CoinShares, a leading European asset manager specialising in digital assets, announced its plan to list on the Nasdaq Stock Market through a definitive business combination with the special purpose acquisition company (SPAC) Vine Hill Capital Investment Corporation.
Announced in a statement on September 8, the transaction values CoinShares at an impressive $1.2 billion and is expected to close by the end of 2025. The listing should help to fuel CoinShares’ expansion into the US market and allow American investors to participate in its global growth.
“This transaction represents far more than a change of listing venue from Sweden to the US,” said Jean-Marie Mognetti, CEO and co-founder of CoinShares. “It signals a strategic transition for CoinShares, accelerating our ambition for global leadership, supported by favorable regulatory tailwinds. There is no going back.”
Mognetti emphasised that the US is now a “crucible” for the digital asset space and that the listing will reinforce the company’s credibility and expand its reach.
With approximately $10 billion in assets under management (AuM), CoinShares is a major player in the digital asset space. The company ranks as the fourth-largest manager of crypto exchange-traded products (ETPs) globally, behind industry heavyweights like BlackRock, Fidelity, and Grayscale.
In Europe, it holds the top spot with a dominant 34% market share.
CoinShares has been publicly traded in Sweden for several years. The company initially listed on the Nasdaq First North Growth Market in March 2021 before moving to the main Nasdaq Stockholm market in December 2022.
Since then, the company has seen a period of remarkable growth, with its AuM more than tripling over the last two years. This surge has been driven by strong investor inflows, favorable digital asset pricing, and successful new product launches.
The US Nasdaq listing will allow CoinShares to deploy its proven European “playbook” to the much larger market, which accounts for over half of all global assets under management.
“CoinShares’s proven EMEA playbook and expertise… combined with US capital markets access and distribution, creates an unstoppable growth engine,” said Nicholas Petruska, CEO of Vine Hill, who praised CoinShares’ business model, noting its market leadership, scalability, and consistent profitability.
He pointed to the company’s attractive margins, which stood at a high 68% in 2024.
Transaction details
The business combination will result in a new combined company, Odysseus Holdings, with CoinShares becoming publicly listed on the Nasdaq.
The transaction is anchored by a fundamental institutional investor who has committed $50 million in common equity.
Over the years, CoinShares has diversified product suite to include crypto ETPs for popular assets like Bitcoin, Ethereum, and Solana, as well as crypto index ETPs and equity products. The company’s strong cash generation from a recurring fee-based revenue model supports both organic growth and strategic acquisitions.
The deal is subject to shareholder and regulatory approvals and is expected to close in the final quarter of 2025. Investors can find additional information about the transaction on the company’s dedicated investor relations websites.
Favorable regulatory winds
The digital asset space in the US is moving to one of increasing clarity. The current administration and Congress have taken steps to create a more welcoming environment for digital assets.
This includes the passage of new legislation like the Guiding and Establishing National Innovation for US Stablecoins Act and the Digital Asset Market Clarity Act in July 2025. These acts aim to create a federal framework for stablecoins and clarify the legal status of digital assets, respectively.
The SEC and CFTC, which have historically had competing jurisdictional claims over digital assets, are now also working more closely together. A joint statement issued by the agencies’ staffs in September 2025 clarified that current law does not prohibit registered exchanges from trading certain spot crypto asset products.
As a foreign company, CoinShares must also comply with Nasdaq’s listing standards. While the company’s valuation of $1.2 billion and strong financial performance easily meet the standard financial requirements, Nasdaq has also been tightening its rules for companies in the crypto space.
The exchange is reportedly requiring stricter disclosures from companies with significant cryptocurrency holdings and pushing for clearer rules regarding shareholder votes for certain deals.
