Coinshares Heads to Nasdaq With $1.2B Valuation After 200% AuM Growth

Coinshares International Ltd. is preparing to make its debut in the U.S. market after agreeing to merge with Vine Hill Capital Investment Corp., a Nasdaq-listed SPAC. The deal, announced on September 8, 2025, values Coinshares at $1.2 billion pre-money and will establish one of the largest publicly traded pure-play digital asset managers worldwide.

Good to Know

• Coinshares–Vine Hill merger forms new entity Odysseus Holdings Ltd.
• Deal values Coinshares at $1.2B, with closing expected by end of 2025.
• Coinshares manages $10B in AuM, holding 34% of Europe’s ETP market.

Coinshares said the transaction is designed to expand its investor base and provide more direct access for U.S. institutions seeking exposure to digital asset investment products. With the merger, Coinshares will gain a U.S. listing while retaining its established European footprint.

Vine Hill CEO Nicholas Petruska praised Coinshares as a high-value business: “Coinshares has a scalable model with strong profitability, demonstrated by adjusted EBITDA margins of nearly 70% in 2024.”

The company has scaled rapidly in recent years, tripling its assets under management (AuM) to $10 billion through favorable markets, organic inflows, and successful new products. Coinshares currently commands 34% of the European ETP market, ranking fourth globally behind BlackRock, Fidelity, and Grayscale.

Management highlighted that AuM has grown 200% in the last two years, with momentum supported by both rising digital asset prices and consistent inflows.

Coinshares has also expanded its lineup to 32 investment products, with Coinshares Physical noted as Europe’s fastest-growing digital asset ETP platform.

Coinshares at a Glance

Backing and Timeline

The merger includes a $50 million equity investment from an institutional backer and has been unanimously approved by both boards. The combined entity will operate under the name Odysseus Holdings Ltd.

The transaction is expected to close by the end of 2025, subject to shareholder and regulatory approvals.