CoinShares PLC Ordinary Shares

CSHR

Financial - Capital Markets · Financial Services

Price

$5.82

+0.41 (+7.69%)

Market Cap

$766.3M

Exchange

NASDAQ

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 23, 2026 · filings through Dec 31, 2025

How the score breaks down

Quality

Mixed

Growth

Weak

Cash Flow

Exceptional

Stability

Exceptional

Valuation

Good

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Share count falling — buybacks

−58.0% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 69.9M (2021) → 29.3M (2025)

Winston Score History

The full picture

CoinShares is a European company that manages investment products tied to cryptocurrencies like Bitcoin and Ethereum. It lets everyday investors and institutions get exposure to crypto without having to buy or store the coins themselves. The company is one of Europe's largest digital asset investment firms.

CoinShares makes money mainly by charging management fees on its exchange-traded products (ETPs), which trade on stock exchanges in Europe. It also earns revenue from trading and lending activities related to digital assets. The firm is headquartered in Jersey and listed in Stockholm, with operations across Europe and growing reach into other markets. Its early-mover position in regulated crypto investment products gives it a competitive edge over newer entrants. The biggest risk the company faces is that its revenue is closely tied to cryptocurrency prices — when crypto markets fall sharply, assets under management shrink and fee income drops with them.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

N/A

Data not available

Profit after running costs

Operating Margin

N/A

Data not available

Return on the money invested

ROCE

24.4%

Exceptional — 24.4% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales growth

Sales YoY

N/A

Data not available

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

1/3 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

274%

Turns 274% of profit into real cash

Spare cash per sale

FCF Margin

261.8%

Converts sales into free cash efficiently (261.8%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns

Debt / Equity

0.00

Conservative — low debt load (0.00)

Covers its interest

Interest Cover

18.41x

Comfortably covers interest (18.4x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

6.4x

Attractive valuation — P/E 6.4

P/E under 10. The price tag is small relative to last year's profit.

Cheaper or dearer next year

P/E vs Forward

-26.6

SLOWING

Earnings expected to fall — forward P/E higher than today

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Dividends

Not applicable for this business.

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