Yet another crypto-based company will be publicly traded on the Nasdaq.
European digital asset manager CoinShares (STO: CS) is set to make a high-profile entry into U.S. markets after announcing a merger with Vine Hill Capital Investment Corp. (Nasdaq: VCIC), a publicly traded special purpose acquisition company (SPAC).
The agreement, finalized as a definitive business combination, will enable CoinShares, which was valued at $1.2 billion pre-money, to be publicly listed on the Nasdaq Stock Market.
Once completed, the company will operate under the new name Odysseus Holdings Limited, giving investors direct access to trade its shares.
Notably, the SPAC deal includes a $50 million anchor investment and has about 85% shareholder backing. Pending approvals, the CoinShares–Vine Hill merger is expected to close by Q4 2025.
Special Purpose Acquisition Companies (SPACs) are shell companies that raise funds from investors to acquire an existing business, offering a faster route to public markets.
More reasons why companies opt for SPACs over traditional IPOs are illustrated in the table below.
| Feature | SPAC (Special Purpose Acquisition Company) | IPO (Initial Public Offering) |
| Speed to Market | Faster route; often completed in a few months | Slower; can take a year or more |
| Regulatory Complexity | Simpler approval process, less regulatory hurdles | Extensive regulatory filings and scrutiny required |
| Process Control | Company negotiates terms and deal structure directly | Less control; pricing and timing depend on market |
| Market Certainty | Valuation locked in upfront with SPAC | Dependent on market conditions and investor demand |
| Investor Structure | Typically institutional backers and Private Investment in Public Equity (PIPE) participants | Broader public market participation |
CoinShares currently manages about $10 billion in assets, ranking as the fourth-largest crypto exchange-traded product provider worldwide, behind BlackRock (NYSE: BLK), Grayscale, and Fidelity. In Europe, it holds a dominant 34% market share.
CEO Jean-Marie Mognetti described the merger as more than a shift in listing venue, while Vine Hill’s CEO Nicholas Petruska highlighted CoinShares’ leadership, scalability, and broad reach as driving factors.
The company has seen rapid growth, expanding from one platform in 2021 to 32 ETP products across assets like Bitcoin, Ethereum, and Solana.
Over the past two years, its assets under management have more than tripled.
Beyond scale, CoinShares’ profits stand out. In Q2 2025, the firm reported $32.4 million with a 76% adjusted EBITDA margin, indicating strong efficiency. The merger is priced at 7.3x 2024 EV/EBITDA and 10.7x P/E, well below peer averages of 20.9x and 25.4x.
Following the SPAC deal announcement, Coinshares’ shares climbed nearly 20%, hitting a 52-week high of SEK 161.60 before retreating to about SEK 124, with recent trading near SEK 123.20, as per TradingView data.
