CoinShares Leaps to U.S. Markets in $1.2B Bet on Crypto’s Future

CoinShares, the leading European asset manager in the digital assets space, is set to transition its listing venue from Nasdaq Stockholm to the Nasdaq Stock Market in the United States through a $1.2 billion business combination with Vine Hill Capital Investment Corp. (VCIC), a publicly traded special purpose acquisition company (SPAC). The transaction, expected to close by the end of the fourth quarter of 2025, will reposition CoinShares to access the U.S. capital markets and accelerate its global expansion strategy.

This strategic move values CoinShares at a pre-money equity valuation of $1.2 billion, positioning it as one of the largest publicly traded pure-play digital asset managers globally. The firm, which currently manages approximately $10 billion in assets under management (AuM), has seen its AuM more than triple over the past two years. This growth has been driven by supportive digital asset pricing, successful product launches, and strong net inflows. CoinShares ranks as the fourth-largest manager of digital asset exchange-traded products (ETPs) globally, with a commanding 34% market share in the EMEA region.

The merger is expected to offer U.S. investors direct participation in CoinShares’ global growth trajectory. Jean-Marie Mognetti, CEO and co-founder of CoinShares, emphasized the strategic shift as an opportunity to accelerate the firm’s global ambitions, supported by favorable regulatory tailwinds in the U.S. market. "The U.S. is now serving as the crucible of the digital asset space," he said. "By listing in the United States, CoinShares is positioning itself to meet growing investor demand and to participate more fully in the evolution of this new industry."

The SPAC merger involves a court-sanctioned scheme of arrangement under Jersey Law, with all CoinShares' outstanding shares to be exchanged for shares in the newly formed entity, Odysseus Holdings Limited (Holdco). Following the completion of the transaction, Holdco will be listed on the Nasdaq Stock Market, and CoinShares’ shareholders will receive approximately 91.6% of the shares and votes in Holdco, assuming 100% redemptions of Vine Hill’s public shares. The transaction also includes a private placement of 5 million ordinary shares to a fundamental institutional investor, raising approximately $50 million in gross proceeds.

The transaction structure is designed to ensure continuity in operations while enhancing CoinShares’ visibility and access to U.S. capital markets. Nicholas Petruska, CEO of Vine Hill, noted that CoinShares exemplifies a high-value investment with a proven, scalable business model and a massive, expanding addressable market. "CoinShares's recurring fee-based revenue model, supported by strong historical gains and income from a variety of trading activities, creates an unstoppable growth engine," he said.

CoinShares operates with a robust financial model, characterized by high margins. In the first half of 2025, the firm achieved an adjusted EBITDA margin of 76%, a figure that averaged 68% in CY2024. The transaction is priced at 7.3x enterprise value / CY2024 EBITDA and 10.7x price/earnings, which are significantly lower than the industry averages of 20.9x and 25.4x, respectively. This valuation reflects a strategic opportunity for U.S. investors to gain exposure to a well-established digital asset manager.

Analysts highlight the U.S. regulatory clarity as a key driver for the transaction. Recent legislative developments have created a favorable environment for compliant operators, encouraging innovation and unlocking new investor segments. CoinShares aims to leverage these conditions to expand its product offerings in the U.S., including next-generation digital asset products that go beyond simple beta exposure. The firm’s experience in tokenization and on-chain financial products is expected to further differentiate it in the competitive crypto market.

The merger is also expected to enhance the firm’s ability to pursue strategic acquisitions and expand its product suite. As of June 2025, CoinShares held a net asset position of $411 million, providing a solid financial foundation for growth. The firm has evolved from a single-platform with four products in 2021 to a diversified 32-product suite across four platforms, including CoinShares Physical, the fastest-growing digital asset ETP platform in Europe.

The completion of the transaction is subject to shareholder and regulatory approvals, with the final shareholder vote anticipated in December 2025. Upon approval, the firm is expected to begin trading on the Nasdaq under a new ticker. The transition to a U.S. listing is also expected to enhance CoinShares' credibility and expand its reach into the world’s largest asset management market, where it is projected to hold half of global assets under management.

The move marks a significant milestone for the digital asset industry, as it demonstrates the growing acceptance and institutionalization of crypto-related investments in traditional financial markets. With increasing demand from institutional investors for tokenization and on-chain financial products, CoinShares is well-positioned to capitalize on the evolving market dynamics.

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)

[3] Coincheck Set to Become First Japanese Crypto Exchange Listed on Nasdaq (https://cryptodnes.bg/en/coincheck-set-to-become-first-japanese-crypto-exchange-listed-on-nasdaq/)