Coinshares International Ltd. (Nasdaq Stockholm: CS; US OTCQX: CNSRF) announced on Sept. 8 that it will merge with Vine Hill Capital Investment Corp., a Nasdaq-listed special purpose acquisition company (SPAC), in a transaction that will take Coinshares public in the United States. The deal is intended to expand Coinshares’ reach into the U.S. market and enhance access for investors seeking exposure to digital asset products. The European asset manager emphasized:

The transaction values Coinshares at US$1.2 billion pre-money on a pro-forma basis, positioning it as one of the largest publicly traded pure-play digital asset managers globally.

The company has rapidly scaled operations in recent years, tripling assets under management to about $10 billion through favorable market conditions, new products, and strong inflows. With a 34% share of the European digital asset exchange-traded product (ETP) market, Coinshares stated that it holds a leadership position in the region and ranks fourth globally behind Blackrock, Fidelity, and Grayscale.

Management underscored the momentum:

Coinshares is experiencing a period of significant growth driven by a combination of supportive digital asset pricing, successful new product launches and strong net organic inflows leading to more than 200% AuM growth over the past two years.

The firm has also broadened its product lineup to 32 offerings across multiple platforms, with Coinshares Physical standing out as Europe’s fastest-growing digital asset ETP platform.

The merger, supported by a $50 million equity investment from a fundamental institutional backer, will form a new entity, Odysseus Holdings Ltd., which will serve as the combined company overseeing operations following the listing. Vine Hill chief executive Nicholas Petruska characterized Coinshares as a high-value company with a scalable model and strong profitability, pointing to adjusted EBITDA margins of nearly 70% in 2024. The boards of both companies have unanimously approved the business combination, which is expected to close by the end of 2025, subject to shareholder and regulatory approvals.

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