- The leading European asset manager specializing in digital assets with ~US$10 billion in AuM sets sights on expanding into U.S. market
- CoinShares ranks among the top four managers globally by crypto ETP AuM alongside BlackRock, Fidelity, and Grayscale and holds the #1 market position in Europe with 34% market share
- CoinShares is experiencing a period of significant growth; AuM has more than tripled over the last two years through strong investor inflows, supportive digital asset pricing and successful new product launches
- CoinShares is bringing its global leadership to the large addressable U.S. market via a Nasdaq listing. This listing will enhance the company’s U.S. growth plans where it has recently launched product offerings, and is uniquely positioned to capitalize on market trends.
- Transaction is anchored by a fundamental institutional investor committing to invest US$50 million in common equity
- Transaction represents US$1.2 billion pre-money equity value on a pro-forma basis
CoinShares International Limited ("CoinShares" or "the Company") (Nasdaq Stockholm: CS; US OTCQX: CNSRF), the leading European asset manager specializing in digital assets with ~US$10 billion in AuM, and Vine Hill Capital Investment Corp., a publicly traded special purpose acquisition company (“Vine Hill”) (NASDAQ: VCIC), today announced that they have entered into a definitive business combination agreement (the “Business Combination Agreement”) that will result in CoinShares becoming publicly listed on the Nasdaq Stock Market in the United States (together with the transactions contemplated by the Business Combination Agreement, the “Business Combination”). The transaction is expected to fuel CoinShares’ strategic international expansion and enable U.S. investors to participate more directly in its global growth, including expected growth in the United States.
The transaction values CoinShares at US$1.2 billion pre-money on a pro-forma basis, positioning it as one of the largest publicly traded pure-play digital asset managers globally.
Transaction Highlights
- CoinShares is a pioneer in the digital asset space, and has secured a leading position as the fourth-largest manager of digital asset exchange-traded products (“ETPs”) globally behind BlackRock, Grayscale, and Fidelity and the #1 manager in EMEA with a 34% market share.
- CoinShares is experiencing a period of significant growth driven by a combination of supportive digital asset pricing, successful new product launches and strong net organic inflows leading to more than 200% AuM growth over the past two years.
- CoinShares benefits from a highly recurring revenue model with attractive margins, resulting in substantial and recurring free cash flow generation.
- CoinShares operates consistently with attractive margins (76% Adjusted EBITDA margin in 1H 2025, 68% in CY2024).
- The transaction is priced at 7.3x Enterprise Value / CY2024 EBITDA and 10.7x Price / Earnings, as compared to peers at 20.9x and 25.4x, respectively.
- At the closing of the transaction, securityholders of CoinShares and Vine Hill will exchange their securities for securities in a new combined company, Odysseus Holdings Limited (“Holdco”).
Jean-Marie Mognetti, CEO & Co-Founder of CoinShares said: “This transaction represents far more than a change of listing venue from Sweden to the United States. It signals a strategic transition for CoinShares, accelerating our ambition for global leadership, supported by favorable regulatory tailwinds. The case for digital assets as an investment class and blockchain as a transformative technology has reached a decisive inflection point and can no longer be ignored. There is no going back.
The U.S. is now serving as the crucible of the digital asset space. By listing in the United States, CoinShares is positioning itself to meet growing investor demand and to participate more fully in the evolution of this new industry.
Our European playbook, built and refined over a decade, is proven and effective. We are now deploying this experience to bring a new suite of products to American investors. A U.S. listing will reinforce our credibility, expand our reach, and position us to capture the opportunity in the world’s largest asset management market, home to over half of global assets under management.”
Nicholas Petruska, CEO of Vine Hill said, “CoinShares exemplifies everything we look for in a high-value investment: market leadership, a proven, scalable business model, a massive and expanding addressable market and a team with the proven ability to execute. CoinShares’s proven EMEA playbook and expertise featuring a recurring fee-based revenue model supplemented with strong historical gains and income from a variety of trading activities which together have resulted in a consistently impressive ~70% adjusted EBITDA margins in CY2024, combined with U.S. capital markets access and distribution, creates an unstoppable growth engine.”
The CoinShares Advantage
Proven Market Leadership
- Fourth-largest manager of digital asset ETP products globally behind BlackRock, Grayscale, and Fidelity and #1 manager in EMEA with a 34% market share.
- ~US$10 billion in AuM which has more than tripled over the last two years through strong new investor inflows, supportive digital asset pricing and successful new product launches.
- CoinShares has evolved its business from a “single-platform” with 4 products in 2021 to a 32-product suite across 4 platforms including CoinShares Physical, the fastest growing digital asset ETP platform in Europe with 5.4x revenue growth from 2023 through Q2 2025.
- Diversified client base of institutional partners and individual investors, including private banks, wealth management platforms, digital brokerages, and professional investors.
Operating Model Built for Scale
- Robust revenue growth and strong and consistent profitability with a recurring fee-based revenue model with a ~70% adjusted EBITDA margin (CY2024).
- Multi-layered product suite: crypto ETPs (Bitcoin, Ethereum, Solana, and other altcoins), crypto indices ETP, and equity products targeting the broader digital asset ecosystem.
- Strong cash generation funds both organic growth and strategic acquisitions, where the company has amassed a net asset position of US$411 million as of June 2025.
Capitalizing on the U.S. Market Opportunity
- U.S. regulatory clarity improving with landmark legislation, creating tailwinds for compliant operators, continued crypto innovation and unlocking new investor segments.
- Next-generation digital asset products go beyond simple beta exposure with unique product offerings being brought to market, utilizing our proprietary research, capital markets expertise, and 10+ years of market experience to provide strong competitive differentiation
- Strong and continuously growing institutional demand for tokenization of real-world assets and on-chain financial products beyond traditional crypto exposure
The boards of directors of both CoinShares and Vine Hill have unanimously approved the Business Combination which is expected to close by the end of the fourth quarter of 2025, subject to shareholder approvals, regulatory approvals, and other customary closing conditions.
The full announcement can be accessed here.
