CoinShares Prepares Wall Street Debut in $1.2B SPAC Merger
CoinShares, Europe’s largest crypto ETP manager, is set to make its first appearance on Wall Street through a merger with Vine Hill Capital Investment, a U.S.-listed SPAC.
The deal, which values the firm at $1.2 billion, would place CoinShares shares on Nasdaq later this year.
Why Nasdaq, Why Now
For years, CoinShares has dominated the European market, capturing more than a third of all crypto ETP assets. But while the firm built its reputation in Stockholm, most of the industry’s growth has shifted to the U.S., where spot ETFs for Bitcoin and Ethereum have already reshaped the landscape. Listing on Nasdaq opens the door to that pool of capital — and signals CoinShares’ intent to compete with global giants like BlackRock and Fidelity.
Fuel for Expansion
Backing the transaction is a $50 million anchor investment, giving CoinShares new resources to accelerate its U.S. entry. The firm currently oversees about $10 billion in assets and has reported steady profitability — $32 million in the last quarter alone — buoyed by rising crypto prices. With the fresh capital, management plans to scale both product offerings and distribution across American markets.
A Shortcut to Wall Street
CoinShares chose the SPAC route instead of a traditional IPO, a path increasingly popular for firms wanting speed and certainty in going public. The structure allows it to sidestep some of the delays that come with a conventional listing, while still giving investors a direct way to buy into the business.
Bigger Picture
The move reflects how Europe’s crypto players are being pulled toward U.S. markets as digital assets edge closer to mainstream finance. For CoinShares, the Nasdaq debut isn’t just about raising funds — it’s a statement that the company intends to be more than a regional leader. If the deal closes as expected later in 2025, it will mark a milestone moment in the globalization of crypto asset managers.
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