• CoinShares to list on Nasdaq through merger, valued at $1.2 billion.
• Shareholders may retain as much as 91.6% of the new entity.
• Deal expected to close by December 2025 with $50 million private placement.

CoinShares, Europe’s leading digital asset manager, is preparing to shift its listing from Sweden to the United States in a landmark transaction.

The company, which currently manages about $10 billion in assets, has signed a merger agreement with Vine Hill Capital Investment Corp. and Odysseus Holdings. The deal values CoinShares at $1.2 billion pre-money and positions it among the world’s largest pure-play digital asset managers.

Jean-Marie Mognetti, co-founder and chief executive of CoinShares, said this move represents more than just a transfer of listing. He described it as a transition toward global leadership, with the U.S. providing a stronger platform for growth.

Mognetti highlighted that the American market accounts for over half of global assets under management, making it the most strategic location for expansion.

The boards of the company and Vine Hill have approved the merger, and closing is expected by December 2025, pending shareholder and regulatory approvals. As part of the arrangement, a $50 million private placement will support the firm’s expansion plans.

CoinShares Physical Records 5.4x Revenue Growth Since 2023

CoinShares is the fourth-largest manager of exchange-traded products in digital assets, after BlackRock, Grayscale, and Fidelity. The firm dominates the European market, with 34% ETP market share.

The company’s assets have tripled in the previous two years as a function of favorable inflows from investors, additions in new products, and higher cryptocurrency price levels.

The company in 2021 offered merely four products. Today, it has 32 product offerings on four platforms, including CoinShares Physical, the revenues of which have increased 5.4x since 2023. It has a diverse client base, ranging from institutional partners and private banks to wealth management platforms.

The company has been steadily profitable on a financial front, with 76% adjusted EBITDA margin during the first half of 2025 and 68% during 2024. Its healthy cash generation has helped it build a net asset position of $411 million up to June 2025.

Vine Hill CEO Hails CoinShares as Market Leader

The chief executive of Vine Hill, Nicholas Petruska, described the company as a leading business in the market with a proven model. He added that it’s recurrent revenues and high margins are a foundation for long-term development once complemented by access to the capital markets in the U.S.

The news comes as there are clearer regulatory guidelines on digital assets from U.S. authorities. Such an environment, in addition to growing institutional interest in on-chain offerings and tokenization, provides new opportunities for compliant entrants like CoinShares.

Also Read: CoinShares AUM Rises 26% in Q2 2025, Reaching $3.46 Billion