CoinShares Adopts Share Buyback Program of Up to $40 Million
Key Facts
CoinShares’ board approved a program on October 27, 2026, to repurchase up to $40 million of ordinary shares, according to a company statement. The program is based on an authorization approved by shareholders at a September 15, 2026, meeting. The company said the authorization remains in effect until its annual general meeting, expected in the second quarter of 2027. Purchases will be funded from existing digital asset treasury resources. CSHR shares closed at $3.79 on October 26, according to EL7 data.
The announced program falls under a broader authorization approved by shareholders in September, allowing the company to repurchase up to 25% of its outstanding ordinary shares. CoinShares’ statement estimated that the authorization permits the purchase of about 32.9 million shares, based on about 131.8 million shares outstanding. Those figures are the authorization’s ceiling, not a purchase quantity set under the new program. The company said the authorization does not obligate it to buy any specific number or value of shares, and that it does not currently expect to use it in full. It also said the authorization granted in September expires on September 15, 2031.
CoinShares said the program would be funded from its digital asset treasury resources. Earlier in October, the company sold all of its institutional Ethereum holdings, totaling 16.6 million units, and half of its institutional Solana holdings, totaling 2.7 million units. The company linked the move to redirecting capital toward share repurchases. The board said current valuation levels make buying CoinShares shares a more attractive use of capital than holding the corresponding digital asset positions. In its statement, the board noted that assets under management in the third quarter of 2026 were at the level seen in the fourth quarter of 2025.
The program will be carried out in the open market through independent brokers, subject to trading blackout periods. The company said purchases would comply with applicable laws and the safe harbor conditions under Rule 10b-18 of the Securities and Exchange Commission. They may also be made through trading plans established under Rule 10b5-1. The program sets no minimum purchase requirement, and the company may suspend or terminate it at any time. The timing and volume of purchases will depend on market conditions and other relevant factors, it added.
The move comes as the company reported that revenue in the first half of 2026 fell to $51.4 million, from $80 million in the corresponding period of 2025. Asset management revenue declined to $40 million, compared with $59.6 million. Assets under management stood at $5.5 billion on June 30, 2026, down from $7.4 billion on December 31, 2025. The company said the decline in assets under management resulted from market performance, not net redemptions, noting net inflows of $27.6 million in the first half. Bitcoin fell by about a third between January and June, Chief Executive Jean-Marie Mognetti said.
CoinShares posted an operating loss of $5.1 million in the first half of 2026, compared with operating income of $75.9 million in the corresponding period of 2025. The net loss for the period was $23.9 million, while segment EBITDA reached $21.6 million. Mognetti said the company entered the second half with net assets of about $453 million and available capital of $413.9 million, with no long-term debt. He also said the company achieved a segment EBITDA margin of 42% and recorded net inflows across the group despite Bitcoin’s decline. CoinShares is scheduled to report third-quarter and nine-month results for the period ended September 30 on November 18, 2026, before the U.S. market opens, and will hold a management webcast and Q&A session at 8 a.m. Eastern Time.