CoinShares Aims to Rewrite Crypto Investing’s Global Rules

CoinShares, a leading European asset manager specializing in digital assets with approximately $10 billion in assets under management (AUM), is poised to list on the U.S. Nasdaq Stock Market through a $1.2 billion merger with Vine Hill Capital Investment Corp., a publicly traded special purpose acquisition company (SPAC) . This strategic transaction, which values the firm at $1.2 billion on a pre-money basis, represents a significant expansion into the U.S. market, the world’s largest asset management hub . The deal will transition CoinShares from its current listing on Nasdaq Stockholm to the U.S. market, enabling the company to access deeper pools of capital and a broader investor base .

The merger is supported by an institutional investment of $50 million, which serves as an anchor for the transaction and enhances investor confidence in CoinShares’ growth potential . Both companies’ boards have approved the deal, and it has secured the backing of 85% of CoinShares’ shareholders . Subject to regulatory and shareholder approvals, the transaction is expected to close by the end of the fourth quarter of 2025. Upon completion, CoinShares will operate under the newly formed entity, Odysseus Holdings Limited, and its shares will delist from Stockholm to trade on the U.S. exchange .

CoinShares is already a dominant player in the European market, with a 34% share of assets under management in the EMEA region. It ranks as the fourth-largest global provider of crypto exchange-traded products (ETPs), trailing only BlackRock, Grayscale, and Fidelity . The company has experienced rapid growth in recent years, with AUM more than tripling over the past two years due to strong investor inflows and successful product launches . This momentum was further supported in the second quarter of 2025, where CoinShares reported a net profit of $32.4 million and a 26% increase in AUM to $3.46 billion .

The decision to enter the U.S. market aligns with a broader trend of cryptocurrency firms leveraging SPACs or direct listings to access the American capital markets. This trend has been fueled by a more favorable regulatory environment, particularly under the Trump administration, which has brought greater clarity and stability to the digital asset sector . CoinShares' CEO, Jean-Marie Mognetti, emphasized that the move is more than a geographic listing shift—it marks a strategic transition toward global leadership in the digital asset space. “The case for digital assets as an investment class and blockchain as a transformative technology has reached a decisive inflection point,” he stated, highlighting the increasing acceptance and legitimacy of crypto as a mainstream asset class .

With the U.S. market accounting for over half of global assets under management, CoinShares’ entry could position it to capture substantial growth opportunities. The firm’s diverse product portfolio includes 32 ETPs covering major cryptocurrencies such as Bitcoin, Ethereum, and Solana. Its recurring fee-based business model has generated strong profitability, with an adjusted EBITDA margin of 76% in the first half of 2025 . These financial metrics underscore the company’s ability to scale while maintaining high margins, differentiating it from many of its peers in the sector .

As the digital asset industry continues to evolve, the U.S. regulatory landscape offers a compelling backdrop for innovation and institutional adoption. CoinShares’ U.S. listing is not only a step toward global expansion but also a demonstration of its commitment to building a sustainable and scalable business. The company aims to leverage its decade of experience in Europe to introduce tailored products to American investors, aligning with the growing demand for digital assets and blockchain-based financial products . This strategic move positions CoinShares as a key player in the next phase of the digital asset revolution.

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CoinShares Investor Relations, CoinShares to Go Public in the U.S. Through US$1.2 Billion Business Combination

Cointelegraph, CoinShares To Go Public In US Through $1.2B Merger

Invezz, CoinShares to list in US through $1.2 billion SPAC deal

CoinShares Investor Relations, CoinShares to Go Public in the U.S. Through US$1.2 Billion Business Combination

CoinShares Investor Relations, CoinShares to Go Public in the U.S. Through US$1.2 Billion Business Combination

CoinShares Investor Relations, CoinShares to Go Public in the U.S. Through US$1.2 Billion Business Combination

Coindesk, CoinShares to Go Public in U.S. Through $1.2B SPAC Deal with Vine Hill