CoinShares (CSHR · NASDAQ)
Crypto's Best Kept Secret?
Profitable through every crypto cycle since 2016, CoinShares combines asset management, capital markets and digital asset infrastructure in a way few investors fully appreciate
Bull case for CoinShares
A High-Quality Business Misclassified by the Market
Profitable every year since 2016, yet priced like a fragile crypto bet
Dominant European Franchise with Significant Growth Optionality
Dominates a hard-to-enter Europe; now taking that playbook into the giant US market
Positioned for the Next Evolution of Financial Markets
One of few regulated players ready to power finance's shift on-chain
Bear case for CoinShares
Earnings Remain Tied to Digital Asset Markets
Earnings rise and fall with digital asset prices and market sentiment
The Valuation Discount May Be Structural, Not Temporary
Sophisticated, hard-to-grasp business model may keep the valuation gap wide
The Future Growth Narrative Still Needs to Be Proven
American expansion and on-chain ambitions are promising but as yet unproven