CoinShares Leaps to Nasdaq: A Strategic Bet on U.S. Crypto’s Next Frontier

CoinShares, one of the leading digital asset managers in Europe, is set to make a significant move into the U.S. market through a $1.2 billion business combination with Vine Hill Capital Investment Corp. (VCIC), a publicly traded special purpose acquisition company (SPAC) listed on the Nasdaq Stock Market. This deal will see CoinShares transition from its current listing on Nasdaq Stockholm to a U.S. listing, enhancing its access to the world’s largest asset management market and expanding its investor base. The transaction is expected to close by the end of the fourth quarter of 2025, pending shareholder and regulatory approvals.

CoinShares, which manages approximately $10 billion in assets under management (AuM), has experienced substantial growth in recent years, with AuM increasing by over 200% in the past two years. The firm has established itself as the fourth-largest global provider of digital asset exchange-traded products (ETPs), trailing only BlackRock, Grayscale, and Fidelity. In the European, Middle Eastern, and African (EMEA) markets, CoinShares holds a commanding 34% market share, reinforcing its leadership in the digital asset investment space.

The transaction values CoinShares at $1.2 billion pre-money on a pro-forma basis, positioning it as one of the largest publicly traded pure-play digital asset managers globally. A key component of the deal includes a $50 million commitment from an institutional investor, which underscores the confidence in CoinShares’ business model. The firm’s financial performance further supports this optimism, with an impressive adjusted EBITDA margin of 76% in the first half of 2025 and recurring free cash flow generation. These metrics highlight the robustness of CoinShares’ business model and its ability to scale profitably.

The U.S. market represents a strategic opportunity for CoinShares, particularly with improving regulatory clarity and growing institutional interest in digital assets. By listing on the Nasdaq, the company aims to capitalize on the increasing demand for crypto-related investment products and the broader trend of tokenization. CoinShares’ existing product suite includes a diverse range of crypto ETPs, crypto indices ETPs, and equity products targeting the digital asset ecosystem. The firm also plans to introduce new offerings tailored to U.S. investors, leveraging its decade of experience and proprietary research capabilities.

CoinShares’ CEO, Jean-Marie Mognetti, emphasized that the move reflects a pivotal moment for digital assets as an investment class. He noted that the U.S. is now the epicenter of digital asset innovation, and a U.S. listing will enhance the company’s credibility, expand its reach, and position it to capture the opportunity in the world’s largest asset management market. The firm’s proven success in Europe, including the expansion of its product suite from four products in 2021 to 32 across four platforms, underscores its ability to execute on its growth strategy in the U.S.

The transaction is supported by strong institutional backing and a well-capitalized balance sheet, with $411 million in net assets as of June 2025. This financial strength enables CoinShares to pursue both organic growth and strategic acquisitions. The integration of U.S. capital markets access with the firm’s existing operational model is expected to create a powerful growth engine, driven by recurring revenue streams and high-margin operations.

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 (https://finance.yahoo.com/news/coinshares-proposes-change-listing-venue-122100684.html) [3] Crypto Asset Manager CoinShares in U.S. SPAC Deal (https://www.coindesk.com/business/2025/09/08/coinshares-to-go-public-in-u-s-through-usd1-2b-spac-deal-with-vine-hill)