CoinShares to Enter US Market with $1.2B Merger, Valuing Firm at $1.2B

CoinShares, a European crypto giant, plans to enter the US market with a $1.2B merger with Vine Hill Capital Investment Corp. The deal will value CoinShares at $1.2B and list it on the Nasdaq Stock Market. CoinShares currently manages $10B in assets and has a 34% market share in Europe. The move aims to capture the US market opportunity, where over half of global assets under management are located.

CoinShares International Limited, a leading European asset manager specializing in digital assets, has announced plans to enter the U.S. market through a $1.2 billion merger with Vine Hill Capital Investment Corp. The transaction, which includes a Nasdaq listing, aims to accelerate CoinShares' strategic international expansion and enable U.S. investors to participate more directly in its global growth CoinShares to Go Public in the U.S. Through US$1.2 ...^[1].

CoinShares currently manages approximately $10 billion in assets under management (AuM) and holds a 34% market share in Europe. The company has experienced significant growth over the past two years, with AuM more than tripling due to strong investor inflows, supportive digital asset pricing, and successful new product launches CoinShares to Go Public in the U.S. Through US$1.2 ...^[1]. The merger will position CoinShares to capture the substantial U.S. market opportunity, where over half of global assets under management are located.

The transaction is expected to close by the end of the fourth quarter of 2025, subject to shareholder and regulatory approvals. It will value CoinShares at $1.2 billion on a pre-money basis, positioning it as one of the largest publicly traded pure-play digital asset managers globally. The deal is anchored by a fundamental institutional investor committing to invest $50 million in common equity CoinShares to Go Public in the U.S. Through US$1.2 ...^[1].

CoinShares benefits from a highly recurring revenue model with attractive margins, resulting in substantial and recurring free cash flow generation. The company operates with attractive margins, such as a 76% Adjusted EBITDA margin in the first half of 2025 and 68% in 2024 CoinShares to Go Public in the U.S. Through US$1.2 ...^[1]. The transaction is priced at 7.3x Enterprise Value / CY2024 EBITDA and 10.7x Price / Earnings, compared to peers at 20.9x and 25.4x, respectively CoinShares to Go Public in the U.S. Through US$1.2 ...^[1].

Jean-Marie Mognetti, CEO & Co-Founder of CoinShares, stated, "This transaction represents far more than a change of listing venue from Sweden to the United States. It signals a strategic transition for CoinShares, accelerating our ambition for global leadership, supported by favorable regulatory tailwinds." Nicholas Petruska, CEO of Vine Hill, added, "CoinShares exemplifies everything we look for in a high-value investment: market leadership, a proven, scalable business model, a massive and expanding addressable market, and a team with the proven ability to execute" CoinShares to Go Public in the U.S. Through US$1.2 ...^[1].

References:

CoinShares to Go Public in the U.S. Through US$1.2 ...^[1] https://investor.coinshares.com/pressreleases/coinshares-to-go-public-in-the-u-s-through-us-1-2-billion-business-combination