CoinShares Leaps to Nasdaq as Digital Assets Go Mainstream

CoinShares, the European leader in digital asset investment management, is set to make its debut on the Nasdaq in the United States through a $1.2 billion business combination with Vine Hill Capital Investment Corp. The transaction, finalized on September 8, 2025, will establish the firm as one of the largest publicly traded pure-play digital asset managers globally. The listing is expected to close by the end of Q4 2025, subject to shareholder and regulatory approvals. The pro-forma valuation of $1.2 billion underscores CoinShares' growing prominence in the digital asset market, with its assets under management (AuM) reaching approximately $10 billion. This strategic move aims to leverage the U.S. market's size and regulatory clarity, positioning CoinShares to access new capital and expand its footprint in a sector that is rapidly maturing [1].

CoinShares has established itself as the fourth-largest manager of digital asset exchange-traded products (ETPs) globally, trailing only BlackRock, Fidelity, and Grayscale. In the EMEA region, the firm holds the top market position with a 34% market share. Over the past two years, CoinShares has experienced more than a 200% growth in AuM, driven by favorable pricing for digital assets, successful product launches, and strong net inflows from investors. The firm's recurring fee-based revenue model has yielded robust margins, with an adjusted EBITDA margin of 68% in CY2024 and 76% in the first half of 2025. This financial resilience supports CoinShares' ambition to maintain its leadership while accelerating expansion into the U.S., home to over 50% of global assets under management [2].

The business combination is expected to create synergies between CoinShares' proven European operations and Vine Hill's U.S. capital markets access. The deal includes a $50 million equity investment from a major institutional investor, providing further financial stability and signaling confidence in the firm's growth trajectory. Jean-Marie Mognetti, CEO and co-founder of CoinShares, emphasized the strategic shift represented by the listing, stating that it accelerates the firm's ambition for global leadership and positions it to capitalize on the U.S. as the "crucible of the digital asset space." The firm plans to expand its product suite for U.S. investors, leveraging its decade-long experience in digital asset management and regulatory compliance [3].

CoinShares' product portfolio has evolved significantly since 2021, growing from four products to 32 across multiple platforms, including crypto ETPs, indices, and equity products tied to the digital asset ecosystem. This diversification has been a key driver of its financial success, with recurring revenue and strong cash flow generation enabling both organic growth and strategic acquisitions. The firm's acquisition of Valkyrie Investments' ETF business and the successful integration of its Bitcoin and Ethereum products have further strengthened its competitive position in the U.S. market. These initiatives align with the firm's broader strategy to become a global leader in digital asset investment solutions [4].

The Nasdaq listing will provide CoinShares with a broader platform to engage with U.S. investors and institutions, enhancing its visibility in the world's largest asset management market. This expansion aligns with growing demand for tokenization and on-chain financial products, as well as improved regulatory clarity in the U.S. The firm is also well-positioned to benefit from the anticipated approval of additional spot Ethereum ETPs, which could further expand its product offerings and investor base. Nicholas Petruska, CEO of Vine Hill, noted that the combination of CoinShares' market leadership, scalable business model, and strong profitability with U.S. market access creates a "growth engine" that is difficult to replicate [3].

The transaction is expected to unlock new opportunities for CoinShares and its shareholders, enabling the firm to scale more efficiently and respond to evolving market dynamics. With a net asset position of $411 million as of June 2025, the firm is well-capitalized to support its strategic initiatives. The move to Nasdaq also aligns with broader industry trends, including increased institutional adoption of digital assets and the continued development of regulated investment vehicles. As digital assets become a more mainstream asset class, CoinShares' leadership in ETPs and its expanding product suite position it to benefit from long-term growth in demand for crypto-based investment solutions [1].

Source:

[1] https://investor.coinshares.com/pressreleases/coinshares-to-go-public-in-the-u-s-through-us-1-2-billion-business-combination

[2] https://investor.coinshares.com/

[3] https://finance.yahoo.com/news/coinshares-targets-u-scale-via-195323122.html

[4] https://www.theblock.co/post/369821/coinshares-set-to-go-public-in-us-via-1-2-billion-spac-merger-with-nasdaq-listed-vine-hill