CoinShares Set to Scale U.S. Push via $1.2B Nasdaq Move

CoinShares, one of Europe’s leading digital asset managers, has announced a strategic move to expand its global footprint by pursuing a Nasdaq listing in the United States. The company, which manages approximately $10 billion in assets under management (AuM), has entered into a definitive business combination agreement with Vine Hill Capital Investment Corp., a publicly traded special purpose acquisition company (SPAC) listed on Nasdaq under the ticker VCIC. The deal, valued at $1.2 billion on a pre-money pro forma basis, will see CoinShares transition from its current listing on Nasdaq Stockholm to a U.S. listing on the Nasdaq Stock Market [1].

CoinShares has emerged as a key player in the digital asset space, ranking as the fourth-largest manager of digital asset exchange-traded products (ETPs) globally, trailing only BlackRock, Grayscale, and Fidelity. The firm holds a 34% market share in the European, Middle Eastern, and African (EMEA) region, where it has positioned itself as the market leader. Its AuM has grown by over 200% in the past two years, fueled by robust investor inflows, supportive digital asset pricing, and the successful launch of new products [1]. The company’s ETP product suite has expanded from just four products in 2021 to 32 across four platforms, with the CoinShares Physical platform emerging as the fastest-growing digital asset ETP platform in Europe [1].

The transaction includes a $50 million equity investment from a significant institutional investor, underpinning the credibility and strength of the deal. CoinShares’ business model is characterized by recurring revenue and strong margins, with an adjusted EBITDA margin of 76% in the first half of 2025 and 68% in the full year of 2024 [1]. The valuation of the deal—7.3x enterprise value to 2024 EBITDA and 10.7x price to earnings—positions it favorably against industry peers, which are valued at 20.9x and 25.4x, respectively [1].

The strategic rationale behind the deal is anchored in the growing demand for digital asset investments and the maturing regulatory environment in the U.S. CoinShares CEO and co-founder Jean-Marie Mognetti emphasized that the move reflects a pivotal moment for the digital asset industry, driven by increasing regulatory clarity and institutional adoption. “The case for digital assets as an investment class has reached a decisive inflection point,” he stated [1]. The U.S., with its significant market size and investor base, represents a major opportunity for CoinShares to scale its offerings and capitalize on the broader asset management landscape [1].

The combined company, to be named Odysseus Holdings Limited, will benefit from CoinShares’ proven operational model and Vine Hill’s access to U.S. capital markets. The deal is expected to close by the end of 2025, subject to shareholder and regulatory approvals. The company’s boards have already given their unanimous approval, signaling strong confidence in the strategic and financial merits of the transaction [1].

The listing is expected to provide U.S. investors with enhanced access to a diversified suite of crypto ETPs, including exposure to Bitcoin, Ethereum, Solana, and other altcoins, as well as crypto indices and equity products targeting the broader digital asset ecosystem. This expansion aligns with the increasing demand for tokenized real-world assets and on-chain financial products. CoinShares’ European playbook, refined over a decade, is now being deployed to serve U.S. markets, offering a competitive edge in a rapidly evolving industry [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)