CoinShares Leaps to U.S. Market in $1.2 Billion SPAC Bet

CoinShares, the European-based crypto asset manager with approximately $10 billion in assets under management (AUM), is set to make a significant move into the U.S. market through a $1.2 billion special purpose acquisition company (SPAC) merger with Vine Hill Capital Investment Corp. The deal, which values CoinShares at $1.2 billion on a pre-money pro-forma basis, will result in the firm being listed on Nasdaq, positioning it among the top digital asset managers globally [1]. The transaction is supported by a commitment of $50 million in common equity from an institutional investor, further reinforcing the deal's strength [1].

Currently listed on Nasdaq Stockholm under the ticker CS, CoinShares holds a prominent position in the global ETP market, ranking fourth globally in crypto ETP AUM behind BlackRock, Fidelity, and Grayscale, and leading the EMEA region with a 34% market share [1]. The firm has experienced robust growth, with AUM tripling over the past two years driven by strong investor inflows, favorable digital asset pricing, and a diverse range of product offerings. This growth trajectory is underscored by a recurring fee-based revenue model that has yielded attractive margins, including a 76% adjusted EBITDA margin in 1H 2025 and 68% in CY2024 [1].

The merger with Vine Hill is expected to accelerate CoinShares' strategic expansion by enhancing its visibility and credibility in the U.S., a market that holds nearly half of global assets under management [1]. Jean-Marie Mognetti, CEO and co-founder of CoinShares, emphasized that the deal represents more than a mere listing venue change, signaling a strategic shift toward global leadership supported by favorable regulatory conditions in the U.S. [1]. Nicholas Petruska, CEO of Vine Hill, echoed this sentiment, highlighting the firm's leadership position, scalable business model, and ability to execute on ambitious growth strategies [1].

The combined entity, Odysseus Holdings Limited, is projected to capitalize on the evolving U.S. digital asset landscape, which is marked by increasing regulatory clarity and growing institutional interest in tokenization and blockchain-based financial products [1]. CoinShares has expanded its product suite significantly, from a single-platform offering in 2021 to a 32-product range across four platforms by early 2025 [1]. This diversification supports a multi-layered strategy, including crypto ETPs, crypto indices ETPs, and equity products targeting the broader digital asset ecosystem. The firm's strong cash generation capabilities and a net asset position of $411 million as of June 2025 provide further support for organic growth and potential strategic acquisitions [1].

The boards of both CoinShares and Vine Hill have approved the transaction, which is expected to close by the end of Q4 2025, subject to shareholder and regulatory approvals [1]. The deal marks a pivotal step for CoinShares as it seeks to leverage its European experience in the U.S. market. With rising demand for digital asset exposure and innovation in blockchain technology, the firm is well-positioned to capture opportunities in the world’s largest asset management market. As the regulatory environment continues to evolve, the U.S. listing reinforces CoinShares' credibility and access to capital, further solidifying its role as a leader in the crypto asset management space.

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[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)

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

[3] CoinShares set to go public in US via $1.2 billion SPAC ... (https://www.theblock.co/post/369821/coinshares-set-to-go-public-in-us-via-1-2-billion-spac-merger-with-nasdaq-listed-vine-hill)