CoinShares set to go public in US via $1.2 billion SPAC merger with Nasdaq-listed Vine Hill

European crypto asset manager CoinShares, which manages around $10 billion in AUM, is set to go public in the U.S. via a merger with the Nasdaq-listed special purpose acquisition company Vine Hill.

The transaction values CoinShares at $1.2 billion pre-money on a pro-forma basis, anchored by a fundamental institutional investor committing to invest $50 million in common equity, the firm said in a  statement on Monday.

The deal will position CoinShares as one of the largest publicly traded digital asset managers, ranking among the top four by crypto exchange-traded product AUM globally, alongside BlackRock, Fidelity, and Grayscale, and first in Europe with a 34% market share.

The transaction is expected to fuel CoinShares' strategic international expansion and enable U.S. investors to participate more directly in its global growth, the firm said.

CoinShares is headquartered in the British Crown Dependency of Jersey, but is currently listed on Nasdaq Stockholm in Sweden.  CoinShares previously confirmed it was preparing for a U.S. listing, aiming to capitalize on stronger valuations and a favorable regulatory environment to unlock its next phase of growth.

"This transaction represents far more than a change of listing venue from Sweden to the United States," CoinShares CEO and co-founder Jean-Marie Mognetti said. "It signals a strategic transition for CoinShares, accelerating our ambition for global leadership, supported by favorable regulatory tailwinds. 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. There is no going back."

"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," Vine Hill CEO Nicholas Petruska added.

At closing, CoinShares and Vine Hill securityholders will swap their securities for shares in the newly formed Odysseus Holdings Limited. The boards of CoinShares and Vine Hill have unanimously approved the business combination, which is expected to close by the end of the fourth quarter, pending shareholder and regulatory approvals, alongside other customary conditions.

Significant growth ahead of US expansion

The move comes amid a period of significant growth for the firm, more than tripling its AUM over the past two years, driven by strong inflows, favorable digital asset prices, and successful new product launches.

Last month, CoinShares posted a $32.4 million net profit in the second quarter as rising crypto prices drove record inflows into its physically backed exchange-traded products. 

Those inflows were supported by the Valkyrie ETFs brand, including its Bitcoin and Ethereum products, officially transitioning to the unified CoinShares brand following its previous acquisition. 

CoinShares' Ethereum staking revenue and crypto treasury strategy also contributed to a strong quarter.