CoinShares, Europe’s largest digital asset manager with approximately $10 billion in assets under management, has announced plans to go public in the United States through a $1.2 billion merger with Vine Hill Capital, a Nasdaq-listed special purpose acquisition company (SPAC).
The transaction would see CoinShares shift from Stockholm to Wall Street, signaling a major step in its bid for global dominance.
Ranked as the fourth-largest digital asset exchange-traded product (ETP) manager globally, behind BlackRock, Grayscale, and Fidelity, CoinShares currently holds a commanding 34% market share in Europe.
Over the past two years, its assets under management have tripled, fueled by strong inflows and the rapid expansion of its product lineup, which has grown from just four offerings in 2021 to 32 across multiple platforms.
CoinShares operates with industry-leading margins, 76% adjusted EBITDA in the first half of 2025, and has built a diversified business model based on recurring fee revenues supplemented by trading activities.
With its proven European strategy, the company now seeks to capture U.S. investors by introducing a broader suite of digital asset products, including tokenized real-world assets.
The $1.2 billion deal, priced at a discount compared to peer valuations, includes a $50 million institutional anchor investment.
The timing of CoinShares’ U.S. expansion coincides with a wave of favorable regulatory developments, including the rollback of restrictive SEC policies and the drafting of new legislation aimed at fostering a clearer market structure for crypto.
If successful, CoinShares’ Nasdaq debut could not only strengthen its foothold in the world’s largest asset management market but also set a precedent for how European crypto firms scale globally.
Cover image from ChatGPT, BTCUSD chart from Tradingview
