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CoinShares

CSHR on Nasdaq. Security brokers, dealers & flotation companies. Market value $638m.

Watch this stockFree. We tell you when something changes.

This company reports once a year (it is based outside the US), so every figure comes from its annual report for the year to December 2025.

Cash flow or capital spending isn't reported, so free cash flow is unknown.

Should I look at this?

Not a fit for our list right now

Why it could be worth it

Nothing stands out yet.

What to watch out for

See Financial services stocks that passed both tests

This is not advice. Check the numbers below.

Compare with another stock

Return on equity
five annual reports to December 2025
Not reported

We don't have this figure for this company.

Price to book
annual report to December 2025
Not reported

We don't have this figure for this company.

Earnings yield
annual report to December 2025
Not reported

We don't have this figure for this company.

Quality score: not known. Price score: 25 of 100. Our list needs 70 on quality and 60 on price.

$4.96 a share, 41% above its 1-year low

Over the past year the price has ranged from $3.51 to $10.43.

Prices from Tuesday’s close (6 October).

Five years of cash, in billions

n/a
2025
Revenue
n/a
Operating margin
n/a
Debt to equity
n/a
Shares outstanding
0.13bn

Health checks

  • Free cash flow positiveDoesn't apply to banks and insurers
  • Accounting checksDoesn't apply to banks and insurers
  • DebtDoesn't apply to banks and insurers
  • Revenue growth, five yearsUnknown
  • Buying back its own sharesRoughly flat

Dates

Next results (estimated)
n/a
Last annual report (10-K)
30 April 2026
Next quarterly (estimated, 10-Q)
n/a

Who owns it

None of the long-term investors we follow own it. 24 funds in all.

Jun '26
Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

6 investors own more than 5%.

  • Daniel Masters
    Insider or founder
    16.4%+0.1 pts
    Since 12 June 2026
    What they said

    Item 4 of the Schedule 13D is hereby amended and supplemented to add the following: 10b5-1 Plan On June 12, 2026 (the "Adoption Date"), the Reporting Person entered into a trading plan in accordance with Rule 10b5-1 under the Act (the "10b5-1 Plan") with Keefe, Bruyette & Woods,…

    Read the filing
  • Mognetti Partners Limited
    Insider or founder
    at least 16.4%
    (filed with 1 related holder)
    Since 31 March 2026
    What they said

    The response to Item 3 of this Schedule 13D is incorporated by reference herein. The Reporting Persons acquired the securities reported herein in connection with the Business Combination for investment purposes, and intend to review their investment on a continuing basis. In his…

    Read the filing
  • Newton Russell Paul
    Passive investor
    11.6%0.0 pts
    Since 31 March 2026
  • Howard Alan E
    Passive investor
    10.9%
    Since 31 March 2026
  • at least 6.0%
    (filed with 2 related holders)
    Since 31 March 2026
  • Discovery Capital Management, LLC
    Passive investor
    at least 5.0%
    (filed with 2 related holders)
    Since 14 May 2026

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

No insider bought shares on the open market in the last 12 months. 1 sold $1m, $1m of it under preset trading plans.

  • Masters Daniel
    Director
    Sold
    under a preset trading plan
    Date
    5 October 2026
    Shares
    33,334
    Price
    $4.89
    Value
    $162,860
  • Masters Daniel
    Director
    Sold
    under a preset trading plan
    Date
    2 October 2026
    Shares
    33,333
    Price
    $4.95
    Value
    $164,955
  • Masters Daniel
    Director
    Sold
    under a preset trading plan
    Date
    1 October 2026
    Shares
    33,333
    Price
    $4.94
    Value
    $164,648
  • Masters Daniel
    Director
    Sold
    under a preset trading plan
    Date
    18 September 2026
    Shares
    60,790
    Price
    $5.39
    Value
    $327,451
  • Masters Daniel
    Director
    Sold
    under a preset trading plan
    Date
    17 September 2026
    Shares
    60,790
    Price
    $5.06
    Value
    $307,452
  • Masters Daniel
    Director
    Sold
    under a preset trading plan
    Date
    16 September 2026
    Shares
    60,790
    Price
    $4.79
    Value
    $291,300

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

CoinShares doesn’t file a US annual report (10-K), so we haven’t checked it.

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

What could go wrong

  • It owes more than it owns on paper (negative equity). Often that's from borrowing to buy back shares.

Whether the price already reflects the risks is what the deep dive is for.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.