CoinShares to list on Nasdaq via $1.2B SPAC merger

European crypto asset manager CoinShares will begin trading on the Nasdaq on Wednesday through a merger with a special purpose acquisition company that values the firm at approximately $1.2 billion.

"We want to be a much bigger company, and we need to grow so our success will be measured at some point by our capacity to grow in this American market," CEO and co-founder Jean-Marie Mognetti told CNBC.

The Jersey-based firm, which manages $6 billion in assets, is merging with Vine Hill Capital to form CoinShares PLC and will trade under the ticker CSHR. The deal includes a $50 million investment from institutional investors and follows a previous listing on the Nasdaq Stockholm exchange in Sweden.

The U.S. listing provides CoinShares with a strategic currency to pursue acquisitions and accelerate its expansion in North America, a market currently dominated by heavyweights like BlackRock and Fidelity in the crypto ETF space. The move comes during a challenging period for crypto stocks, with bitcoin down 40% from its October peak.

Navigating a Challenging Market

The public debut follows an active year for crypto IPOs in 2025, which saw listings from Circle, Figure Technology, and Gemini. However, the market has since cooled, with crypto-related stocks experiencing a sector-wide downturn over the past six months, prompting exchange Kraken to postpone its own IPO plans.

Mognetti addressed the timing, stating the company's readiness was the deciding factor. "Bear markets are when service companies get listed, bull markets are when hype companies get listed," he said. "We are not listing because the market is easy, we are listing because the business is ready for it." CoinShares has reportedly been profitable every year since its 2014 inception.

Strategy for US Growth

CoinShares operates three business lines: exchange-traded funds (ETFs), active strategies, and on-chain asset management. The firm's revenue model, based on recurring fees from assets under management, may appeal to investors seeking more stable returns compared to the transaction-driven revenue of crypto exchanges.

While CoinShares has significant assets under management in Europe, its U.S. presence is smaller. Mognetti noted that an organic build-out would be too slow. "The only way we're going to be able to grow in the U.S. is by leveraging the equity currency we are developing through a U.S. listing," he said.

This article is for informational purposes only and does not constitute investment advice.