Blockchain Express

Global crypto asset management company CoinShares saw its full-year revenue top $165.7 million in 2025, according to the firm’s first annual report since going public in the United States.
Earlier this month, CoinShares completed its $1.2 billion merger with special purpose acquisition company Vine Hill, and now trades on Nasdaq under the ticker CSHR. This follows its 2021 public listing in Europe.
CoinShares is one of Europe’s largest crypto asset managers, with gross assets under management of $7.4 billion, according to its annual filing. It reported revenue of $126.4 million on its asset management business in 2025, up 13% from the $111.7 million recorded in FY2024.
The firm’s net income, however, dropped to $114.3 million last year, compared to $162.4 million the year before. The decline was mainly due to a one-time $36.8 million FTX claim gain in 2024 and other non-recurring or non-operational items.
These non-operational concerns include a lower positive unrealised impact from pricing differentials between ETP trading prices and the underlying holdings, down to $1.6 million vs. $15.8 million in 2024, which contributed to CoinShare’s capital markets revenue declining to $73.1 million in FY2025, compared to $82.7 million in FY2024.
“Excluding these non-operational, market-driven movements, underlying Capital Markets performance increased by 6.9% year-on-year, with strong staking revenues, lending revenues and trading gains,” the firm said.
Indeed, CoinShare’s Physical fund ranked as the top digital asset ETP by net inflows in 2025, CEO Jean-Marie Mognetti noted. The firm also “enters 2026 as one of the few” asset managers to hold both MiFID and MiCA authorizations, positioning it to operate across the full spectrum of regulated digital asset investment,” including passive physically-backed ETPs to “active alternative strategies.”
Coinshare’s operating expenses also dropped 2.9% to $70.7 million last year, reflecting a focus on cost control year over year, Mognetti said. The firm has about $481.3 million in available capital, including $176.7 million in liquid assets.

JPX CEO Hiroki Yamamichi signals that legal and tax reforms are the final hurdles to listing Japan’s first crypto ETFs.
The Japan Exchange Group (JPX) is officially preparing for the introduction of cryptocurrency exchange-traded funds (ETFs), with CEO Hiroki Yamamichi indicating that such products could be introduced as early as 2027, depending on the progress of regulatory reforms.
In a recent media interaction, Yamamichi indicated that the infrastructure for these products is largely in place. The primary remaining obstacles are the finalization of tax reforms and legal amendments that would officially recognize crypto-backed trusts under Japanese investment law.
Clarity key to crypto ETF rollout
While Japan has historically been cautious, the regulatory tide turned in early 2026. In a notable regulatory move, Japan recently reclassified crypto assets under the Financial Instruments and Exchange Act (FIEA), moving them away from the Payment Services Act. This shift treats digital assets as financial securities rather than mere payment tools—a necessary precursor for any ETF listing.
Yamamichi emphasized that the infrastructure for crypto ETF listings could be implemented quickly, “It can be done anytime once the legal framework is in place and the tax treatment is clarified.” He also highlighted that multiple asset management firms have already shown strong interest in launching such products.
While initial expectations point to a potential rollout as early as next year, he added that timelines could extend further depending on how quickly reforms are enacted.
A competitive strategy
The move aligns with JPX’s broader strategy to diversify its offerings and strengthen market competitiveness. The exchange group has identified entry into new asset classes—including cryptocurrency-related products—as a key priority in its “Medium-Term Management Plan 2027.”
By expanding its product lineup, JPX aims to attract a broader base of investors and enhance its position in global financial markets.
Yamamichi also addressed currency trends, stressing the importance of exchange rate stability for attracting international capital. He noted that the current exchange rate of around 160 yen to the U.S. dollar is “too low,” suggesting that a more stable range between 130 and 140 yen would be more appropriate.
Institutional momentum
JPX’s consideration of crypto ETFs reflects a broader global trend of increasing institutional interest in digital assets. As regulatory frameworks evolve, traditional financial institutions are exploring ways to integrate crypto-linked products into mainstream markets.
By listing crypto ETFs, JPX aims to provide a regulated, tax-efficient gateway for Japanese investors to gain exposure to digital assets without the security risks of direct exchange holdings. If the legislature moves on the 2027 tax reform bill by this autumn, Japan could see its first Bitcoin or Ethereum ETF go live on the Tokyo Stock Exchange by the first half of next year.