CoinShares to List on Nasdaq Through $1.2 Billion SPAC Merger
European crypto asset manager CoinShares has entered a definitive merger agreement with Vine Hill Capital Investment, a publicly traded special purpose acquisition company (SPAC), marking a strategic move to list on the US Nasdaq Stock Market.
The transaction values CoinShares at $1.2 billion prior to new investments, providing the company with direct access to US investors and supporting its global expansion plans. By merging with a SPAC, CoinShares bypasses the traditional initial public offering (IPO) process, accelerating its public listing.
Strategic US Market Entry to Leverage Largest ETP Market
CoinShares co-founder and CEO Jean-Marie Mognetti emphasized that the deal represents more than a listing venue change. It signals a pivotal step toward establishing global leadership in digital asset management, enabling the firm to capture investor demand in the world’s largest asset management market.
Currently managing approximately $10 billion in assets, CoinShares ranks as the fourth-largest provider of cryptocurrency exchange-traded products (ETPs), trailing only BlackRock, Grayscale, and Fidelity. The company holds a dominant 34% market share in European crypto ETP assets under management (AUM).
Strong Financial Performance and Growth Drivers
In its second quarter of 2025, CoinShares reported profits of $32.4 million and a 26% increase in AUM to $3.46 billion, driven primarily by appreciation in Bitcoin and Ether prices. This performance underscores the company’s robust position amid fluctuating crypto markets.
Merger Details and Future Outlook
The merger includes a $50 million anchor investment from an institutional backer, injecting fresh capital to support expansion and enhance access to US capital markets. Subject to regulatory and shareholder approvals, the deal is expected to close later in 2025.
“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 stated, highlighting the strategic importance of this listing.
FinOracleAI — Market View
The announcement of CoinShares’ planned Nasdaq listing via a $1.2 billion SPAC merger is likely to have a positive short-term market impact. The move significantly enhances the company’s visibility and access to the largest asset management market, potentially attracting new institutional investors. However, the completion of the merger is contingent on regulatory approval, which presents a risk to the timeline. Investors should monitor regulatory developments and the company’s quarterly performance to gauge momentum post-listing.
Impact: positive
