeds from issuance of ordinary shares	150,000
Net cash provided by financing activities	150,000
Net increase in cash held	30,422
Cash at beginning of period
Cash at end of period	30,422	30,422
CoinShares International Limited
Cash flows from operating activities
Net Income (loss)		114,272	$ 162,448	$ 75,755
Digital assets revenue		(157,169)	(148,789)	(82,882)
Loss/(gain) on digital assets and digital asset ETPs		982,773	(2,933,410)	(1,744,803)
(Gain)/loss on certificate liabilities		(802,747)	2,910,985	1,703,465
Other operating gains/(losses)		(206,318)	(19,835)	28,366
Digital asset trading expenses		104	133	148
Loss/(gain) on treasury digital assets		4,685	(3,493)
Depreciation and amortization		3,143	3,022	3,993
Allowance for credit losses		(1,142)	1,902
Impairment of equity method investments			74	270
Fair value loss/(gain) on investments		1,574	(997)	(16,002)
Share-based compensation		2,839	12,369	1,261
Other non-cash adjustments		61	649	27
Changes in operating assets and liabilities:
Net cash used in operating activities		123,575	17,270	(122,068)
Proceeds from issuance of fund units			316
Net cash provided by financing activities		(40,763)	(44,244)	(5,333)
Repayment of long-term debt			(2,770)	(77)
Net increase in cash held		76,253	(23,884)	(129,124)
Proceeds from exercise of share options		471	571	10
Cash at beginning of period		24,915	32,475	163,078
Purchases of share options		(5,547)	(51)
Cash at end of period	64,243	64,243	24,915	32,475
Repurchase of ordinary shares		(10,617)	(344)	(5,266)
Dividends paid		(25,070)	(41,966)
Changes in operating assets and liabilities:
Net sales/(purchases) of digital assets		1,154,512	1,155,152	(72,140)
Net redemption of XBT Certificate Liabilities		(971,063)	(766,319)	(123,467)
Digital asset ETPs, trade receivables and other assets		(76,434)	(454,854)	102,053
Trade payables, lease and other liabilities		4,749		1,149
Amounts due to brokers		69,962	98,272	835
Current tax liabilities		(226)	(39)	(96)
Cash flows (used in) / provided by investing activities
Purchases of intangible assets		(1,721)	(1,492)	(1,490)
Proceeds from disposals of intangible assets				363
Purchases of property and equipment		(338)	(229)	(136)
Proceeds from disposals of property and equipment			75	72
Cash paid for acquisitions, net of cash acquired			(429)
Purchases of other investments		(4,500)	(55)	(588)
Proceeds from sale of other investments			5,220	56
Net cash (used in) / provided by investing activities		(6,559)	3,090	(1,723)
Cash flows provided by / (used in) financing activities
Proceeds from issuance of fund units			316
Net cash provided by financing activities		(40,763)	(44,244)	(5,333)
Repayment of long-term debt			(2,770)	(77)
Net increase in cash held		76,253	(23,884)	(129,124)
Proceeds from exercise of share options		471	571	10
Cash at beginning of period		24,915	32,475	163,078
Purchases of share options		(5,547)	(51)
Cash at end of period	$ 64,243	64,243	24,915	32,475
Repurchase of ordinary shares		(10,617)	(344)	(5,266)
Dividends paid		(25,070)	(41,966)
Effect of exchange rate changes		(36,925)	16,324	(1,479)
Supplemental Disclosures
Cash paid for income taxes		674	974	811
Cash paid for interest		7,739	10,971	8,246
Cash received for interest		1,736	8,462	7,975
Non-cash Investing and Financing Activities
Net transfers to treasury digital assets		22,791	12,192
Acquisition of right-of-use assets		809		3,836
Share-based compensation settled in equity			$ 304	$ 1,652

Consolidated Balance Sheet - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Current Assets:
Cash	$ 30,422
Prepaids	30,000
Total assets	60,422
Current Liabilities:
Accounts payable	14,653
Accrued expenses	47,166
Total liabilities	61,832
Commitments and Contingencies
Ordinary shares, value	150,000
Accumulated deficit	(151,410)
Shareholder’s Deficit
Ordinary shares, value	150,000
Accumulated deficit	(151,410)
Total shareholder’s equity	(1,410)
Total liabilities and shareholder’s equity	60,422
CoinShares International Limited
Current Assets:
Cash	64,243	$ 24,915
Digital assets - held for operations	3,974,713	4,466,678
Digital assets - held as treasury	33,354	15,249
Digital asset exchange traded products	1,145,428	1,190,998
Trade receivables	3,491	2,126
Digital asset receivables, net of allowance for expected credit losses of $760 and $1,902, respectively	108,517	205,892
Prepaids	13,326	914
Total current assets	5,343,072	5,906,772
Property and equipment, net	366	288
Operating right of use assets	2,957	2,885
Goodwill	2,820	2,819
Other intangible assets, net	11,897	11,113
Investments	18,850	20,338
Other non-current assets	2,316	2,699
Total assets	5,382,278	5,946,914
Current liabilities
XBT Certificate Liabilities	2,465,007	3,695,537
XBT CS Physical Certificate Liabilities	1,279
CS Physical Certificate Liabilities	2,041,154	1,453,943
Digital asset payables	168,374	241,705
Amounts due to brokers	169,086	99,124
Trade and other payables	28,400	32,321
Notes payable, current	3,151
Operating lease liability, current portion	1,347	895
Total current liabilities	4,877,798	5,523,525
Notes payable, non-current	24,973	24,657
Operating lease liability, net of current portion	1,528	2,096
Other non-current liabilities	1,012	993
Current Liabilities:
Total liabilities	4,905,311	5,551,271
Commitments and Contingencies
Additional paid-in capital	29,203	38,020
Ordinary shares, value	44	44
Accumulated other comprehensive income	16,671	14,958
Accumulated deficit	431,049	342,621
Shareholder’s Deficit
Additional paid-in capital	29,203	38,020
Ordinary shares, value	44	44
Accumulated other comprehensive income	16,671	14,958
Accumulated deficit	431,049	342,621
Total shareholder’s equity	476,967	395,643
Total liabilities and shareholder’s equity	5,382,278	$ 5,946,914
Related Party
Current Liabilities:
Due to related party	$ 13