CoinShares Eyes U.S. Domination as Digital Assets Go Mainstream

CoinShares International Limited, the leading European asset manager specializing in digital assets, is set to enter the U.S. capital markets via a $1.2 billion business combination with Vine Hill Capital Investment Corp., a publicly traded special purpose acquisition company (SPAC). The transaction, announced on September 8, 2025, will result in CoinShares becoming a publicly traded company on the Nasdaq. This move marks a pivotal step in the firm’s global expansion strategy and positions it to capitalize on the growing demand for digital assets in the United States.

With approximately $10 billion in assets under management (AuM), CoinShares ranks as the fourth-largest digital asset exchange-traded product (ETP) manager globally, trailing only BlackRock, Fidelity, and Grayscale. In the European, Middle East, and Africa (EMEA) region, CoinShares holds a commanding 34% market share, the highest among its peers. The company has experienced significant growth over the past two years, with AuM increasing by more than 200% driven by strong investor inflows, favorable digital asset pricing, and the successful launch of new products.

The SPAC deal values CoinShares at a pro forma pre-money equity value of $1.2 billion, a valuation that reflects the firm’s proven business model and recurring revenue streams. CoinShares operates with a highly efficient margin structure, reporting a 76% adjusted EBITDA margin in the first half of 2025 and a 68% margin in 2024. The company’s business model is anchored by a recurring fee-based structure, supported by strong historical gains and trading activities, which have consistently contributed to its profitability.

The transaction is expected to unlock new opportunities for CoinShares in the U.S. market, where regulatory clarity is improving and institutional demand for digital assets is accelerating. The U.S. represents the largest asset management market globally, with over half of the world’s managed assets. CoinShares plans to leverage its decade-long experience in Europe to introduce a new suite of digital asset products tailored for American investors. The firm has already launched several initiatives, including a partnership with VettaFi to create an educational platform aimed at financial advisors, reinforcing its commitment to deepening its presence in the U.S. advisor market.

Jean-Marie Mognetti, CEO and Co-Founder of CoinShares, emphasized that the SPAC listing represents more than a change in listing venue—it is a strategic shift to accelerate the company’s global leadership in digital asset management. Mognetti highlighted the transformative potential of blockchain technology and the increasing acceptance of digital assets as a legitimate investment class. He noted that the U.S. is at the forefront of this evolution, and the listing will enhance CoinShares’ credibility, expand its reach, and position it to capture a larger share of the market.

The deal is expected to close by the end of the fourth quarter of 2025, subject to shareholder and regulatory approvals. Stifel and Keefe, Bruyette & Woods (KBW) are serving as financial advisors to CoinShares and as sole placement agents. Legal counsel for the transaction includes White & Case LLP, Carey Olsen, and Paul Hastings LLP, among others. The combined company will operate under the name Odysseus Holdings Limited (Holdco), and the business combination agreement has been approved by the boards of directors of both CoinShares and Vine Hill.

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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)