European digital asset manager CoinShares has commenced trading on the Nasdaq stock exchange under the ticker symbol CSHR following the completion of a merger with special purpose acquisition company (SPAC) Vine Hill Capital Investment Corp. The transaction, first announced in September 2025, values CoinShares at $1.2 billion.
The listing marks a strategic pivot for the firm, which ranks among the top four global crypto asset managers with over $6 billion in assets under management (AUM). CoinShares holds a dominant 34% market share in the European crypto exchange-traded product (ETP) market. The company manages 39 products across four platforms and currently offers four U.S. exchange-traded funds with $584 million in combined assets, a portfolio acquired through its purchase of Valkyrie Funds LLC in 2024.
In a statement, CoinShares CEO Jean-Marie Mognetti framed the listing as part of the firm's evolution from a pure-play ETP provider into a diversified asset manager. "We are continuing our development whilst diversifying both our product and revenue mix, including new capabilities in listed asset management, active alternative strategies, and decentralized finance," Mognetti said. He added that the company intends to enhance organic growth through "targeted and well priced acquisition."
Benoit Pellevoizin, CoinShares' head of marketing and communications, told Decrypt that the firm plans to specialize in "exotic ETFs" that are more sophisticated than traditional spot Bitcoin and Ethereum offerings. The company's revenue model, heavily reliant on recurring management fees, has provided stability, with CoinShares reporting a 76% adjusted EBITDA margin for the first half of 2025. Assets under management have more than tripled over the past two years through organic inflows.
The Nasdaq listing provides U.S. investors with direct exposure to the company and positions CoinShares to compete more directly with institutional giants like BlackRock, Fidelity, and Grayscale. The firm has been listed on Nasdaq Stockholm since 2022.
