CoinShares PLC Ordinary Shares

Deposits of real-world assets on blockchains more than tripled year over year to $7.4 billion in the second quarter of 2026, according to CoinShares, even as major cryptocurrencies like Bitcoin and Ethereum struggle. Tokenized Treasuries, stablecoins, and gold drove most of the growth, reflecting a shift toward safe-haven assets rather than speculative tokens. CoinShares CEO Jean-Marie Mognetti said the divergence is being driven by financial utility, not by market cycles. Robinhood's tokenized stock trades have also accelerated since the brokerage launched its own blockchain, Robinhood Chain, at the beginning of July, with top tokenized stocks GameStop, Nvidia, and SpaceX reaching a combined trading volume of $47 million by the end of July. Asset managers like BlackRock, banks like JPMorgan Chase, payment networks like Mastercard, and online brokerages like Robinhood are upgrading their financial rails to support tokenized assets.

According to a joint report by CoinShares and Token Terminal, tokenized real-world assets grew more than threefold to reach 7.4 billion dollars, even as total value locked in DeFi fell around 15 percent year-on-year. CoinShares CEO Jean-Marie Mognetti noted that this growth is driven by demand for financial utility rather than market cycles, calling tokenization a structural shift. The RWA market has moved from mere issuance to real usage, with yield-bearing stablecoins and tokenized US Treasuries holding the largest share. Around 70 percent of RWA collateral is concentrated on platforms built on Ethereum.

CoinShares has listed Europe's first UCITS ETF dedicated to Bitcoin mining companies on Deutsche Börse's Xetra platform. Trading under the ticker symbol MINE, the ETF physically replicates the CoinShares Bitcoin Mining Index managed by Solactive AG, with a total expense ratio of 0.65% and quarterly rebalancing. At the close of its first trading day, the ETF stood at 20.11 euros per share, with a trading volume of 3,218 shares. In Europe, the number of listed companies holding Bitcoin as a treasury asset has now reached 41, collectively holding approximately 17,000 BTC. Meanwhile, according to data from CryptoQuant, miners' BTC holdings briefly increased in early June but declined again by July 22, highlighting ongoing financial pressure on mining companies even as Bitcoin prices recover.

CoinShares CEO Jean-Marie Mognetti published a Fourth of July letter to American shareholders, marking the company's first Independence Day since its Nasdaq listing. Mognetti emphasized that as the largest shareholder, his interests are aligned with those of public equity holders, and he committed to embracing transparency and disciplined capital allocation. He noted that CoinShares has remained profitable through every major crypto cycle since 2016 and that the US listing provides access to the world's deepest capital pool and broadest institutional investor base. The company will continue to leverage its durable competitive advantage built over more than a decade in Europe.

A new CoinShares survey of 261 European wealth management professionals finds that one in four advisers cannot see the majority of their clients' digital asset holdings, with the figure rising to 52% in the United Kingdom. The survey, conducted through Citywire Engage across France, Germany, Italy, Switzerland and the UK, identifies firm policy as the primary driver of this management gap, not adviser knowledge or client demand. Sixty-one percent of advisers work in firms that either explicitly restrict digital assets or provide no clear internal guidance, and the management gap is 8.5 times larger in restricted firms than in supported ones. Advisers say regulatory recognition of digital assets as a mainstream asset class and access to exchange-traded products would most increase their confidence to recommend, while client-facing educational tools rank last. The findings come as the MiCA regulation establishes a single European market for digital assets on 1 July 2026, and regulators in France and the UK consider expanding access to crypto exchange-traded products.