CoinShares International Ltd., one of Europe’s largest cryptocurrency asset managers, is preparing to go public in the United States through a merger with Vine Hill Capital Investment Corp., a special purpose acquisition company (SPAC). The deal values CoinShares at $1.2 billion on a pro-forma basis, marking a pivotal step in the firm’s push for global expansion.
Currently managing around $10 billion in digital assets, CoinShares is best known for its suite of crypto exchange-traded products. The company is listed on Nasdaq Stockholm, but as part of the transaction, it plans to delist from Sweden and shift its primary focus to the U.S. markets.
This move follows a broader trend of crypto companies seeking listings in the U.S., where regulatory clarity has improved in recent years. Rivals such as Circle Internet Group Inc. and Bullish have also turned to U.S. public markets through direct listings or SPAC deals.
Jean-Marie Mognetti, co-founder and CEO of CoinShares, said the listing will boost the firm’s credibility and provide access to the world’s largest pool of asset managers, which accounts for more than half of global assets under management. “It signals a strategic transition for CoinShares, accelerating our ambition for global leadership, supported by favorable regulatory tailwinds,” he noted.
The merger has received approval from both companies’ boards, with 85% of CoinShares shareholders backing the deal. It is further supported by a $50 million commitment from an institutional investor. Once finalized, the combined entity will be renamed Odysseus Holdings Limited, or Holdco. The transaction is expected to close by the end of the fourth quarter, subject to shareholder and regulatory approval.
