CoinShares to Go Public in U.S. Through $1.2B SPAC Deal With Vine Hill




CoinShares to Go Public in U.S. Through $1.2B SPAC Deal With Vine Hill

Key Takeaways

• CoinShares is going public in the U.S. via a $1.2 billion SPAC merger with Vine Hill Capital Investment Corp. 
• The listing will shift from Sweden to Nasdaq, giving CoinShares access to U.S. capital markets. 
• The firm already manages $10 billion in ETPs and holds a 34% market share across EMEA.

CoinShares is making its boldest move yet. The European asset manager, already the largest in digital assets across EMEA, is preparing to go public in the United States through a $1.2 billion merger with Vine Hill Capital Investment Corp. (VCIC).

The deal shifts its listing from Sweden to New York, putting CoinShares in front of the world’s biggest capital market. It also highlights how digital asset managers are stepping out of niche markets and entering mainstream finance.

A Nasdaq Debut

CoinShares will soon trade on Nasdaq under a new parent company, Odysseus Holdings Limited. For a firm that already manages $10 billion in exchange-traded products, the move feels like a natural progression.

With a 34% market share, CoinShares has become the go-to name for crypto ETPs. Its product line covers bitcoin, ether, solana, and several other tokens, spread across 32 different exchange-traded products.

Globally, the firm now ranks as the fourth-largest provider of digital asset ETPs, only behind giants like BlackRock, Grayscale, and Fidelity. For CoinShares, joining Nasdaq is less about survival and more about positioning. It’s about meeting investors where they are.

A Turning Point for Digital Assets

Chief Executive Jean-Marie Mognetti believes the timing is right. He sees the U.S. finally laying down clearer rules for crypto, a signal that digital assets are moving into a new era.

“The case for digital assets as an investment class has reached a decisive inflection point,” he said. “A U.S. listing will reinforce our credibility and expand our reach.”

For CoinShares, credibility matters. In two years, the firm has seen assets under management more than triple. That growth reflects not only rising adoption of crypto ETPs but also trust in CoinShares as a reliable issuer. By crossing into the U.S. market, the firm is betting that institutional investors are ready to take a bigger bite of crypto-linked products.

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Strong Financials

One thing that sets CoinShares apart is its profitability. In the first half of 2025, the company posted an adjusted EBITDA margin of 76%. For context, many traditional asset managers would be pleased with half that figure.

The margin reflects not just rising demand but also a lean business model. It shows CoinShares is not chasing growth at all costs. Instead, it has scaled operations carefully while maintaining high efficiency.

In an industry where firms often burn cash to grab market share, CoinShares’ financial performance makes it stand out. Investors looking at the Nasdaq debut will likely see this as proof of stability.

What the Deal Brings

The SPAC deal with Vine Hill gives CoinShares more than a new listing. It opens doors to U.S. capital pools, deeper liquidity, and stronger institutional networks. For investors, it creates an easier way to access a proven crypto asset manager through the Nasdaq.

Pending approvals, the deal is expected to close before the end of 2025. Once completed, CoinShares will rebrand under Odysseus Holdings Limited, a name meant to signal global ambition.

The firm said the move is not just about scaling but also about cementing its role as a bridge between traditional finance and the emerging world of digital assets.

A Broader Trend

CoinShares is not alone. Across the globe, digital asset firms are seeking U.S. listings. The reasoning is simple: legitimacy. Nasdaq remains the gold standard for global investors. A presence there signals that a firm is ready to play at the highest level.

For CoinShares, the timing lines up with broader industry shifts. Regulatory frameworks are slowly taking shape. Institutional investors, once hesitant, are beginning to see digital assets as long-term portfolio diversifiers. And capital markets are watching closely for winners in the space.

By locking in a $1.2 billion pre-money valuation, CoinShares has positioned itself as one of those winners. The listing won’t eliminate challenges. Competition from U.S. giants is fierce. Regulation, while clearer, still evolves quickly. But for now, the move is a clear vote of confidence in both CoinShares and the future of crypto investment products.

With $10 billion already under management, 34% EMEA market dominance, and profitability to match, CoinShares enters Nasdaq with momentum. The big question now is how far it can go once it has direct access to the world’s largest pool of investors.

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