CoinShares to List on Nasdaq in $1.2B SPAC Deal

     

European crypto asset manager targets US expansion with Vine Hill Capital merger

CoinShares, Europe’s largest crypto asset manager, is set to go public in the United States after striking a $1.2 billion merger deal with Vine Hill Capital, a publicly traded SPAC.

The agreement, announced Monday, will see CoinShares list on the Nasdaq Stock Market, giving US investors direct exposure to its shares while bolstering its global growth strategy. A SPAC listing allows firms to bypass the traditional IPO route by merging with an already public acquisition vehicle.

Eyeing growth in the world’s biggest ETP market

“This transaction represents far more than a change of listing venue from Sweden to the United States,” said CEO Jean-Marie Mognetti. He emphasized that the move positions CoinShares to capture demand in “the world’s largest asset management market” while accelerating its push for global leadership.

CoinShares manages around $10 billion in assets, making it the fourth-largest crypto ETP provider globally behind BlackRock, Grayscale, and Fidelity, while holding a dominant 34% market share in Europe.

The company reported $32.4 million in Q2 2025 profits, with AUM climbing 26% to $3.46 billion, driven by Bitcoin and Ether appreciation.

Fresh capital and merger timeline

The SPAC merger includes a $50 million anchor investment from an institutional backer, providing additional capital to support expansion.

“The case for digital assets as an investment class and blockchain as a transformative technology has reached a decisive inflection point and can no longer be ignored,” Mognetti said.

Pending regulatory and shareholder approvals, the transaction is expected to close later in 2025.