CoinShares International Limited (Nasdaq Stockholm: CS, OTCQX: CNSRF), a leading European asset manager focused on digital assets with approximately $10 billion in assets under management (AuM), is set for a significant leap into the U.S. market. The company has agreed to go public in the United States by merging with Vine Hill Capital Investment Corp. (NASDAQ: VCIC), a special purpose acquisition company (SPAC), in a business combination valued at $1.2 billion on a pre-money pro-forma basis.
This move marks a pivotal moment for CoinShares as it seeks to leverage its strong European leadership to capture new opportunities in the world’s largest asset management market. By listing on the Nasdaq Stock Market, CoinShares aims to facilitate broader access for U.S. investors to its full suite of digital asset products and accelerate its international expansion efforts. The transaction has the backing of a key institutional investor committing $50 million in common equity, underscoring confidence in the company’s growth trajectory.
CoinShares holds a prominent position in the digital asset investment landscape, ranking as the fourth-largest manager globally by crypto exchange-traded product (ETP) AuM, behind industry giants BlackRock, Fidelity, and Grayscale. Within Europe, it boasts the number one market share at 34%, reflecting the firm’s decade-plus experience and extensive product development. Over the past two years, the company has more than tripled its AuM through strong investor inflows, favorable market conditions, and the launch of innovative products.
The company’s product lineup has expanded dramatically from just four offerings in 2021 to a diverse suite of 32 products across four platforms today. Notably, its CoinShares Physical platform has emerged as the fastest growing digital asset ETP platform in Europe, delivering 5.4 times revenue growth since 2023. This growth is supported by a broad client base that includes institutions, private banks, wealth management professionals, digital brokerages, and individual investors.
CoinShares operates with a revenue model centered on recurring fee-based income, yielding attractive margins and consistent free cash flow. In the first half of 2025, the company reported an adjusted EBITDA margin of 76%, up from 68% for the full year 2024. Despite its strong profitability and cash generation, CoinShares is valued at a relatively moderate 7.3 times enterprise value to 2024 EBITDA and 10.7 times price to earnings, compared with peer averages of 20.9 and 25.4 respectively. This valuation discrepancy highlights an opportunity for investors focusing on growth and profitability in the digital asset space.
Jean-Marie Mognetti, CEO and Co-Founder of CoinShares, said the deal signals more than a mere change of listing venue. He views it as a strategic inflection point that accelerates the firm’s global ambitions amid a rapidly evolving industry landscape. Mognetti emphasized that the U.S. market has become the center of digital asset innovation and investment demand, making the Nasdaq listing crucial for reaching American investors and expanding the company’s influence.
Nicholas Petruska, CEO of Vine Hill, praised CoinShares for its market leadership and scalable business model. He noted that the company’s proven European approach, combined with its strong fee-based revenue supplemented by trading activities, delivers consistently high adjusted EBITDA margins of around 70%. Petruska added that access to U.S. capital markets and distribution channels will create a powerful engine for growth.
CoinShares intends to capitalize on emerging trends in the U.S. crypto market, including increasing regulatory clarity and landmark legislation that support compliant operators. The company plans to introduce next-generation digital asset products that offer more than basic exposure to cryptocurrencies by incorporating proprietary research and capital markets expertise honed over more than a decade. Furthermore, CoinShares sees strong demand for the tokenization of real-world assets and on-chain financial products, areas poised for significant growth beyond traditional crypto investments.
The boards of both CoinShares and Vine Hill have unanimously approved the transaction, which is expected to close by the end of 2025, subject to regulatory and shareholder approvals. The deal will result in a combined company named Odysseus Holdings Limited, enabling both sets of shareholders to exchange their securities into the new entity.
This business combination represents a strategic milestone for CoinShares, positioning it among the largest publicly traded firms dedicated solely to digital asset management. It also offers U.S. investors greater opportunity to participate in the digital asset sector’s ongoing evolution through a trusted and well-established European leader.Â
