European digital asset manager CoinShares has announced plans to go public in the United States through a $1.2 billion merger with Vine Hill Capital Investment, a publicly traded special purpose acquisition company (SPAC). The deal will see CoinShares listed on the Nasdaq Stock Market, expanding its global footprint and offering US investors direct access to its shares.
A Fast Track to the US Market
SPACs, often referred to as “blank check companies,” are created to merge with existing businesses, allowing them to bypass the lengthy and expensive traditional initial public offering (IPO) process. For CoinShares, this structure accelerates its entry into the US, the world’s largest market for exchange-traded products (ETPs).
“This transaction represents far more than a change of listing venue from Sweden to the United States,” said Jean-Marie Mognetti, CoinShares co-founder and CEO. “It signals a transition for CoinShares, aiming to accelerate our ambition for global leadership.”
The deal underscores CoinShares’ intent to capture demand among American investors and strengthen its positioning against heavyweights like BlackRock, Grayscale, and Fidelity.
CoinShares’ Growing Market Influence
CoinShares currently manages around $10 billion in assets, making it the fourth-largest provider of crypto ETPs globally. In Europe, it dominates with a 34% share of assets under management (AUM).
The company’s recent earnings highlight this momentum. In the second quarter of 2025, CoinShares reported $32.4 million in profits and a 26% increase in AUM to $3.46 billion, driven largely by rising valuations in Bitcoin (BTC $112,334) and Ethereum (ETH $4,337).
Mognetti emphasized that the merger comes at a time when digital assets are increasingly recognized as a legitimate investment class: “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.”
Anchor Investment and Closing Timeline
The merger is backed by a $50 million anchor investment from an institutional partner, providing fresh capital and liquidity to support CoinShares’ US expansion. Once completed, the listing is expected to unlock broader access for American investors seeking exposure to crypto-related financial products.
The agreement, however, remains subject to both regulatory and shareholder approvals. CoinShares anticipates the transaction will close later in 2025.
CoinShares’ Nasdaq debut represents a landmark step for a European crypto asset manager, aligning it with the global financial center of digital investment products. By moving into the US market, the firm positions itself to scale alongside both traditional finance giants and crypto-native competitors.
If successful, the $1.2 billion merger with Vine Hill Capital could solidify CoinShares’ role as a bridge between European leadership and US market opportunity, cementing its place in the rapidly evolving landscape of institutional crypto investing.
