European asset management company CoinShares has reached a definitive business combination agreement with publicly traded special purpose acquisition company (SPAC) Vine Hill Capital Investment.
CoinShares announced on Monday that the company will go public on the NASDAQ stock market in the United States through this transaction. This will allow investors to directly participate in trading CoinShares stock, advancing its global expansion plans.
A SPAC is a publicly traded shell company whose sole purpose is to merge with or acquire an existing company. This allows companies to go public without going through the traditional initial public offering (IPO) process.
The agreement values CoinShares at $1.2 billion prior to new investments, marking an important step for the company in entering the U.S. market.
"This transaction is far more than just a change of listing location from Sweden to the U.S.," said CoinShares co-founder and CEO Jean-Marie Mognetti, adding that it signifies CoinShares' transformation aimed at accelerating its ambition for global leadership.
Mognetti added that this move enables CoinShares to capture the demand from "the largest asset management market in the world."
CoinShares manages approximately $10 billion in assets, ranking as the fourth largest provider of cryptocurrency exchange-traded products (ETPs) after BlackRock, Grayscale, and Fidelity. In Europe, it leads the market with a 34% share of assets under management (AUM).
On August 29, CoinShares reported a profit of $32.4 million for the second quarter of 2025. The company also reported a 26% increase in its AUM to $3.46 billion. The quarterly growth was attributed to the appreciation of Bitcoin (BTC) and Ethereum (ETH).
The merger is also supported by a $50 million anchor investment from an institutional backer. This funding is expected to provide the company with fresh capital and broader access to U.S. investors.
"Digital assets as an investment category and blockchain as a transformative technology have reached a decisive inflection point that can no longer be ignored. There is no turning back," Mognetti said.
The merger is subject to regulatory and shareholder approval and is expected to be completed later in 2025.
Related: Backpack EU receives approval from the Cyprus Securities and Exchange Commission, derivatives platform officially launched.
Original article: “CoinShares to go public in the U.S. through $1.2B SPAC merger”
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