"CoinShares Leaps into U.S. Capital Markets with Undervalued Growth Play"

CoinShares, the European leader in digital asset investment management with approximately $10 billion in assets under management (AUM), announced its plans to go public in the United States through a $1.2 billion business combination with Vine Hill Capital Investment Corp., a publicly traded special purpose acquisition company (SPAC). This strategic move positions CoinShares to capitalize on the U.S. market, a sector representing half of global asset management AUM, according to Boston Consulting Group (BCG) [2]. The transaction will see the company's shares listed on the Nasdaq Stock Market, enhancing its visibility and access to U.S. capital markets [1].

CoinShares ranks as the fourth-largest manager of digital asset exchange-traded products (ETPs) globally and holds the top position in the EMEA region with a 34% market share [1]. The company has experienced significant growth, with AUM increasing by over 200% in the past two years due to supportive digital asset pricing, successful product launches, and strong investor inflows. CoinShares operates with attractive margins, reporting a 76% Adjusted EBITDA margin in the first half of 2025 and 68% in 2024 [1]. The deal is valued at a 7.3x Enterprise Value / EBITDA and 10.7x Price / Earnings, significantly lower than the 20.9x and 25.4x multiples of its peers, indicating potential undervaluation [1].

The merger, expected to close by the end of 2025, involves a $50 million investment from an institutional investor and includes a private placement of 5,000,000 ordinary shares at $10.04 each [2]. This transaction is anchored by a joint merger plan and a court-sanctioned scheme of arrangement in Jersey, with approval required from shareholders of both CoinShares and Vine Hill, and relevant regulatory bodies [2]. The restructuring will result in the formation of a new holding company, Odysseus Holdings Limited, with CoinShares’ shareholders receiving approximately 78.4% of the shares and votes in the combined entity [2].

Jean-Marie Mognetti, CEO and co-founder of CoinShares, emphasized that the listing in the U.S. marks a strategic transition for the company. He noted the "decisive inflection point" for digital assets and blockchain technology, stating, "There is no going back." The U.S. market, he added, is the "crucible of the digital asset space," offering an opportunity to meet growing investor demand and participate in the evolution of the industry [1]. Nicholas Petruska, CEO of Vine Hill, highlighted CoinShares' proven EMEA playbook and its recurring fee-based revenue model, calling it an "unstoppable growth engine" when combined with U.S. capital market access and distribution [1].

The merger is expected to unlock shareholder value, support future M&A initiatives, and accelerate CoinShares' expansion across the U.S. and EMEA regions [2]. This is further supported by the company's multi-layered product suite, which includes crypto ETPs, crypto indices ETPs, and equity products targeting the broader digital asset ecosystem. CoinShares has evolved from a single-platform with four products in 2021 to a 32-product suite across four platforms, including CoinShares Physical, which has seen 5.4x revenue growth from 2023 to Q2 2025 [1].

The U.S. market opportunity is bolstered by regulatory clarity, with landmark legislation creating tailwinds for compliant operators and unlocking new investor segments. CoinShares plans to introduce next-generation digital asset products beyond simple beta exposure, leveraging its 10+ years of market experience to provide competitive differentiation [1]. The company also aims to meet the rising institutional demand for tokenization of real-world assets and on-chain financial products beyond traditional crypto exposure.

The boards of directors of both CoinShares and Vine Hill have unanimously approved the business combination, subject to shareholder approvals, regulatory approvals, and other customary closing conditions [1]. Stifel and Keefe, Bruyette & Woods (KBW) are acting as financial advisors to CoinShares, while White & Case LLP and Carey Olsen serve as legal counsel for CoinShares and Paul Hastings LLP for Vine Hill [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)

[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)