Europe's largest encryption asset management company CoinShares will log in to NASDAQ through a $1.2 billion SPAC merger.

Europe's largest digital asset management company CoinShares announced on Monday that it will go public in the U.S. through a merger valued at $1.2 billion with the special purpose acquisition company (SPAC) Vine Hill Capital Investment Corp, which is already listed on NASDAQ. This move shifts CoinShares' listing from the Stockholm Stock Exchange to the U.S. financial center, providing shareholders with an approximately 30% premium.

CoinShares' Market Position and Financial Performance

CoinShares is not just an ordinary crypto company. The company manages digital assets worth approximately $10 billion and is the fourth largest provider of cryptocurrency exchange-traded products in the world, behind BlackRock, Grayscale, and Fidelity. In the European market, CoinShares holds a dominant position with a 34% market share. The company offers 32 different crypto investment products covering mainstream cryptocurrencies such as Bitcoin and Ethereum, allowing ordinary investors to easily buy and sell cryptocurrencies through traditional investment accounts.

Its growth data is impressive. Over the past two years, CoinShares' assets under management have doubled. The company reported a profit of $32.4 million in the second quarter of 2025, with a profit margin of 76%, far exceeding that of most traditional investment firms.

Strategic Considerations for Choosing the SPA Route

A SPAC is a "shell company" designed to raise funds to acquire another company. Compared to a traditional initial public offering (IPO), a SPAC allows a company to go public more quickly. An increasing number of crypto companies (such as Circle and Bullish) are choosing SPACs because this method allows them to better control the listing process and avoid lengthy regulatory scrutiny.

This transaction is a lucrative deal for existing shareholders of CoinShares. The merger price offers a 30.6% premium compared to the stock price the day before the announcement. This transaction includes a $50 million investment from an institutional investor, providing additional financial support for the company.

Attractiveness of the US Market and Future Development

CoinShares' decision to enter the U.S. market at this time is no coincidence. Under the leadership of the Trump administration, the regulatory environment for crypto companies in the U.S. has become increasingly friendly, making it an ideal destination for digital asset companies looking to expand.

CoinShares CEO and co-founder Jean-Marie Mognetti explained, "The United States is becoming a melting pot in the digital asset space. By listing in the U.S., CoinShares is positioning itself to meet the growing demand from investors." According to data from the Boston Consulting Group, the U.S. controls about half of the $128 trillion in managed assets globally. For a European company, entering the U.S. capital markets will open doors to opportunities that are not available elsewhere.

This merger not only brought direct capital injection to CoinShares but also enabled it to compete directly in the domestic market against US giants like BlackRock and Fidelity. The company has accumulated over a decade of experience in Europe and can now deploy this mature strategy in the world's largest investment market.

Conclusion

CoinShares' move to land on Wall Street is not merely a simple change of listing location; it represents a significant strategic victory in the process of institutionalizing crypto investment. Through this SPAC merger, CoinShares has not only gained access to a deeper pool of capital and recognition from global investors but has also positioned itself within the world's most important financial markets. This move sends a clear signal to the market: digital assets are transitioning from experimental investments to mainstream portfolios. For shareholders, this transaction brings immediate value while laying the foundation for the company's long-term growth in the expanding landscape of crypto investment in the United States.