CoinShares to go public in U.S. via $1.2B SPAC merger with Vine Hill Capital

CoinShares International plans to go public in the U.S. by merging with Vine Hill Capital Investment, valuing the company at approximately $1.2 billion pre-money, transitioning from the Swedish stock exchange to Nasdaq.

The merger includes a $50 million equity investment from an institutional investor and is aimed at expanding CoinShares’ presence in the U.S. market, enhancing credibility and opportunities within the largest asset management sector.

The merger has received approval from both boards and is currently pending shareholder and regulatory approval, with completion expected by the end of Q4 2025 and the new entity to be named Odysseus Holdings Limited.

The valuation metrics for the merger suggest a favorable position for CoinShares compared to peers, indicating significant growth potential in the expanding cryptocurrency market amidst a supportive regulatory climate.

Recommendation Rating: Strong Buy

European crypto asset manager CoinShares International (OTCQX:CNSRF) has announced a strategic decision to pursue a public listing in the United States through a merger with the special purpose acquisition company Vine Hill Capital Investment (NASDAQ:VCIC). This transaction, revealed on Monday, positions CoinShares with a pre-money equity valuation of approximately $1.2 billion on a pro-forma basis.

CoinShares, which manages around $10 billion in assets, will be exiting the Swedish stock exchange and transitioning to the Nasdaq Stock Market. Additionally, an institutional investor has pledged $50 million in common equity as part of this agreement.

This public listing in the U.S. is expected to significantly bolster CoinShares' expansion efforts within the American market, where it has recently launched new product offerings. CoinShares' CEO and Co-Founder, Jean-Marie Mognetti, emphasized that this move will enhance the firm's credibility, broaden its reach, and better position it to take advantage of the opportunities present in the largest asset management market globally, which accounts for over half of total global assets.

The merger is valued at 7.3 times enterprise value to projected 2024 EBITDA and 10.7 times price-to-earnings, in contrast to peers whose valuations stand at 20.9 and 25.4, respectively.

Both companies' boards have given their approval for the merger, although it still requires the endorsement of shareholders and regulatory authorities. The completion of this transaction is anticipated by the end of the fourth quarter of 2025, at which point the unified entity will be named Odysseus Holdings Limited, or Holdco.

CoinShares joins a growing list of cryptocurrency-focused companies seeking to establish U.S. listings in the current favorable regulatory climate, which has shifted positively under the pro-crypto Trump administration. Notable companies that have already gone public include Bullish (BLSH) and Circle Internet Group (CRCL).