olivLaw · US equity research
CoinShares PLC CSHRW
Security Brokers, Dealers & Flotation Companies · SIC 6211 · Vertical: Security Brokers, Dealers & Flotation Companies (SIC 6211)
CoinShares is an asset manager specialized in digital assets that combines recurring fee income with balance sheet returns from capital markets activities. The company listed on Nasdaq in April 2026, giving it access to US investors, while it describes itself as the largest digital asset ETP provider in Europe. Management fees rose from 71.8% of consolidated revenue in fiscal 2024 to 76.3% in fiscal 2025, though revenues remain closely tied to volatile digital asset prices.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, CoinShares PLC (CSHRW) stock was 0.65 USD (−3.40% on the day), with market capitalisation 85.7 m USD, 52-week range 0.65–0.88 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- unavailable
- Bollinger (20, 2)
- unavailable – unavailable
- SMA 50 / 200
- unavailable / unavailable
- MACD (12, 26, 9)
- unavailable / unavailable
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | unavailable | −2.0% | unavailable | — |
| 3 months | unavailable | −2.2% | unavailable | — |
| 6 months | unavailable | +4.3% | unavailable | — |
| Year to date | unavailable | +10.6% | unavailable | — |
| 1 year | unavailable | +10.5% | unavailable | −11.1% |
| 3 years | unavailable | +73.7% | unavailable | +60.5% |
| 5 years | unavailable | +61.7% | unavailable | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
EPS unavailable in the issuer's structured filings (e.g. a partnership reports per unit, not per share).
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year |
|---|
| Revenue |
| Revenue YoY |
| Net income |
| Net income YoY |
| Diluted EPS |
| Diluted EPS YoY |
| net % |
| Free cash flow |
Reported results vs expectations
Loading…
Balance sheet & financial health
Financial statements (source on every figure)
Income statement · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Interest expense | 0 | 0 | 0 | SEC (XBRL)· 30 Apr 2026verified |
Balance sheet · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | — | — | 30.4 m | SEC (XBRL)· 30 Apr 2026verified |
| Total assets | — | — | 60.4 m | SEC (XBRL)· 30 Apr 2026verified |
| Accounts payable | — | — | 14.7 m | SEC (XBRL)· 30 Apr 2026verified |
| Long-term debt | — | — | 28.1 m | SEC (XBRL)· 30 Apr 2026verified |
| Total liabilities | — | — | 61.8 m | SEC (XBRL)· 30 Apr 2026verified |
| Equity | — | — | -1.4 m † | SEC (XBRL)· 30 Apr 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 0 of at least 6
- score weight coverage: 0.0% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 85.7 m USD
Key indicators
Coverage and freshness
Score by group
0% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/Eunavailable · input data missing
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 0 of at least 6; score weight coverage: 0.0% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partialunavailable · 0/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partialunavailable · 0/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
CoinShares PLC (CSHRW). Latest full fiscal year: 2025; data up to 2025-12-31.
