CoinShares Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	114.27	162.45	75.76	626.8	-3,266
Depreciation & Amortization	3.14	3.02	3.99	3.47	1.72
Loss (Gain) From Sale of Assets	5.68	-	-	0	-
Asset Writedown & Restructuring Costs	-	-	-	6.6	-
Loss (Gain) From Sale of Investments	1.82	-1.62	-15.89	3.68	-7.55
Loss (Gain) on Equity Investments	-	-	-	2.59	0.39
Stock-Based Compensation	2.84	12.37	1.26	1.48	2.23
Provision & Write-off of Bad Debts	-1.14	1.9	-	-	-
Other Operating Activities	-77.52	-259.09	-189.07	-500.06	3,379
Change in Accounts Receivable	-	-	-	824.08	-1,327
Change in Accounts Payable	4.75	-	1.15	-605.29	212.54
Change in Income Taxes	-0.23	-0.04	-0.1	-	-
Change in Other Net Operating Assets	69.96	98.27	0.84	-	-
Operating Cash Flow	123.58	17.27	-122.07	363.36	-1,005
Operating Cash Flow Growth	615.55%	-	-	-	-
Capital Expenditures	-0.34	-0.23	-0.14	-0.39	-0.29
Sale of Property, Plant & Equipment	-	0.08	0.07	0.24	0.01
Cash Acquisitions	-	-0.43	-	-	-2.8
Sale (Purchase) of Intangibles	-1.72	-1.49	-1.13	-0.84	-0.25
Investment in Securities	-4.5	5.17	-0.53	-24.33	-17.24
Other Investing Activities	-	-	-	15.61	849.75
Investing Cash Flow	-6.56	3.09	-1.72	-9.72	829.19
Long-Term Debt Issued	-	-	-	25.99	-
Long-Term Debt Repaid	-	-2.77	-0.08	-1.28	-0.29
Net Debt Issued (Repaid)	-	-2.77	-0.08	24.71	-0.29
Issuance of Common Stock	0.47	0.89	0.01	-	17.29
Repurchase of Common Stock	-10.62	-0.34	-5.27	-0.28	-
Common Dividends Paid	-25.07	-10.56	-	-	-
Other Financing Activities	-5.55	-0.05	-	-0.27	-
Financing Cash Flow	-40.76	-44.24	-5.33	24.17	17
Foreign Exchange Rate Adjustments	-36.93	16.32	-1.48	-19.08	-3.06
Miscellaneous Cash Flow Adjustments	-	-	-	-0	-
Net Cash Flow	39.33	-7.56	-130.6	358.73	-161.97
Free Cash Flow	123.24	17.04	-122.2	362.96	-1,005
Free Cash Flow Growth	623.18%	-	-	-	-
Free Cash Flow Margin	74.38%	10.96%	-139.33%	586.80%	-919.45%
Free Cash Flow Per Share	1.87	0.25	-1.77	5.03	-15.11
Cash Interest Paid	7.74	10.97	8.25	7.64	9.54
Cash Income Tax Paid	0.67	0.97	0.81	4.17	0.53
Levered Free Cash Flow	-546.77	1,697	883.56	-115.3	-291.06
Unlevered Free Cash Flow	-541.89	1,704	888.87	-110.53	-285.09
Change in Working Capital	74.49	98.23	1.89	218.79	-1,114

Source: S&P Global Market Intelligence. Standard template. Financial Sources.