European Crypto Asset Manager CoinShares Plans $1.2B U.S. Public Listing

CoinShares, Europe's largest digital asset manager with approximately $10 billion in assets under management, announced plans to go public in the United States through a $1.2 billion business combination with special purpose acquisition company Vine Hill Capital.

The transaction would list CoinShares on Nasdaq, marking a strategic shift from its current Stockholm exchange listing to target the world's largest asset management market. The deal values the Jersey-based company at $1.2 billion on a pre-money basis.

CoinShares ranks as the fourth-largest crypto exchange-traded product manager globally behind BlackRock, Grayscale, and Fidelity, while holding the leading European position with 34% market share. The company has experienced rapid growth, with assets under management tripling over the past two years through investor inflows and new product launches.

In a statement on Monday, CEO Jean-Marie Mognetti characterized the move as more than a venue change, describing it as positioning the company for global leadership amid favorable regulatory developments. He emphasized the U.S. market's role as the center of digital asset innovation and CoinShares' intent to deploy its proven European strategy to American investors.

The company operates with high margins, reporting 76% adjusted EBITDA margins in the first half of 2025 and 68% for calendar year 2024. This profitability stems from recurring fee-based revenue supplemented by trading activities across its diversified product portfolio.

CoinShares has expanded from four products on a single platform in 2021 to 32 products across four platforms, including CoinShares Physical, which the company describes as Europe's fastest-growing digital asset ETP platform with 5.4x revenue growth from 2023 through mid-2025.

The transaction is priced at 7.3x enterprise value to 2024 EBITDA and 10.7x price-to-earnings, compared to peer multiples of 20.9x and 25.4x respectively. An institutional investor has committed $50 million in common equity to anchor the deal.

Vine Hill CEO Nicholas Petruska highlighted CoinShares' market leadership and scalable business model as key factors in the partnership. The SPAC structure allows CoinShares to access U.S. capital markets while maintaining operational control.

The company plans to leverage improved U.S. regulatory clarity and institutional demand for tokenized real-world assets to expand beyond traditional crypto exposure products. CoinShares has accumulated $411 million in net assets as of June 2025 to fund organic growth and strategic acquisitions.

Both company boards have unanimously approved the transaction, which is expected to close by fourth quarter 2025 pending shareholder and regulatory approvals. Upon completion, shareholders of both entities will receive securities in combined company Odysseus Holdings Limited.