Income statement, balance sheet and cash flow statement for the last 2 fiscal years, taken from the XBRL data CoinShares Bitcoin ETF files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2024
FY2025
Operating expenses
1.11
1.62
Operating income
-1.11
-1.62
Net income
307
-49.7
EPS, basic
11.59
-2.20
EPS, diluted
11.59
-2.20
Shares, basic (weighted)
26.5
22.6
Shares, diluted (weighted)
26.5
22.6
Balance sheet
FY2024
FY2025
Total assets
826
505
Total liabilities
0.19
0.11
Shareholders' equity
826
505
Total equity
826
505
Total liabilities and equity
826
505
Cash flow statement
FY2024
FY2025
Net income
307
-49.7
Purchases of investments
-632
-113
Sales and maturities of investments
114
385
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $23.68 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Return on equity (ROE)
-84.6%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
-84.6%
Net income / average total assets.
Return on invested capital (ROIC)
-0.3%
Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Growth
Metric
Value
How it is calculated
Net income growth, 1y
-116.2%
Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y
-119.0%
EPS vs the same period a year earlier. Only from a positive base.
Book value growth, 1y
-38.8%
Book value vs the same period a year earlier. Only from a positive base.
Total assets growth, 1y
-38.8%
Total assets vs the same period a year earlier. Only from a positive base.
Share count change, 1y
-14.6%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Book value per share
$15.71
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share
$15.71
Tangible book value / shares outstanding.
Valuation
Metric
Value
How it is calculated
Market cap
$494.8M
Share price x shares outstanding.
Enterprise value
$494.8M
Market cap + total debt - cash - short-term investments.
P/B
1.45x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
1.45x
Market cap / tangible book value, when positive.
Earnings yield
-58.5%
Net income / market cap (the inverse of P/E).
Was CoinShares Bitcoin ETF profitable in fiscal 2025?
No. It reported a net loss of $49.7M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.