CoinShares eyes Nasdaq in $1.2 billion SPAC deal with Vine Hill

Europe’s largest digital asset managers, CoinShares, Vine Hill Capital Investment Corp. (a Nasdaq-listed SPAC), and Odysseus Holdings (a newly formed Jersey vehicle) have jointly announced a new business combination. This will shift CoinShares’ listing from Nasdaq Stockholm to the Nasdaq Stock Market in the United States. The transaction, valued at $1.2 billion pre-money, was revealed via press release on September 8, 2025.

Capital injection & expansion goals

The transaction will also include a private placement of ~$50 million, as CoinShares aims to bolster shareholder value and support future M&A initiatives. The company has shown strategic intent to accelerate expansion across the U.S. and EMEA while maintaining its focus on regulated institutional digital-asset solutions. This will make CoinShares one of the largest publicly traded digital asset managers globally.

CoinShares CEO Jean-Marie Mognetti commented that this move signals more than a listing change. “ 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,” he added.

Vine Hill CEO Nicholas Petruska noted that CoinShares embodies the ideal SPAC target. “CoinShares’s proven EMEA playbook and expertise featuring a recurring fee-based revenue model supplemented with strong historical gains and income from a variety of trading activities which together have resulted in a consistently impressive ~70% adjusted EBITDA margins in CY2024, combined with U.S. capital markets access and distribution, creates an unstoppable growth engine.”

Robust market position & growth

Founded in 2013, CoinShares International Limited is a leading European digital-asset manager offering investment management, trading, and securities solutions across corporations, financial institutions, and individuals. It holds a dominant 34% market share in EMEA crypto ETPs. It manages approximately US$10 billion in assets under management, and is among the top four global crypto ETP providers behind BlackRock, Grayscale, and Fidelity.

Vine Hill Capital Investment Corp. is a special purpose acquisition company (SPAC) listed on Nasdaq under the ticker ‘VCIC’. As a SPAC, it is formed to merge with high-growth companies and provide them access to U.S. capital markets.

The boards of directors of both CoinShares and Vine Hill have unanimously approved the Business Combination, which is expected to close by the end of the fourth quarter of 2025. The transaction is also subject to shareholder approvals, regulatory approvals, and other customary closing conditions.

Crypto firms listing via SPAC

The move follows a broader trend of crypto and digital-asset companies pursuing U.S. listings. Recently, blockchain lender Figure Technologies went down that road with a $4.1 billion valuation via a U.S. IPO. Digital Currency Group (DCG), the parent of Grayscale, is also reportedly considering a $500 million IPO in Hong Kong.