CoinShares Targets U.S. Scale via $1.2B SPAC – Nasdaq Debut in Sight

Europe’s largest digital asset investment firm, CoinShares International Limited, announced a landmark move to list on the Nasdaq Stock Market in the United States through a $1.2 billion merger with Vine Hill Capital Investment Corp.

The firm explained that the deal, structured as a special purpose acquisition company (SPAC) business combination, positions CoinShares as one of the world’s largest publicly traded pure-play digital asset managers with approximately $10 billion in assets under management.

The transaction is expected to close by the end of the fourth quarter of 2025. On completion, securities of CoinShares and Vine Hill will be exchanged for shares in a new combined company, Odysseus Holdings Limited.

Expansion into the U.S.

CoinShares already trades on Nasdaq Stockholm and OTCQX in the U.S., and said the U.S. listing marks more than a shift in venue. The firm views it as a leap into the world’s largest asset management market.

“This transaction signals a strategic transition for CoinShares, accelerating our ambition for global leadership,” said Jean-Marie Mognetti, CEO and Co-Founder of CoinShares.

“The U.S. is now the crucible of the digital asset space, and listing here positions us to capture the opportunity in the world’s largest asset management market, home to over half of global AuM,” added Mognetti.

Market Leadership and Financial Strength

CoinShares has built a dominant position as the fourth-largest manager of digital asset ETPs globally, behind BlackRock, Grayscale, and Fidelity, while holding the number-one spot in EMEA with a 34% market share.

The firm reported that over the past two years, AuM has surged more than 200% on the back of supportive pricing, new product launches, and strong net inflows.

“CoinShares exemplifies everything we look for in a high-value investment: market leadership, a scalable model, and strong profitability. Combined with U.S. market access, it creates an unstoppable growth engine,” said Nicholas Petruska, CEO of Vine Hill.

Positioning for the Next Phase of Growth

CoinShares said it has diversified from four products since 2021 to a 32-product suite spanning crypto ETPs, indices, and equity products tied to the digital asset ecosystem.

With U.S. regulatory clarity improving and investor demand for tokenization and on-chain financial products accelerating, the Nasdaq listing is set to give CoinShares direct access to new capital.

If successful, the transaction will cement CoinShares as a leading global bridge between traditional investors and the rapidly evolving digital asset economy.

CoinShares First Asset Manager in Continental Europe to Gain MiCA Authorisation

In July, CoinShares announced its French subsidiary, CoinShares Asset Management, had received authorisation under the Markets in Crypto-Assets (MiCA) Regulation.

With this latest approval, CoinShares became the first regulated asset management firm in continental Europe to be authorised under MiCA.

The MiCA authorisation adds to CoinShares’ existing regulatory approvals, making it the only asset management firm in continental Europe currently holding all three licences.