Coinshares Plc · NASDAQ:CSHR
Coinshares — H1 2026 Earnings Presentation
20 slides from Coinshares's earnings presentation, Sep 14, 2026
Slide 1: 1H 2026 Financial Results
1H 2026 Financial Results Nasdaq: CSHR September 2026
Slide 2: Disclaimers — Forward-Looking Statements
Disclaimers — Forward - Looking Statements In addition, this communication includes certain hypothetical scenarios that are illustrative based on assumed digital asset prices and estimates regarding the potential inclusion of CoinShares' securities in one or more securities indices and the potential
Slide 3: Disclaimers — Non-GAAP Measures
Disclaimers — Non - GAAP Measures 3 Key Metrics and Other Information This presentation includes certain of our key metrics that our management uses to help evaluate our business, measure our performance, identify trends affecting our business, and make strategic decisions . Our key metrics are Asse
Slide 4: CoinShares demonstrated significant resilience in 1H 2026
CoinShares demonstrated significant resilience in 1H 2026 Six proof points from the biggest crypto contraction in history 4 01 CoinShares experienced net inflows $28M GROUP NET INFLOWS, 1Hʼ26 02 Flows better than key peers +6.2% NET FLOW OUTPERFORMANCE 03 Asset management product fee yields held sta
Slide 5: Fiscal half ended June 2026 — summary results
Fiscal half ended June 2026 — summary results 5 % change 1H 2026 1H 2025 Digital asset market performance (45%) $58,552 $107,174 BTC price (30 - Jun) CoinShares performance (31%) $5.5bn $8.0bn AUM (1) (33%) $40.0M $59.6M Asset Management revenue (44%) $14.9M $26.5M Capital Markets Segment Revenue &
Slide 6: CoinShares outperforms peers in the period
CoinShares outperforms peers in the period Driving positive net Inflows in a period of significant volatility 6 KEY POINTS ● Peers experienced more than $ 7 billion of outflows, representing a blended 6 % net flow decline before material price declines . ● CoinShares was one of only two major player
Slide 7: CoinShares experienced net inflows
Note(s): Data as of June 30, 2026. (1) CoinShares High Fee Generating Products Include: CoinShares XBT Provider, and CoinShares Physical (Excl. BITC). (2) CoinShares Access Products Include: CoinShares Physical (BITC), CoinShares US, and BLOCK Index. 7 CoinShares experienced net inflows - Decline in
Slide 8: BLOCK Index significantly outperformed - driving a shift in product mix
BLOCK Index significantly outperformed - driving a shift in product mix Correlation break: the AI re - rating of miners and digital infrastructure saw BLOCK outperform crypto by 50 – 60% 8 The CoinShares Blockchain Global Equity Index seeks to track the investment results ofi listed companies that p
Slide 9: Asset Management: product yields have held stable
Asset Management: product yields have held stable 9 We have not lost yield because of outflows, it is because a lower fee product (BLOCK Index) has seen significant outperformance – which is a net positive (e.g., more revenue), but optically skews group yield calculation Changes in group yield are d
Slide 10: Capital Markets: $14.9M Segment Revenue & Gains Earned With a Conservative Book
Capital Markets: $14.9M Segment Revenue & Gains Earned With a Conservative Book Deliberately conservative positioning through extreme volatility 10 Commentary YTD Jun 2026 YTD Jun 2025 $ in thousands ● Decrease in line with the reduction in staked asset prices during the period (predominantly ETH).
Slide 11: OpEx investments associated with the U.S. listing are behind us
OpEx investments associated with the U.S. listing are behind us Significant Spend has Been One - Time In Nature 11 $25.6M 1H 2026 OpEx (1) −$4.9M One - time go - public costs $20.7M Illustrative pro forma OpEx of present underlying business $41.3M Illustrative annualised OpEx of present underlying b
Slide 12: Illustrative Scenarios for Recovery of Digital Asset Prices
Illustrative Scenarios for Recovery of Digital Asset Prices Illustrative only — not guidance, a forecast, projection or estimate of future performance Illustrative AUM (1) Illustrative Revenue & Gains Note(s): This analysis is provided solely for illustrative purposes to help synthesize the informat
Slide 13: Recent Recovery in Digital Assets Post 1H2026
Recent Recovery in Digital Assets Post 1H2026 Significant Recovery Occurred Late in August 2026 (1) ● July - August price appreciation is the primary driver of AuM rebuilding with flows providing incremental support ● High Fee products are more sensitive to crypto market recovery which drives favora
Slide 14: Net available capital bridge
Net available capital bridge CoinShares repaid 100% of its long - term borrowings in 1H 2026 and continued to generate operating cash flow BRIDGE ITEMS 15 CoinShares has a robust capital position, further strengthened by the repayment of all existing indebtedness — resulting in a net available capit
Slide 15: Current valuation creates substantial downside protection with strong upside opportunity
Current valuation creates substantial downside protection with strong upside opportunity 16 PRO FORMA VALUATION 131.8 Pro forma shares outstanding (m) $5.60 (*) Share Price (1) $738.0 Market Capitalization ($m) — (+) Debt ($m) (2) (413.9) ( - ) Available Capital Position ($m) (2) $324.1 Enterprise v
Slide 16: Potential near-term technicals may prove meaningfully supportive
Potential near - term technicals may prove meaningfully supportive Illustrative — potential Russell index demand and the share buyback stack may create substantial share demand 16 POTENTIAL RUSSELL INDEX INCLUSIO N (1) Likely overlap of Russell 2000 + Microcap, subject to final eligibility, rank and
Slide 17: Appendix & Reconciliation Tables
Appendix & Reconciliation Tables
Slide 18: Reconciliation Tables: Revenue & Gains from Operations
18 Reconciliation Tables Revenue & Gains from Operations 2025 Period Ended June 30, 2026 2023 Year Ended December 31, 2025 2024 (:'OOO) 79,950 51,438 87,711 155,540 165,677 Revenue (179,106) (1,877,339) 1,744,803 2,933,410 (982,773) (Loss)/gain on digital assets and digital asset ETPs 86,169 1,754,7
Slide 19: Capital Markets Revenue and Gains / Segment Revenue and Gains
19 CapiЧal Mar½cЧs Rcvcnuc and Gains / ScgmcnЧ Rcvcnuc and Gains 2025 Period Ended June 30, 2026 2023 Year Ended December 31, 2025 2024 (:'OOO) 9,823 6,642 24,692 29,449 21,901 Staking revenue 4,927 2,432 2,390 9,397 10,684 Lending book interest 5,587 2,362 6,920 5,003 6,721 Other revenue 20,337 11,
Slide 20: Available Capital Position
20 Availablc CapiЧal PosiЧion Period Ended June 30, 2026 2024 Year Ended December 31, 2025 (:'OOO) 47,068 24,915 64,243 Cash at bank 2,515,483 4,466,677 3,974,713 Digital assets – held for operations 26,687 15,250 33,354 Digital assets – held as treasury 640,116 1,190,998 1,145,428 Digital asset ETP