CoinShares Leaps to Nasdaq as Digital Assets Go Mainstream

CoinShares, the European-based digital asset manager with approximately $10 billion in assets under management, is set to list on the Nasdaq in the United States following a $1.2 billion business combination with Vine Hill Capital Investment Corp, a blank-check company. The deal, which values CoinShares at a pre-money equity value of $1.2 billion on a pro-forma basis, is expected to close by the end of the fourth quarter of 2025, pending shareholder and regulatory approvals. This move marks a strategic expansion for the firm into the U.S. market, the world’s largest asset management hub, home to over half of global assets under management [1].

CoinShares is currently among the top four digital asset exchange-traded product (ETP) managers globally, trailing BlackRock, Grayscale, and Fidelity. It leads the EMEA region with a 34% market share and has experienced rapid growth, with assets under management tripling over the past two years. The company’s expansion is supported by its diversified product suite, including crypto ETPs, crypto indices ETPs, and equity products targeting the broader digital asset ecosystem. CoinShares has also demonstrated strong profitability, with an adjusted EBITDA margin of 76% in the first half of 2025 and 68% in 2024 [1].

The business combination is anchored by an institutional investor committing $50 million in common equity. This partnership, according to CoinShares CEO Jean-Marie Mognetti, represents a strategic transition rather than a mere listing change, accelerating the firm’s ambition for global leadership. Mognetti emphasized the growing relevance of digital assets as a legitimate investment class and blockchain technology as a transformative force. He noted that the U.S. is now the “crucible of the digital asset space,” and a Nasdaq listing will help CoinShares better serve U.S. investors while expanding its reach into a rapidly evolving market [1].

The U.S. listing aligns with broader trends in the crypto industry, where several firms have gone public amid favorable regulatory developments under the current administration. Recent examples include Bullish, a Peter Thiel-backed crypto exchange, and Circle, the issuer of the USDC stablecoin, both of which have attracted significant investor attention. The timing of CoinShares’ move coincides with a wave of institutional interest in tokenized assets and on-chain financial products, further reinforcing the firm’s positioning for long-term growth [1].

Financial advisors Stifel and Keefe, Bruyette & Woods (KBW) are supporting the transaction, while legal counsel from White & Case LLP and Carey Olsen is advising on regulatory and jurisdictional matters. The combined company, to be named Odysseus Holdings Limited, will be governed by a board of directors representing both CoinShares and Vine Hill. Shareholders will exchange their securities for new shares in the entity, enabling them to participate in the expected growth of the new publicly traded entity [1].

The transaction is priced at 7.3x enterprise value over 2024 EBITDA and 10.7x price-to-earnings, significantly lower than the 20.9x and 25.4x multiples of its peers, suggesting strong investor appetite for CoinShares’ proven business model and recurring revenue structure. With a strong cash position of $411 million as of June 2025, the firm is well-positioned to pursue both organic growth and strategic acquisitions, further solidifying its leadership in the digital asset space [1].

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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)