CoinShares to list on Nasdaq through $1.2 billion SPAC deal

SAINT HELIER/FORT LAUDERDALE - CoinShares International Limited, Europe’s leading digital asset manager with approximately $10 billion in assets under management and a current market capitalization of $305.65 million, announced Monday it has entered a definitive business combination agreement with Vine Hill Capital Investment Corp. to list on the Nasdaq Stock Market in the United States.

The transaction values CoinShares at $1.2 billion pre-money on a pro-forma basis and is expected to close by the end of the fourth quarter of 2025, subject to shareholder and regulatory approvals.

According to the press release, CoinShares ranks as the fourth-largest manager of digital asset exchange-traded products globally behind BlackRock, Grayscale, and Fidelity, and holds the top position in Europe with a 34% market share. InvestingPro analysis shows the company maintains a strong financial health score of 2.26, with several positive indicators including profitability and strong liquidity metrics.

The company has seen significant growth with its assets under management more than tripling over the past two years through investor inflows, rising digital asset prices, and new product launches.

"This transaction represents far more than a change of listing venue from Sweden to the United States," said Jean-Marie Mognetti, CEO and Co-Founder of CoinShares. "It signals a strategic transition for CoinShares, accelerating our ambition for global leadership, supported by favorable regulatory tailwinds."

The deal includes a $50 million equity investment from an institutional investor. Upon closing, securityholders of both companies will exchange their securities for shares in a new combined entity, Odysseus Holdings Limited. The company’s current ratio of 3.5 indicates strong liquidity, with liquid assets well exceeding short-term obligations.

CoinShares reported a 76% adjusted EBITDA margin in the first half of 2025 and 68% for calendar year 2024, according to the company statement.

The boards of directors of both CoinShares and Vine Hill have unanimously approved the business combination. CoinShares is currently listed on Nasdaq Stockholm under the ticker CS and trades on the OTCQX under CNSRF.

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