CoinShares is making a $1.2 billion move into the
United States with a Nasdaq listing through a merger with Vine Hill Capital
Investment Corp. The deal, backed by a $50 million equity commitment from an
institutional investor, is set to close by year-end pending approvals.
A Strategic Shift to the U.S.
According to the company, the transaction will create Odysseus Holdings Limited,
which will trade on Nasdaq once the merger closes. CoinShares, already listed
in Stockholm, said the move positions it to scale in the U.S. as regulatory
clarity improves and investor demand grows.
CoinShares manages about $10 billion in assets, making
it the fourth-largest manager of digital asset exchange-traded products
globally behind BlackRock, Fidelity, and Grayscale. It holds a 34% market share
in Europe.
Assets under management have tripled over the past two
years on strong inflows and new product launches. The firm expanded from four
products in 2021 to 32 across four platforms by mid-2025.
Leadership Views
Mognetti said a U.S. listing will add credibility and
expand reach in the world’s largest asset management market. Vine Hill CEO Nicholas Petruska said the company’s
scale, recurring revenues, and profitability make it “an unstoppable growth
engine” when combined with U.S. market access.
The deal values CoinShares at 7.3 times 2024 EBITDA
and 10.7 times earnings, well below sector averages. The $50 million anchor
investment provides additional backing for the listing.
CoinShares aims to bring its European playbook to U.S.
investors, offering a broader range of digital asset products and tapping into
rising institutional demand for tokenized assets. The merger is expected to
close in the fourth quarter of 2025.
Expect ongoing updates as this story evolves.
This article was written by Jared Kirui at www.financemagnates.com.
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