CoinShares moves to go public in the U.S. through a $1.2 billion Nasdaq SPAC deal. (Shutterstock)The company, headquartered in Jersey and listed on Nasdaq Stockholm under the ticker CS, is recognized as the fourth-largest manager globally of crypto exchange-traded products, trailing only BlackRock, Grayscale, and Fidelity. In Europe, it holds a commanding 34% market share. With approximately US$10 billion in assets under management on a pro-forma basis, CoinShares has more than tripled its assets over the last two years, driven by robust investor inflows, favorable crypto pricing, and successful product launches.
The agreement to merge with Vine Hill, a special-purpose acquisition company trading on Nasdaq under the ticker VCIC, marks a major step in CoinShares’ plan to enter the U.S. market. The deal is backed by an equity commitment from an institutional investor, highlighting strong support for the company’s expansion strategy.
Jean-Marie Mognetti, Co-Founder and CEO of CoinShares, emphasized that this move represents much more than a change in listing venue. “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, supported by favorable regulatory tailwinds,” he said. He added that the company’s European playbook, built and refined over a decade, is proven and effective, and that CoinShares is now deploying this experience to bring a new suite of products to American investors. “A U.S. listing will reinforce our credibility, expand our reach, and position us to capture the opportunity in the world’s largest asset management market.”
Nicholas Petruska, CEO of Vine Hill, also expressed confidence in the merger, noting that “CoinShares exemplifies everything we look for in a high-value investment: market leadership, a proven, scalable business model, a massive and expanding addressable market, and a team with the proven ability to execute.”
CoinShares has maintained financial resilience and operational strength through a high-margin, fee-based revenue model. The company’s operating structure continues to generate healthy cash flows, supporting reinvestment and selective acquisitions. Over recent years, it has significantly broadened its product suite, expanding from a small set of initial offerings to a diverse range across multiple platforms, including physical crypto ETPs, crypto indices, equity products, and altcoin exposures. Its CoinShares Physical platform has established itself as one of the fastest-growing crypto ETPs in Europe, reflecting strong investor demand and the firm’s ability to scale new products successfully.
The timing of the U.S. listing aligns with increasing regulatory clarity in digital assets, such as the advancement of the CLARITY Act and reforms around crypto ETPs. CoinShares is positioning itself to introduce next-generation digital asset products, like altcoin ETPs, beyond conventional beta exposures, leveraging its industry experience and capital markets expertise. With over a decade in digital asset investment, the firm enters a highly competitive market at an opportune moment, especially given the U.S.’s central role in global asset management.
The boards of both CoinShares and Vine Hill have unanimously approved the merger, which is expected to close by the end of the fourth quarter of 2025. The transaction remains subject to shareholder and regulatory approvals as well as customary closing conditions.
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