TL;DR
- CoinShares will go public in the U.S. through a merger with Vine Hill Capital Investment Corp., in a deal that values the company at $1.2B.
- The company will shift its listing from Nasdaq Stockholm to Nasdaq New York under Odysseus Holdings Limited, with the closing expected by the end of 2025.
- The firm manages $10B in crypto ETPs, holds a 34% market share in EMEA, and has secured the backing of 85% of its shareholders along with $50M from an institutional investor.
CoinShares, one of Europe’s largest digital asset managers, is preparing its U.S. listing through a merger with Vine Hill Capital Investment Corp., a special purpose acquisition company.
The agreement sets a pre-transaction valuation of $1.2B and will transfer the company’s listing from Nasdaq Stockholm to Nasdaq New York under a new entity called Odysseus Holdings Limited. The closing is scheduled for the final quarter of 2025 and has the support of both companies’ boards as well as the approval of the majority of CoinShares’ shareholders.
The deal includes a commitment from an institutional investor who will contribute $50M in equity, strengthening the financial structure of the project. According to the company, around 85% of shareholders have already backed the plan, easing the pending approval process with U.S. regulators.
CoinShares Holds 34% of the Market
CoinShares manages approximately $10B in digital assets through a range of exchange-traded products that include 32 instruments tied to bitcoin, ethereum, solana, and other cryptocurrencies. The firm controls 34% of the market share in Europe, the Middle East, and Africa, placing it as the fourth-largest global provider of such products, behind BlackRock, Grayscale, and Fidelity. Its scale and profitability make it one of the most established managers in the industry, with an adjusted EBITDA margin of 76% in the first half of 2025 and asset growth exceeding 200% over the last two years.
The shift to the U.S. market aims to attract new investors in the world’s largest financial hub, which accounts for more than half of global assets under management. Jean-Marie Mognetti, CEO and co-founder of CoinShares, stated that the U.S. regulatory environment provides greater clarity for the expansion of crypto-linked products. He emphasized that the company seeks to strengthen its international standing by tapping into the growing interest from institutional and retail wealth managers.
The deal comes in a year marked by multiple listings of crypto firms in the U.S., such as Circle and Bullish, which also opted for SPAC mergers. With CoinShares entering Wall Street, the U.S. market gains a European heavyweight in digital asset management
