CoinShares Leaps to U.S. Markets with $1.2B Nasdaq Bet

CoinShares International Limited, a leading European asset manager specializing in digital assets, has announced a transformative move to expand its global footprint through a $1.2 billion business combination with Vine Hill Capital Investment Corp. (NASDAQ: VCIC), a publicly traded special purpose acquisition company (SPAC) based in Fort Lauderdale, Florida. The strategic transaction will result in CoinShares being listed on the Nasdaq Stock Market in the United States, marking a pivotal step in the company’s international growth ambitions.

With approximately $10 billion in assets under management (AuM), CoinShares has emerged as a major player in the digital asset ecosystem, ranking among the top four global managers of digital asset exchange-traded products (ETPs) alongside industry heavyweights like BlackRock, Fidelity, and Grayscale. The firm holds a dominant 34% market share in the EMEA region, underscoring its leadership position in the European market. The Nasdaq listing is expected to accelerate CoinShares' expansion into the U.S., a market representing half of global assets under management and offering significant growth potential.

The transaction, which is valued at $1.2 billion on a pro-forma basis, is backed by a substantial institutional commitment of $50 million from a key investor. This strategic partnership is designed to facilitate CoinShares’ entry into the U.S. market and to support its capital-raising efforts in the region. The deal is expected to close by the end of the fourth quarter of 2025, pending shareholder and regulatory approvals.

The move to the U.S. follows a period of rapid growth for CoinShares, with AuM tripling over the past two years. This expansion has been driven by strong investor demand for digital assets, favorable pricing for cryptocurrencies, and the successful launch of new products. CoinShares has expanded its product portfolio from a single-platform offering in 2021 to a diverse suite of 32 products across four platforms, including physical and staked ETPs, as well as equity products targeting the broader digital asset ecosystem.

Jean-Marie Mognetti, CEO and co-founder of CoinShares, emphasized that the listing represents a strategic transition for the firm, aligning with favorable regulatory tailwinds in the U.S. and the growing institutionalization of digital assets. “The U.S. is now serving as the crucible of the digital asset space,” he stated. Mognetti added that the European playbook, refined over a decade, is now being deployed in the U.S. to meet the demand for innovative and regulated digital asset investment products.

The U.S. regulatory environment is increasingly favorable for digital asset managers, with landmark legislation and the potential approval of spot Ethereum ETPs creating tailwinds for compliant operators. This regulatory clarity is expected to unlock new investor segments and drive market expansion. Additionally, growing institutional demand for tokenization of real-world assets and on-chain financial products is presenting additional opportunities for CoinShares to diversify its offerings.

Financially, CoinShares is well-positioned for the transition, with a highly recurring revenue model and attractive margins. In 2024, the firm achieved an adjusted EBITDA margin of 68%, and in the first half of 2025, the margin expanded to 76%. The company has also demonstrated strong cash generation, with $411 million in net assets as of June 2025. These financial metrics highlight the firm’s ability to fund organic growth and strategic acquisitions, further solidifying its position in the digital asset space.

The transaction is priced at 7.3x enterprise value / CY2024 EBITDA and 10.7x price/earnings, significantly lower than the 20.9x and 25.4x averages of its peers, suggesting a potential undervaluation relative to industry benchmarks. This valuation, combined with CoinShares’ proven market leadership and scalable business model, positions the firm as a compelling opportunity for U.S. investors seeking exposure to the digital asset sector.

Stifel and Keefe, Bruyette & Woods (KBW) are acting as financial advisors to CoinShares, while White & Case LLP and Carey Olsen provide legal counsel on U.S., U.K., and Jersey law. Paul Hastings LLP is advising Vine Hill, and Latham & Watkins LLP supports Stifel. The transaction will be detailed in a registration statement filed with the U.S. Securities and Exchange Commission (SEC) and will include a preliminary proxy statement and prospectus.

The Nasdaq listing will not only enhance CoinShares’ credibility and accessibility for U.S. investors but also provide the firm with access to capital markets and distribution channels in the world's largest asset management market. As the company prepares for the transition, it has also launched a new investor relations website and has been engaging with key stakeholders, including Nordics-based investment firms like ABG Sundall Collier and Redeye.

With the global asset management industry reaching a record $128 trillion in AuM in 2024, and the U.S. commanding half of that market, CoinShares is well-positioned to capitalize on the growing demand for digital asset investment vehicles. The firm’s Nasdaq listing is a strategic milestone that aligns with its long-term goal of becoming a global leader in digital asset investment management.

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 Investor Relations | Why Invest | Latest Financial (https://investor.coinshares.com/)