CoinShares Leaps to U.S. Nasdaq for Bigger Crypto Ambitions

CoinShares, the fourth-largest provider of crypto exchange-traded products (ETPs) globally, is set to expand its presence in the U.S. through a $1.2 billion merger with Vine Hill Capital Investment, a publicly traded special purpose acquisition company (SPAC). This strategic move will see the European asset manager transition its listing venue from Nasdaq Stockholm to the U.S. Nasdaq Stock Market. The valuation of CoinShares, which manages $10 billion in assets under management (AUM), reflects a premium of approximately 30.6% compared to its closing share price on Nasdaq Stockholm prior to the announcement. The merger is expected to close by the end of 2025 and is supported by a $50 million anchor investment from an institutional backer [1].

The transaction is described by CoinShares CEO Jean-Marie Mognetti as a pivotal step toward capturing demand in the world’s largest asset management market. Mognetti emphasized that the move aligns with the firm’s ambition to lead in the global digital asset management space. CoinShares, which leads the European ETP market with a 34% share of AUM, sees the U.S. listing as a strategic opportunity to enhance its visibility, attract a broader investor base, and benefit from increased research coverage. This is particularly significant as the U.S. remains the largest ETP market globally [1].

The merger involves complex legal and financial structures, including a court-sanctioned Scheme of Arrangement under Jersey Law. Upon completion, CoinShares’ shareholders will receive shares in Odysseus Holdings, a newly formed Jersey entity that will replace Vine Hill as the listed entity on the Nasdaq Stock Market. The structure ensures continuity of operations while unlocking new growth opportunities for CoinShares in the U.S. and EMEA regions. The valuation of $1.2 billion represents a significant premium over CoinShares’ current market capitalization on Nasdaq Stockholm [2].

CoinShares’ management highlighted the importance of accessing a deeper pool of institutional investors and aligning with global growth ambitions. The firm’s recent financial performance further supports the rationale for the merger. In the second quarter of 2025, CoinShares reported $32.4 million in profits, with a 26% increase in AUM to $3.46 billion. This growth was driven by the appreciation of Bitcoin and Ether, two of the firm’s core holdings. The SPAC merger is expected to provide additional capital and resources to fuel further expansion [1].

The merger is subject to several conditions, including regulatory and shareholder approvals. The transaction requires approval from CoinShares’ shareholders at a Court Meeting in Jersey and from Vine Hill’s shareholders at a Special Meeting. Both meetings are scheduled for December 8, 2025. The deal also depends on approvals from regulatory bodies, including the U.S. Securities and Exchange Commission (SEC) and the Jersey Financial Services Commission. The merger is expected to be finalized by December 17, 2025, with trading of Odysseus Holdings’ shares on the Nasdaq Stock Market commencing on December 18, 2025 [2].

In addition to the financial and strategic benefits, the merger aligns with broader industry trends. CoinShares, which is already authorized under the EU’s Markets in Crypto-Assets (MiCA) regulation, continues to strengthen its regulatory framework. The firm has secured a rare triple licensing combination, including AIFM, MiFID, and MiCA authorizations. This regulatory robustness positions CoinShares as a trusted and compliant partner for institutional investors in both traditional and digital asset markets. The MiCA license, in particular, allows CoinShares to offer institutional-grade crypto asset management services across the EU, further enhancing its competitive edge [4].

Source: [1] CoinShares To Go Public In US Through $1.2B Merger (cointelegraph.com) [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 and (globenewswire.com) [3] CoinShares Expands Strategic U.S. Market Leadership with Launch of the Advisor Series (ffnews.com) [4] CoinShares Becomes First MiCA-Authorized Crypto Asset Manager in Europe (cryptodnes.bg)