CoinShares Targeting U.S. Investors With $1.2 Billion Nasdaq Listing Amid Crypto IPO Wave

CoinShares is making a $1.2 billion move into the United States with a Nasdaq listing through a merger with Vine Hill Capital Investment Corp. The deal, backed by a $50 million equity commitment from an institutional investor, is set to close by year-end pending approvals.

A Strategic Shift to the U.S.

According to the company, the transaction will create Odysseus Holdings Limited, which will trade on Nasdaq once the merger closes. CoinShares, already listed in Stockholm, said the move positions it to scale in the U.S. as regulatory clarity improves and investor demand grows.

🚨BREAKING: CoinShares to go public in US via $1.2B SPAC deal. pic.twitter.com/Hmzonwrmbo

CoinShares manages about $10 billion in assets, making it the fourth-largest manager of digital asset exchange-traded products globally behind BlackRock, Fidelity, and Grayscale. It holds a 34% market share in Europe.

Assets under management have tripled over the past two years on strong inflows and new product launches. The firm expanded from four products in 2021 to 32 across four platforms by mid-2025.

Leadership Views

Mognetti said a U.S. listing will add credibility and expand reach in the world’s largest asset management market. Vine Hill CEO Nicholas Petruska said the company’s scale, recurring revenues, and profitability make it “an unstoppable growth engine” when combined with U.S. market access.

The deal values CoinShares at 7.3 times 2024 EBITDA and 10.7 times earnings, well below sector averages. The $50 million anchor investment provides additional backing for the listing.

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CoinShares aims to bring its European playbook to U.S. investors, offering a broader range of digital asset products and tapping into rising institutional demand for tokenized assets. The merger is expected to close in the fourth quarter of 2025.

Several crypto firms, including Gemini and Kraken, have recently unveiled plans to go public. Stablecoin issuer Circle already completed its listing in June.

Gemini recently filed for a U.S. initial public offering that could raise up to $317 million, valuing the firm at around $2.22 billion. The move represents a major step for the Winklevoss twins’ company as crypto firms gauge renewed investor appetite in public markets.

In July, Kraken also announced that it is seeking $500 million in new funding at a valuation of $15 billion. The move represented a notable increase from its $11 billion valuation in 2022, highlighting growing investor interest in the 14-year-old crypto platform.