CoinShares Aims to Lead Global Digital Asset Charge Through Nasdaq Leap

CoinShares, the European leader in digital asset investment management, is set to expand its global footprint with a Nasdaq listing in the United States, valued at $1.2 billion pre-money equity on a pro-forma basis. This strategic move aims to capitalize on the growing demand for digital asset exposure in the U.S., the world's largest asset management market. The company, with approximately $10 billion in assets under management (AuM), has seen its AuM more than triple over the past two years, driven by strong investor inflows, favorable digital asset pricing, and innovative product launches. The listing will also enhance its ability to execute strategic growth plans in the U.S., where it has recently introduced new products and is positioning itself to lead in the evolving digital asset space [1].

CoinShares ranks as the fourth-largest manager of digital asset exchange-traded products (ETPs) globally, trailing only BlackRock, Grayscale, and Fidelity, and holds the number one position in Europe with a 34% market share. The firm has demonstrated a robust business model characterized by a recurring fee-based revenue structure, which yielded a 70% adjusted EBITDA margin in 2024. The transaction values CoinShares at 7.3x enterprise value to 2024 EBITDA and 10.7x price to earnings—metrics significantly lower than the averages for its peers, indicating a potentially undervalued opportunity for investors [1].

The Nasdaq listing will be facilitated through a business combination with Vine Hill Capital Investment Corp., a publicly traded special purpose acquisition company (SPAC). The deal is backed by an institutional investor committing $50 million in common equity, anchoring the transaction. The combined company, Odysseus Holdings Limited, will be led by Jean-Marie Mognetti, CEO and co-founder of CoinShares, who emphasized the firm's strategic shift toward global leadership in digital asset investment. The U.S. market is seen as a "crucible of the digital asset space," with regulatory clarity improving and new investor segments emerging as digital assets gain institutional acceptance [1].

CoinShares has evolved from a single-platform provider with four products in 2021 to a diversified suite of 32 products across four platforms, including the rapidly growing CoinShares Physical ETP platform in Europe. The company's product portfolio spans crypto ETPs, crypto indices ETPs, and equity products targeting the broader digital asset ecosystem. This multi-layered approach is complemented by a strong cash generation model that supports both organic growth and strategic acquisitions, as evidenced by the firm's $411 million net asset position as of June 2025 [1].

The U.S. listing aligns with broader trends in the digital asset industry, including regulatory advancements, the tokenization of real-world assets, and the continued growth of institutional interest in on-chain financial products. The move is expected to accelerate CoinShares’ ability to deliver next-generation digital asset products that offer more than basic market exposure. The company’s decade of experience in ETP development, combined with proprietary research and capital markets expertise, positions it to differentiate itself in a competitive landscape that is rapidly maturing [1].

The strategic partnership with Vine Hill Capital Partners further strengthens CoinShares’ market positioning. Nicholas Petruska, CEO of Vine Hill, noted that CoinShares exemplifies the characteristics of a high-value investment, including a proven scalable business model, a large and expanding addressable market, and a leadership team with execution capabilities. The firm’s recurring fee-based revenue model, enhanced by strong historical gains and income from trading activities, creates a compelling growth engine, particularly with access to the U.S. capital markets and distribution channels [1].

Source:

[1] CoinShares to Go Public in the U.S. Through US$1.2 Billion Business Combination (https://www.prnewswire.com/news-releases/coinshares-to-go-public-in-the-us-through-us1-2-billion-business-combination-302549034.html)