CoinShares Announces $1.2B Nasdaq Debut via SPAC Merger, Eyeing U.S. Expansion

CoinShares, Europe's largest digital asset manager with $10 billion in assets under management, plans to go public in the U.S. through a $1.2 billion merger with Nasdaq-listed SPAC Vine Hill Capital. The move signals a strategic shift from Stockholm to Wall Street as the firm seeks global dominance in crypto asset management.

The company holds a 34% market share in Europe and ranks as the fourth-largest digital asset ETP manager worldwide, trailing only BlackRock, Grayscale, and Fidelity. Its product lineup has expanded from four offerings in 2021 to 32 today, fueling a tripling of assets under management over two years.

CEO Jean-Marie Mognetti framed the Nasdaq listing as a gateway to global leadership, citing the U.S. as the epicenter of digital asset innovation. CoinShares operates with industry-leading margins, reporting 76% adjusted EBITDA in H1 2025, supported by a diversified model combining recurring fees and trading revenue.