European digital asset manager CoinShares has entered into a definitive business combination agreement with Vine Hill Capital Investment, a Nasdaq-listed special purpose acquisition company (SPAC), valuing CoinShares at $1.2 billion before new investment. The deal, announced on September 8, 2025, will transition CoinShares' listing from Stockholm to the Nasdaq Stock Market in the US, expected to close later in 2025 pending regulatory and shareholder approvals.
CoinShares, which manages approximately $10 billion in assets and is the fourth-largest global provider of crypto exchange-traded products (ETPs), attributes its recent growth to the appreciation of Bitcoin (BTC) and Ether (ETH). The company reported $32.4 million in profits for Q2 2025 and a 26% increase in assets under management (AUM) to $3.46 billion, holding a 34% share of the European ETP market.
CEO Jean-Marie Mognetti stated that the move signals a 'decisive inflection point' for digital assets, aiming to capture demand in the world's largest asset management market. The merger is supported by a $50 million anchor investment from an institutional backer, providing fresh capital for global expansion. CoinShares offers 32 ETPs covering tokens like bitcoin, ether, and solana, with strong profitability shown by a 76% adjusted EBITDA margin in H1 2025.