CoinShares PLC
For the period ended Jun 30, 2026. Filed Sep 14, 2026.
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Jun 30, 2026 · Filed Sep 14, 2026
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EX-99.1 · Segment EBITDA:
Segment EBITDA:
Segment EBITDA is the measure used by the Company's Chief Operating Decision Maker to assess segment performance and allocate resources. It comprises revenue and gains attributable to the Group's operating segments less directly attributable and administrative operating costs and excludes certain items including share-based compensation, depreciation and amortization, interest income and expense, gains or losses on treasury digital assets, fair-value gains or losses on investments, impairment of equity-method investments and the XBT Pricing Differential.
Management believes Segment EBITDA provides useful supplemental information regarding the operating performance of the Group's business segments. Segment EBITDA should be considered together with, and not as a substitute for or superior to, the Company's financial results prepared in accordance with U.S. GAAP.
A reconciliation of Segment EBITDA to the applicable U.S. GAAP measure is included in the Company's MD&A for the six months ended June 30, 2026.
H1 2026 Operating Segments
| Asset Management | Capital Markets | Unallocated(1) | Total | |
|---|---|---|---|---|
| Revenue | $40,002 | $11,436 | $— | $51,438 |
| Gains/(losses) from operations | ||||
| (Loss)/gain on digital assets and digital asset ETPs | (1,864,208) | (15,751) | 2,620 | (1,877,339) |
| Gain/(loss) on certificate liabilities | 1,754,778 | 18,690 | (18,690) | 1,754,778 |
| Other operating gains/(losses) | 109,430 | 486 | (486) | 109,430 |
| Total gains/(losses) from operations | — | 3,425 | (16,556) | (13,131) |
| Total revenues, gains/(losses) from operations (2) | $40,002 | $14,861 | $(16,556) | $38,307 |
| Operating expenses (3) | ||||
| Cost of revenue (excluding depreciation and amortization) | (5,043) | (2,663) | — | (7,706) |
| Salaries and employee benefits | (3,599) | (2,459) | (1,879) | (7,937) |
| Professional fees | (943) | (872) | (5,790) | (7,605) |
| Marketing expenses | (1,413) | — | (1,922) | (3,335) |
| Technology expense | (419) | (574) | (1,552) | (2,545) |
| Allowance for credit losses | — | 231 | — | 231 |
| Other general and administrative expenses | (1,068) | (1,389) | (1,871) | (4,328) |
| XBT/ETP Pricing differential (4) | — | — | 16,556 | 16,556 |
| Segment EBITDA | $27,517 | $7,135 | $(13,014) | $21,638 |
| Share based compensation | — | — | (6,089) | (6,089) |
| Depreciation and amortization | (1,259) | (452) | (453) | (2,164) |
| Interest income | 293 | 293 | 292 | 878 |
| Interest expense | (1,696) | (1,696) | (1,697) | (5,089) |
| Loss on treasury digital assets | — | — | (15,398) | (15,398) |
| Fair value loss on investments | — | — | 1,099 | 1,099 |
| Exceptional expenses(5) | (758) | (564) | (619) | (1,941) |
| XBT/ETP Pricing differential(4) | — | — | (16,556) | (16,556) |
| Income/(loss) before income taxes | $24,097 | $4,716 | $(52,435) | $(23,622) |
| (1) | Unallocated represents other business activities and unallocated corporate expenses managed at the Group level. Accordingly, these expenses are not allocated to the Group’s segments. |
| (2) | The revenue segment measure that is provided to the CODM is the total of revenue and gains/(losses) from operations. |
| (3) | The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. |
| (4) | Represents the impact of valuation differences between certain financial instruments and their underlying digital asset exposures. XBT certificates and certain third-party ETPs are measured using observable market prices, which may trade at a discount or premium to the value of the underlying digital assets held for hedging. These differences result in unrealized gains or losses that are driven by market spreads. |
| (5) | Segment EBITDA excludes one-off transactions and other non-recurring items that are not considered indicative of the Group's ongoing operating performance. |
H1 2025 Operating Segments
| Asset Management | Capital Markets | Unallocated(1) | Total | |
|---|---|---|---|---|
| Revenue | $59,613 | $22,149 | $(1,812) | $79,950 |
| Gains/(losses) from operations | ||||
| (Loss)/gain on digital assets and digital asset ETPs | (201,572) | 21,771 | 695 | (179,106) |
| Gain on certificate liabilities | 86,169 | (19,063) | 19,063 | 86,169 |
| Other operating gains | 115,403 | 1,636 | (1,636) | 115,403 |
| Total gains from operations | — | 4,344 | 18,122 | 22,466 |
| Total revenues, gains/(losses) from operations (2) | $59,613 | $26,493 | $16,310 | $102,416 |
| Operating expenses (3) | ||||
| Cost of revenue (excluding depreciation and amortization) | (7,123) | (1,664) | — | (8,787) |
| Salaries and employee benefits | (2,775) | (2,206) | (2,476) | (7,457) |
| Professional fees | (842) | (610) | (1,239) | (2,691) |
| Marketing expenses | (1,044) | (10) | (1,171) | (2,225) |
| Technology expense | (507) | (470) | (1,080) | (2,057) |
| Allowance for credit losses | — | 270 | — | 270 |
| Other general and administrative expenses | (999) | (542) | (782) | (2,323) |
| XBT/ETP Pricing differential (4) | — | — | (18,122) | (18,122) |
| Segment EBITDA | $46,323 | $21,261 | $(8,560) | $59,024 |
| Share based compensation | — | — | 171 | 171 |
| Depreciation and amortization | (1,025) | (192) | (192) | (1,409) |
| Interest income | 159 | 159 | 158 | 476 |
| Interest expense | (992) | (992) | (992) | (2,976) |
| Gain on treasury digital assets | — | — | 5,538 | 5,538 |
| Fair value gain on investments | — | — | (689) | (689) |
| XBT/ETP Pricing differential (4) | — | — | 18,122 | 18,122 |
| Income/(loss) before income taxes | $44,465 | $20,236 | $13,556 | $78,257 |
| (1) | Unallocated represents other business activities below the quantitative thresholds when determining the entity’s reportable segments and unallocated corporate expenses managed at the Group level. Accordingly, these expenses are not allocated to the Group’s segments. |
| (2) | The revenue segment measure that is provided to the CODM is the total of revenue and gains/(losses) from operations. |
| (3) | The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. |
| (4) | Represents the impact of valuation differences between certain financial instruments and their underlying digital asset exposures. XBT certificates and certain third-party ETPs are measured using observable market prices, which may trade at a discount or premium to the value of the underlying digital assets held for hedging as outlined further in Note 6. These differences result in unrealized gains or losses that are driven by market spreads. |
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