CoinShares Seeks U.S. Listing to Expand Global Crypto Dominance

CoinShares, a European-based crypto asset manager with approximately $10 billion in assets under management (AUM), is preparing to go public in the United States through a merger with Vine Hill, a Nasdaq-listed special purpose acquisition company (SPAC). The deal, valued at $1.2 billion pre-money, will list the firm on the Nasdaq and position it as one of the largest publicly traded digital asset managers globally [1].

This merger is expected to significantly expand CoinShares’ international footprint and provide U.S. investors with greater access to its products. The firm is currently listed on Nasdaq Stockholm and is headquartered in Jersey, a British Crown Dependency. The move to the U.S. follows a strategic shift to capitalize on stronger market valuations and a more favorable regulatory environment, aligning with the firm’s broader goal of global leadership in the digital asset space [1].

CoinShares already ranks among the top four digital asset managers globally in terms of exchange-traded product (ETP) AUM, alongside BlackRock, Fidelity, and Grayscale. In Europe, the firm holds a 34% market share, underscoring its dominant position in the region. The merger will also involve the formation of Odysseus Holdings Limited, with securities from both CoinShares and Vine Hill being exchanged for shares in the new entity [1].

According to the firm, the growth trajectory has been robust, with AUM more than tripling over the past two years. This has been driven by rising digital asset prices, strong investor inflows, and successful product launches, including the integration of the Valkyrie ETFs brand under the CoinShares umbrella. In the most recent quarter, the company reported a net profit of $32.4 million, with record inflows into its physically backed ETPs contributing to the performance [1].

The transaction has received unanimous board approval and is expected to close by the end of the fourth quarter, pending necessary regulatory approvals and customary conditions. Jean-Marie Mognetti, CEO and co-founder of CoinShares, emphasized that this is not merely a change of listing venue, but a strategic transition to strengthen the firm’s global presence and accelerate its growth ambitions. Nicholas Petruska, CEO of Vine Hill, echoed these sentiments, highlighting CoinShares’ strong market position and scalable business model as key factors in the investment decision [1].

Source: [1] CoinShares set to go public in US via $1.2 billion SPAC merger with Nasdaq-listed Vine Hill (https://www.theblock.co/post/369821/coinshares-set-to-go-public-in-us-via-1-2-billion-spac-merger-with-nasdaq-listed-vine-hill)