Financial indicators are unavailable.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 0 of at least 6; score weight coverage: 0.0% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, Current ratio, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Security Brokers, Dealers & Flotation Companies (SIC 6211) · same industry (4-digit SIC) · compared with 29 companies
Multiples and returns vs the median
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| MSMorgan Stanley | 292.3 bn | 14.9 | 18.0% | — | unavailable | +10% / +135% |
| BLKBlackRock, Inc. | 179.9 bn | 28.0 | 12.3% | 24.1% | +89.3% | +11% / +55% |
| SCHWSchwab Charles Corp | 154.4 bn | 16.1 | 20.3% | 38.8% | +22.0% | −4% / +46% |
| RJFRaymond James Financial, Inc. | 31.1 bn | 14.1 | 18.5% | 13.6% | +6.6% | +3% / +54% |
| SEICSei Investments Company | 12.9 bn | 18.9 | 28.9% | 28.1% | +8.1% | +34% / +85% |
| FRHCFreedom Holding Corp. | 11.9 bn | 73.8 | 11.2% | 6.5% | +9.3% | +42% / +129% |
| JEFJefferies Financial Group Inc. | 10.5 bn | 11.5 | 8.6% | 7.5% | +2.9% | −11% / +44% |
| MKTXMarketaxess Holdings Inc | 5.8 bn | 19.5 | 23.3% | 35.2% | +3.6% | +1% / −31% |
| SFStifel Financial Corp | 5.1 bn | 10.3 | 16.4% | 14.3% | +6.7% | −10% / +79% |
| IBKRInteractive Brokers Group, Inc. | 5.0 bn | 17.1 | 91.3% | 179.4% | +23.4% | +20% / +300% |
| PIPRPiper Sandler Companies | 5.0 bn | 6.0 | 23.6% | 14.5% | +24.3% | −16% / +82% |
| MIAXMiami International Holdings, Inc. | 3.5 bn | 12.5 | 28.9% | 19.8% | +19.6% | −23% / unavailable |
| WTWisdomTree, Inc. | 3.0 bn | 38.2 | 18.7% | 13.3% | +15.4% | +81% / +208% |
| JSMNavient Corporation | 1.5 bn | — | -2.0% | — | −15.6% | −21% / −19% |
| MTCMmtec, Inc. | 534.8 m | — | -272.7% | -6,944.3% | −56.8% | +97% / −42% |
| SIEBSiebert Financial Corp. | 75.2 m | — | -1.3% | -1.1% | +12.3% | −43% / −3% |
| DOMHDominari Holdings Inc. | 39.8 m | — | -315.4% | -51.6% | +487.0% | −65% / −28% |
| LGHLLion Group Holding Ltd. | 34.3 m | — | -27.4% | -52.8% | unavailable | −100% / −100% |
| COHNCohen & Co Inc. | 33.0 m | 1.9 | 33.3% | 5.6% | +246.2% | −33% / +66% |
| AXGSolowin Holdings, Ltd. | 26.5 m | — | -88.9% | -47.4% | +895.0% | −53% / −38% |
| GLXYGalaxy Digital Inc. | 1.4 k | — | -16.7% | -0.5% | +41.8% | −47% / unavailable |
| HOODRobinhood Markets, Inc. | 0 | 40.3 | 21.3% | 39.0% | +51.6% | −32% / +893% |
| VIRTVirtu Financial, Inc. | — | 8.7 | 33.6% | 13.5% | +26.2% | +48% / +195% |
| TIGRUp Fintech Holding Limited | — | 63.7 | 22.6% | 28.0% | +56.3% | −55% / −11% |
| FUTUFutu Holdings Ltd | 0 | 75.9 | 33.3% | 49.6% | +67.8% | −42% / +82% |
1- and 3-year price returns: for CSHRW from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 30 Apr 2026; since then the company filed 6-K (27 Oct 2026), 6-K (01 Oct 2026), 6-K (16 Sept 2026), 6-K (14 Sept 2026), 6-K (24 Aug 2026), 6-K (01 May 2026).
In brief
CoinShares is an asset manager specialized in digital assets that combines recurring fee income with balance sheet returns from capital markets activities. The company listed on Nasdaq in April 2026, giving it access to US investors, while it describes itself as the largest digital asset ETP provider in Europe 1. Management fees rose from 71.8% of consolidated revenue in fiscal 2024 to 76.3% in fiscal 2025 1, though revenues remain closely tied to volatile digital asset prices.
SWOT
Strengths
- The company presents itself as the leading digital asset ETP provider in Europe, with a consolidated position in fragmented markets supported by regulatory approvals in several jurisdictions 1.
- The model combines recurring fee income with capital markets capabilities, which could diversify revenue sources across market cycles 1.
- Its security-first infrastructure, risk governance and compliance across several countries are presented as core elements of the platform 1.
Weaknesses
- Revenues depend heavily on volatile digital asset prices, and swings can directly affect operating results 1.
