CoinShares International Limited

Thank you for standing by and welcome to the CoinShares Q2 earnings broadcast. All participants dialing in are in a listen-only mode. After the speaker's presentation, there'll be a question and answer session. You can submit your questions via the postbox below the video on the platform. Please be advised that today's conference is being recorded. I'd now like to hand the conference over to your host, Jerry Lee Brown. Thank you.

Thank you, Operator. I would like to welcome you all to the CoinShares 2025 Q2 Earnings Call and Webcast. Speaking from management today will be John-Marie Magnetti, Chief Executive Officer, and Richard Nash, Chief Financial Officer. All those joining today are encouraged to log in to the live event, where you'll be able to view the accompanying presentation during today's call. Alternatively, the results and a copy of the presentation are available to download from the investor relations section of the CoinShares website. A replay of the webcast will be available for 30 days following the live call, and a transcript will be posted on the company's website as soon as it is available. Following the presentation, we will host a short Q&A via the webcast platform. Should you wish to submit a question to the management team, please provide your name and company affiliation. We will do our best to get to as many as we can within the allotted time. Lastly, our safe harbour statement. CoinShares would like to remind everyone that, except for historical information contained herein, statements made on today's call and webcast that would constitute forward-looking statements are based on currently available information. The company assumes no responsibility to update such forward-looking statements, and I would like to appoint you to the risk factors associated with our business, which are detailed in our prospectus. At this time, I will turn the call over to Jean-Marie.

Good afternoon, and welcome to CoinShare Q2 2025 update. As we continue our journey toward listing on the US exchange, I want to take you through our story, where we've come from, where we stand today, and where we're heading in the fast-changing world of global financial services. If you are looking for my broader market views, you can always find them on the node, our platform for market insight. But today, I really want to focus on our results, our strategy, and the bigger picture beyond the numbers. Before we get into Q2 performance, it's worth revisiting the foundation we've built, because that foundation explains how we've been able to grow and adapt through every cycle, creating a crypto cycle-resilient company. Our history has three clear faces. Phase one began when we bought XBT Provider out of bankruptcy in Sweden, a small business managing just about 10 million in assets. For us, that wasn't just an opportunistic buy, it was a strategic move. By providing liquidity to XBT Provider and creating certainty for our clients, we turned a distressed asset into one that investors could trust and a success story we all know about. And in the process, we build the basis for what will become our capital market division. By the 2021 bull market peak, XBT providers have grown into the largest open-ended exchange-traded product tracking digital asset anywhere in the world, with over $5 billion in assets. That wasn't pure luck. That was foresight and a good dose of solid execution. Phase 2 started in March 2021 with our listing on Nasdaq Stockholm. This was our public commitment to transparency and high standards, the values that shape our institution and the way our market sees us. Earlier that year, we launched our physical crypto ETP platform across Europe, Coinshare Physical. Our competitors had a two-year head start, but our goal was clear, market leader in Europe. And today, despite being challenged by a company like BlackRock, we are this leader, with $440 million of net inflow at the close of Q2 2025. Phase 3 began in 2024 with our acquisition of Valkyrie. It was a low-cost deal, again, a non-performing asset, but one with a very high strategic value. More importantly, it gave us our own US issuing capacity in the US, putting us in a prime position for the expanding US crypto ETF market at a time when the regulatory climate is improving. So to recap, phase one, leadership in open-ended crypto ETPs. Phase two, defending and winning European market leadership. Phase three, expansion to the US, the largest asset management market in the world. And this expansion matters, not just because we want to be a global franchise, but because the US manages half of a global asset. And as regulations become more supportive with initiatives like the Genius Act and the Clarity Act, it is the right time to make not only our products, but also our shares available in that market. Now let's turn to Q2 performance. Our asset management revenues for the quarter are roughly in line with Q1. Even so, our assets under management were significantly higher at the quarter end. That's because early in Q2, the market faced a liberation day tariff, followed by mid-May weakness, price dropped sharply before bouncing back into it. The real story of this quarter is our capital market division. Revenues there stayed steady throughout the volatility. That stability reflects the risk management change we made during the 2022 BR market, transforming capital market from a simple trading desk into the research and development lab and operation engine of our business. The message is simple. Our strategy is working and our position is getting stronger. On that note, and without any further delay, let me hand over to Richard Nash, our CFO, for a deeper dive into Q2 numbers. Richard, over to you.