CoinShares To List On Nasdaq Via SPAC At $1.2B Valuation, Targets U.S. Expansion
CoinShares International Limited, the leading European digital-asset asset manager with approximately US$10 billion in assets under management (AuM), has agreed to combine with Vine Hill Capital Investment Corp. (NASDAQ: VCIC). The business combination will list CoinShares on the Nasdaq Stock Market in the U.S. at a US$1.2 billion pre-money equity value, supported by a US$50 million anchor investment from a fundamental institutional investor.
Deal Overview
Under the definitive agreement, securityholders of CoinShares and Vine Hill will platform into a new holding company, Odysseus Holdings Limited. The parties expect the transaction to close by Q4 2025, subject to shareholder and regulatory approvals and other customary conditions. CoinShares—already listed on Nasdaq Stockholm (CS) and OTCQX (CNSRF)—will add a U.S. Nasdaq listing to broaden investor access and distribution.
- Valuation: ~US$1.2B pre-money on a pro-forma basis
- Anchor Capital: US$50M common equity commitment
- Ticker Migration: U.S. Nasdaq listing via SPAC; existing Stockholm/OTCQX listings remain until further notice
- NewCo: Odysseus Holdings Limited as the combined listed entity
Why It Matters
CoinShares ranks among the top four managers globally by crypto ETP AuM—alongside BlackRock, Fidelity, and Grayscale—and holds the #1 market position in Europe with 34% share. AuM has more than tripled in two years, driven by net inflows, supportive digital-asset prices, and new product launches. Management says a U.S. listing will assist it scale distribution, launch next-gen products, and capture growing U.S. demand for digital asset exposure and tokenization answers.
“This is more than a change of listing venue—it accelerates our ambition for global leadership,” said Jean-Marie Mognetti, CEO & Co-Founder of CoinShares. “Our proven European playbook will now be deployed to bring a new suite of products to American investors.”
Financial Profile And Valuation
CoinShares highlights a highly recurring, fee-based revenue model with strong profitability and cash generation:
- Margins: ~76% Adjusted EBITDA margin in 1H 2025 and ~68% in CY2024
- Balance Sheet: Net asset position of ~US$411 million as of June 2025
- Growth: AuM up >200% over two years on inflows, pricing, and product expansion
- Product Suite: Expanded from 4 products (2021) to 32 products across 4 platforms, including CoinShares Physical, described as Europe’s quickest-growing digital-asset ETP platform (revenue up 5.4x from 2023 through Q2 2025)
On deal metrics, the transaction implies ~7.3x EV/CY2024 EBITDA and ~10.7x P/E, below a peer set cited at ~20.9x and ~25.4x, respectively.
U.S. Strategy And Product Roadmap
CoinShares says the U.S. listing will support the rollout of next-generation digital-asset products that go beyond beta exposure to BTC and ETH. Drawing on proprietary research and capital-markets expertise, the firm plans to target institutional and retail demand across:
- Crypto ETPs: BTC, ETH, Solana, and diversified baskets
- Index & Thematic Products: Broader digital-asset ecosystem exposures
- On-Chain And Tokenization: products, aligned with improving U.S. regulatory clarity
“CoinShares brings market leadership, scale, and a recurring fee model,” said Nicholas Petruska, CEO of Vine Hill. “Combined with U.S. capital-markets access, this creates an engine for durable growth.”
Governance, Timeline, And Advisors
The boards of both companies have unanimously approved the transaction. Closing is targeted for late 2025 following required approvals. Stifel and Keefe, Bruyette & Woods (KBW)</strong), a Stifel company, are financial advisors and sole placement agent to CoinShares. White & Case LLP and Carey Olsen advise CoinShares; Paul Hastings LLP advises Vine Hill; and Latham & Watkins LLP advises Stifel.
