Bitcoin News Today: CoinShares Leaps to Nasdaq, Aiming to Rewrite the Crypto Asset Story in the U.S.

CoinShares, a leading European asset manager in the digital asset space with approximately $10 billion in assets under management (AuM), is planning to list on the Nasdaq U.S. Stock Market through a merger with Vine Hill Capital Investment Corp., a special purpose acquisition company (SPAC). The transaction values CoinShares at $1.2 billion on a pro-forma basis and marks a strategic shift for the company to expand its footprint in the U.S. market, the world's largest asset management market with over half of global assets under management [1].

CoinShares, already the fourth-largest manager of digital asset exchange-traded products (ETPs) globally and the market leader in Europe with a 34% market share, has seen significant growth in AuM over the last two years, with assets tripling driven by strong investor inflows and successful product launches [1]. The company operates with attractive margins, reporting an Adjusted EBITDA margin of 76% in the first half of 2025 and 68% for the full year of 2024 [1]. The transaction is priced at 7.3x Enterprise Value / CY2024 EBITDA and 10.7x Price / Earnings, significantly lower than peer averages of 20.9x and 25.4x [1].

The SPAC merger is expected to close by the end of the fourth quarter of 2025, subject to shareholder and regulatory approvals [1]. A key component of the transaction includes a private placement of 5,000,000 ordinary shares at $10.04 per share, expected to raise approximately $50 million in gross proceeds, with an additional 1,666,667 shares allocated to the private placement investor as part of its commitment [2]. The transaction is backed by a $50 million investment from a fundamental institutional investor, underscoring confidence in CoinShares’ strategic vision and market potential [1].

Jean-Marie Mognetti, CEO & Co-Founder of CoinShares, emphasized the strategic significance of the U.S. listing, calling it a "strategic transition" that accelerates the company’s ambition for global leadership. The U.S. is described as the “crucible of the digital asset space,” where favorable regulatory developments are creating tailwinds for compliant operators and unlocking new investor segments [1]. Mognetti highlighted that the European playbook, refined over a decade, will now be deployed in the U.S. to meet growing demand and expand CoinShares’ reach in the world’s largest asset management market [1].

The deal is structured through a joint merger plan involving a court-sanctioned Scheme of Arrangement under Jersey Law. Shareholders of CoinShares and Vine Hill will exchange their securities for those of the new combined entity, Odysseus Holdings Limited, which will be listed on the Nasdaq U.S. Stock Market [2]. The valuation of $1.2 billion represents a premium of approximately 30.6% compared to the closing share price on Nasdaq Stockholm on the last trading day before the announcement [2].

CoinShares’ expansion into the U.S. market aligns with broader trends in digital asset adoption, including the increasing institutional adoption of Bitcoin and Ethereum in corporate treasuries, which has been linked to reduced price volatility [3]. According to a recent JP Morgan report, Bitcoin’s volatility has fallen to historically low levels, making it increasingly comparable to gold in terms of risk-adjusted metrics [3]. This trend is seen as a catalyst for further institutional allocations to Bitcoin, which could mirror those of traditional assets like gold if volatility continues to converge [3].

The U.S. listing is also expected to enhance CoinShares’ ability to launch next-generation digital asset products beyond simple beta exposure. These products will leverage the company’s proprietary research and capital markets expertise to provide differentiated offerings that target the broader digital asset ecosystem [1]. Additionally, the U.S. market presents significant opportunities for institutional demand in tokenized real-world assets and on-chain financial products, areas where CoinShares aims to establish a competitive edge [1].

The transaction involves a robust governance and compliance framework, with legal advisors including White & Case LLP, Carey Olsen, and Paul Hastings LLP representing CoinShares, Vine Hill, and other stakeholders [1]. Stifel and Keefe, Bruyette & Woods (KBW) are acting as financial advisors and placement agents for the deal [1]. Shareholder approvals are required for the Scheme of Arrangement and the SPAC Merger, with the former expected to be approved by the Court Meeting and the latter by the special meeting of Vine Hill shareholders [2].

CoinShares’ U.S. expansion strategy is also supported by its recent launch of "The Advisor Series," an educational platform targeting financial advisors, in partnership with TMX VettaFi. This initiative underscores CoinShares’ commitment to building a strong presence in the U.S. wealth management market and positioning itself as the go-to partner for financial advisors seeking to incorporate digital assets into their offerings [5].

The move to the U.S. is expected to unlock new shareholder value, support future M&A initiatives, and accelerate CoinShares’ expansion across both the U.S. and EMEA regions [2]. The company’s ability to scale its operations and maintain its focus on regulated, institutional-grade digital asset offerings positions it well to capitalize on the evolving market landscape [1]. With regulatory clarity improving in the U.S. and global digital asset adoption on the rise, CoinShares is poised to play a pivotal role in the next phase of the digital asset industry’s growth.

Source:

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

[2] CoinShares proposes to change listing venue to a public stock market or other exchange in the US through a joint merger plan with Vine Hill Capital, Odysseus Holdings and others (https://www.globenewswire.com/news-release/2025/09/08/3146024/0/en/CoinShares-proposes-to-change-listing-venue-to-a-public-stock-market-or-other-exchange-in-the-US-through-a-joint-merger-plan-with-Vine-Hill-Capital-Odysseus-Holdings-and-others-and.html)

[3] Bitcoin Attractively Valued as Volatility Falls: JP Morgan (https://etfdb.com/coinshares-crypto-etf-hub/coinshares-channel/volatility-falls-bitcoin-attractively-valued/)