TLDR
- The company manages $10B in digital assets and leads Europe’s ETP market.
- A $50M anchor investment supports CoinShares’ U.S. listing and growth plans.
- The merger is expected to close by the end of Q4 2025, pending approvals.
- CoinShares to Enter US Market Through $1.2B SPAC Merger
CoinShares, a European digital asset manager, has announced a business combination agreement with Vine Hill Capital Investment Corp., a U.S.-based SPAC. This deal will transition CoinShares to the Nasdaq Stock Market, expanding its access to the U.S. financial market.
The transaction values CoinShares at $1.2 billion on a pre-money basis. By joining Nasdaq, CoinShares aims to attract new investors and increase its market visibility in the U.S. The agreement also supports its international growth strategy, targeting the largest global asset management market.
CoinShares CEO Jean-Marie Mognetti stated, “This transaction represents far more than a change of listing venue from Sweden to the United States. It signals a strategic transition for CoinShares, accelerating our ambition for global leadership.”
Strengthening Position in the Global ETP Market
CoinShares ranks as the fourth-largest provider of crypto exchange-traded products (ETPs) globally, following BlackRock, Grayscale, and Fidelity. In Europe, CoinShares leads with a 34% market share. The firm manages approximately $10 billion in digital assets.
Its growth has been driven by rising investor interest in digital assets and successful product launches. In Q2 2025, CoinShares posted a $32.4 million profit and recorded a 26% increase in AUM, which rose to $3.46 billion. This growth reflects strong demand for crypto products and positive market pricing for assets such as Bitcoin and Ethereum.
CoinShares has expanded from a single platform in 2021 to a multi-platform business offering 32 products. Its CoinShares Physical platform is currently one of the fastest-growing digital asset ETP platforms in Europe.
Merger Supported by $50 Million Institutional Investment
The merger includes a $50 million anchor investment from an institutional investor. This capital is expected to support CoinShares’ product development, market entry, and operating scale in the U.S.
Upon completion of the merger, shares of CoinShares and Vine Hill will convert into shares of a new holding company named Odysseus Holdings Limited. This move is subject to regulatory and shareholder approvals and is expected to close by the end of 2025.
Nicholas Petruska, CEO of Vine Hill Capital, commented, “CoinShares exemplifies everything we look for in a high-value investment: market leadership, a proven, scalable business model, and expanding addressable market.”
CoinShares Prepares for Broader U.S. Investor Access
CoinShares intends to leverage its established European strategy to serve the U.S. market. It sees increasing demand for digital asset products beyond traditional crypto exposure. The company also plans to bring tokenization and other advanced offerings to U.S. investors.
With consistent profitability and a recurring revenue model, CoinShares reported a 76% adjusted EBITDA margin in the first half of 2025. The firm is well-positioned to use its cash flow to fund both organic growth and strategic acquisitions. As of June 2025, it held a net asset position of $411 million.
The board of directors from both companies has approved the merger. The deal is expected to enhance CoinShares’ global reach and strengthen its offering in the digital asset space.