- The company has identified material weaknesses in internal control over financial reporting, which could lead to errors if not remediated 1.
- A substantial part of revenue comes from a single XBT note program, which concentrates risk in one product 1.
Opportunities
- Expansion in the United States through differentiated products and active management could support growth in assets under management 1.
- Regulatory clarity on how digital assets are classified could open new product categories for institutional investors 1.
- The Bastion acquisition and other consolidation could widen the product range and distribution base if integration succeeds 1.
Threats
- A fall in digital asset prices or trading volumes could reduce both assets under management and capital markets revenues 1.
- Competition from large US asset managers and less regulated providers could compress fees 1.
- Regulatory uncertainty, including the risk of being deemed an investment company, could impose costly compliance requirements 1.
Risks
- Digital asset volatilityhigh
Operating results can fluctuate significantly because of the volatility of digital assets, and fee and trading revenues are directly linked to their prices 1.
- Decline in assets under managementhigh
If assets under management fall due to market declines, net outflows or redemptions, management fees could decline, directly affecting revenue and net income 1.
- Regulatory riskmedium
Changes in laws or the classification of digital assets as securities could limit the company's products or add compliance costs 1.
- Operational and cybersecurity riskmedium
Systems failures, cyber-attacks or failures at third-party providers could disrupt operations and the safeguarding of investors' funds 1.
- Internal control weaknessesmedium
The company and its subsidiary have identified material weaknesses in internal control over financial reporting, and failing to remediate them could affect reporting accuracy and the share price 1.
Investment thesis
What would need to be true (bull case)
- Its leading position in European digital asset ETPs and multi-jurisdictional regulatory footprint could support sustained growth in assets under management 1.
- A rising share of recurring management fees in revenue could reduce reliance on trading gains if the trend holds 1.
- Access to the US market through its Nasdaq listing and acquired platform could open new growth sources if differentiated products attract investors 1.
What would break the thesis
- Revenues remain closely tied to volatile digital asset prices, and a prolonged downturn could reduce both fees and capital markets gains 1.
- Competition from large US asset managers and less regulated providers could pressure fees and margins 1.
- The identified internal control weaknesses and exposure to regulatory risk could bring extra costs and weigh on investor confidence 1.
What to watch
- Trend in the share of management fees in consolidated revenue, after 76.3% in fiscal 2025next 10-K
- Remediation of material weaknesses in internal control over financial reporting2027
- Completion and integration of the Bastion Asset Management Limited acquisition2026
- Development of assets under management and capital outflows after the Nasdaq listingQ1 2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 30 Apr 2026; since then the company filed 6-K (27 Oct 2026), 6-K (01 Oct 2026), 6-K (16 Sept 2026), 6-K (14 Sept 2026), 6-K (24 Aug 2026), 6-K (01 May 2026).
The business
CoinShares describes itself as an asset manager specialized in digital assets, operating institutional-grade platforms with integrated capital markets capabilities that combine recurring fee revenues with yield-oriented balance sheet returns 1. The business has two engines: asset management revenues, derived mainly from management fees accruing daily on assets under management, and capital markets revenues from non-directional trading and hedging, staking, lending and liquidity provisioning 1. CoinShares PLC was incorporated in Jersey on August 29, 2025, and became listed on Nasdaq under the ticker CSHR after completing its business combination with Vine Hill, with the first day of trading on April 1, 2026 1.
The principal executive offices are in Jersey, Channel Islands, with a US address for service of process in New York 1. Beyond its listed products, the company runs non-listed solutions, including systematic and quantitative strategies delivered through managed accounts, supported by its capital markets capabilities 1. Its operating model embeds a security-first framework covering risk governance, technology infrastructure, cybersecurity and regulatory compliance across France, Jersey and the United States 1.
