Crypto Asset Manager CoinShares Begins Trading on Nasdaq After $1.2B SPAC Merger

CoinShares International, Europe's largest crypto asset manager, began trading on the Nasdaq stock exchange on Wednesday following the completion of its merger with Vine Hill Capital Investment Corp., a special purpose acquisition company, in a deal valuing the combined entity at approximately $1.2 billion. The listing makes CoinShares one of the few dedicated crypto asset managers to trade on a major US exchange, a milestone for the sector as institutional digital asset adoption accelerates. CoinShares manages exchange-traded products and institutional investment vehicles tracking Bitcoin, Ethereum, and other digital assets. The Nasdaq debut comes as US regulatory sentiment toward cryptocurrency has shifted considerably following the 2024 approval of spot Bitcoin and Ethereum exchange-traded funds by the Securities and Exchange Commission. Those approvals opened the door to broader institutional participation and created favorable conditions for crypto-focused firms to pursue US public listings. CoinShares was founded in 2014 and has historically been listed on the Nasdaq First North Growth Market in Stockholm. The US listing via SPAC provides the company with access to deeper capital markets and a larger potential investor base at a time when crypto assets have regained momentum following the 2022 bear market. The firm's assets under management and revenue have grown alongside the broader digital asset market recovery. CoinShares has also expanded beyond passive tracking products into active management and research services for institutional clients. SPAC mergers have fallen out of favor in many sectors following a wave of underperforming deals in 2020 and 2021, but crypto-focused companies have continued to use the structure as a path to public markets.