U.S. Inroads for Cryptocurrency Powerhouse CoinShares, Pursued Through a $1.2 Billion Merger in the States

CoinShares to Go Public in US via SPAC Merger with Vine Hill Capital

CoinShares International Limited, a leading player in the crypto asset management industry, has announced a definitive business combination agreement with Vine Hill Capital Investment Corp. This move will see the company going public in the United States via a Special Purpose Acquisition Company (SPAC) merger.

Founded in 2013, CoinShares boasts a diversified product suite of 32 crypto exchange-traded products (ETPs) across multiple platforms. These cover a range of digital assets such as Bitcoin, Ethereum, Solana, and others. The company's growth has been impressive, with assets under management more than tripling over the past two years, currently standing at approximately $10 billion.

In Europe, CoinShares holds the number one position with a 34% market share. Globally, the company ranks as the fourth-largest provider of crypto ETPs. In July, CoinShares secured a MiCA license to offer crypto services across Europe, with the financial regulator of France granting the permit.

The crypto asset management market is expected to continue expanding at a compound annual growth rate of 24.61% through 2030. In 2024, the market had grown from $857.09 million in 2023 to $1.06 billion. Global crypto ETP assets under management surged to $134.5 billion by Q4 2024, representing a 950% increase year-over-year.

Jean-Marie Mognetti, CEO and co-founder of CoinShares, described the transaction as a strategic transition for the company, accelerating its ambition for global leadership. Mognetti also stated that the US is serving as the crucible of the digital asset space, positioning CoinShares to meet growing investor demand and to participate more fully in the evolution of this new industry.

The boards of both CoinShares and Vine Hill have unanimously approved the business combination. The transaction is supported by a $50 million anchor investment from an institutional investor. Nasdaq has filed an SEC proposal to enable tokenized securities trading, which could further boost the growth of the crypto asset management market.

The merger will result in CoinShares listing on the Nasdaq Stock Market in the United States. Following the completion of the transaction, CoinShares intends to delist from Nasdaq Stockholm and begin trading on the US Nasdaq by December 18, 2025. The transaction between CoinShares and Vine Hill is expected to close by the end of the fourth quarter of 2025.

In the second quarter of 2025, CoinShares reported net profit of $32.4 million and asset management fees of $30.0 million. The transaction values CoinShares at $1.2 billion on a pre-money basis.

Mognetti expressed his enthusiasm for the future, stating, "This strategic transition for CoinShares will accelerate our ambition for global leadership in the digital asset space. We are excited to meet the growing investor demand in the US and to participate more fully in the evolution of this new industry."

U.S. Inroads for Cryptocurrency Powerhouse CoinShares, Pursued Through a $1.2 Billion Merger in the States