Historically the company grew through organic development and targeted acquisitions, including CoinShares XBT Provider (2016, Sweden), the BLOCK Index business (2021, United Kingdom), Napoleon Asset Management (2022, France) and Valkyrie Funds (2024, United States) 1. The acquisition of Bastion Asset Management Limited (2025, United Kingdom) is described as subject to completion in 2026 1. These deals broadened the product range, strengthened distribution and built a presence in key markets, with a stated aim of establishing a long-term US presence 1.
Segments
Asset Management
The asset management segment provides regulated, exchange-listed access to digital assets through physically backed and synthetic ETPs, staked products and index-based exposures, as well as US-listed ETFs 1. Revenue is dominated by management fees, driven mainly by the level of assets under management and product mix 1.
Capital Markets
The capital markets segment supports product issuance and redemption, execution and hedging, while generating revenue from staking, lending and algorithmic and relative value trading strategies 1. Its performance depends on volatility, price dislocations and the activity level of the product platform, and gains and losses on digital assets can cause significant swings in reported results 1.
Market context
The company describes the European market as fragmented across jurisdictions, languages and regulatory regimes, which creates barriers to entry for established platforms with multi-jurisdictional approvals and local distribution 1. The US market is described as more homogeneous and dominated by large asset managers offering low-cost exposure to major digital assets, so the company does not aim to compete directly on commoditized products 1. The 2024 approval of US digital asset ETFs accelerated adoption but also raised competitive pressure globally 1.
Revenues are sensitive to digital asset prices, which the company describes as extremely volatile and driven by macroeconomic forces it cannot control or fully hedge 1. If trading volumes or asset values decline, assets under management could fall, with a direct effect on fees 1.
Trends
- Institutional adoption of digital assetstailwind
The launch of digital asset products in the United States and Europe has widened access for institutional and retail investors, which could support growth in assets under management 1. The company sees broader acceptance of digital assets as a favourable factor for its strategy 1.
- Volatility of digital asset pricesheadwind
Fee and capital markets revenues are linked to Bitcoin and Ethereum prices, and the company warns that volatility in these assets can significantly affect operating results 1. A price decline could reduce both fees and trading gains 1.
- Pricing pressure on low-fee productsmixed
The launch of competitively priced products, including zero-fee staked products, shows that pricing is under pressure, and the company may need to accept thinner margins to defend market share 1.
- Evolving regulation of digital assetsmixed
The regulatory framework is still developing, and whether a given digital asset is treated as a security can remain uncertain, which could shape how products are launched and managed 1. Regulatory clarity could open new markets, while stricter rules could raise compliance costs 1.
Competitive position
The company operates in a competitive environment where, in Europe, it competes from a leading position in digital asset ETPs, protected by regulatory and distribution barriers 1. In the United States, competitors are large, diversified asset managers with distribution scale and pricing power in core products 1. The company also faces competition from unregulated or less regulated firms in other jurisdictions 1.
The company's stated advantages lie in its cost structure, its ability to launch differentiated products at relatively modest asset levels, and its integrated capital markets infrastructure that supports execution and liquidity 1. If competitors with greater resources could replicate these advantages, the company's position could be affected 1.
- Large US asset managers
Described in the source as diversified managers with large distribution scale offering low-cost exposure to major digital assets 1.
- Unregulated or less regulated providers in other jurisdictions
The source names competition from entities operating in jurisdictions with lighter regulation, which can add pressure on pricing 1.
- Established European platforms
Platforms with multi-jurisdictional approvals and local infrastructure benefit from European entry barriers and compete directly with the company 1.
- US digital asset ETF issuers
The 2024 launch of US digital asset ETFs intensified competition in the US market, where the company avoids direct competition on commoditized products 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- CoinShares (CSHR) Attracts Inflows as Revenue Falls. Can Asset Gathering Restore Fee Economics?Yahoo Finance — News · 17 Sept 2026 · EN
- CoinShares Q2 Earnings Call HighlightsYahoo Finance — News · 14 Sept 2026 · EN
Sources
- [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / CoinShares PLC · 30 Apr 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.