TLDR
- CoinShares goes public in U.S. via $1.2B Vine Hill SPAC merger
- CoinShares to list on Nasdaq as Odysseus Holdings in $1.2B deal
- $10B CoinShares enters U.S. market with Vine Hill merger & Nasdaq listing
- CoinShares eyes U.S. growth with $1.2B SPAC deal and Nasdaq debut
- Digital asset giant CoinShares to list in U.S. as Odysseus Holdings
CoinShares has signed a definitive agreement to go public in the U.S. through a business combination with Vine Hill Capital Investment Corp. The transaction values CoinShares at $1.2 billion pre-money, creating one of the largest digital asset managers to be listed globally. The move marks a strategic transition for CoinShares as it targets U.S. capital markets and expands global access.
CoinShares to Trade on Nasdaq Under Odysseus Holdings
CoinShares will become publicly listed in the U.S. under a new holding entity, Odysseus Holdings Limited, after merging with Vine Hill. The agreement has received unanimous approval from both companies’ boards and is set to close by the end of 2025. Subject to regulatory and shareholder approvals, this business combination will migrate CoinShares’ listing from Stockholm to Nasdaq.
This transition is expected to enhance CoinShares’ visibility and credibility in the world’s largest capital market. U.S. investors will gain broader access to its diverse suite of crypto-linked products. The combined company aims to leverage U.S. regulatory clarity and accelerating institutional adoption of digital assets.
CoinShares currently trades on Nasdaq Stockholm and the U.S. OTCQX, managing approximately $10 billion in assets. The firm has achieved this scale through product innovation, organic growth, and favorable market conditions. The U.S. listing will serve as a growth catalyst to build further on this strong foundation.
Strengthening Global Market Position with Proven Strategy
CoinShares holds a 34% market share in the EMEA region and is the fourth-largest manager of crypto exchange-traded products globally. By mid-2025, the company expanded its product range from just four in 2021 to 32 offerings across four major platforms. Its CoinShares Physical platform is currently the fastest-growing ETP platform in Europe, recording 5.4x revenue growth.
The business model combines high margins with strong cash flows, highlighted by a 76% adjusted EBITDA margin in the first half of 2025. CoinShares operates with a net asset position of $411 million, which supports both organic initiatives and acquisitions. Its diversified client base includes institutional partners, private banks, and digital brokerages.
CoinShares continues to benefit from recurring fee-based revenues, supplemented by trading and investment activities. This hybrid model has enabled consistent profitability, positioning the firm competitively alongside giants like BlackRock, Fidelity, and Grayscale. The expected U.S. entry reinforces its international expansion goals.
Tapping Into U.S. Demand for Digital Asset Products
CoinShares plans to introduce advanced digital asset products to U.S. markets, backed by proprietary research and a decade of experience. With the U.S. seeing regulatory shifts and innovation in crypto finance, CoinShares aims to capitalize on these developments. The firm is preparing to meet increasing demand for tokenized real-world assets and on-chain financial instruments.
The company expects to see strong adoption of its ETPs and equity-based offerings in the U.S. market. Its entry coincides with a broader recovery in retail and institutional interest in digital assets. CoinShares sees this as a prime opportunity to build long-term U.S. market share.
CoinShares anticipates accelerated growth and global competitiveness. The merger improves distribution channels and solidifies CoinShares’ role as a leader in digital asset management. This step opens a new chapter in CoinShares’ international journey.
