CoinShares swaps Sweden for U.S. market in SPAC deal with Vine Hill Capital

CoinShares is heading to the U.S. public markets in a $1.2 billion deal. The crypto asset manager confirmed it has signed a merger agreement with Vine Hill Capital, a blank-check company created specifically to take private firms public.

Once this deal wraps, CoinShares will stop trading on Nasdaq Stockholm, where it currently lists its shares. The company plans to file for delisting as soon as the merger goes through.

CoinShares manages around $10 billion in crypto-related assets, mostly through its exchange-traded products.

The decision to move to a U.S. listing puts it in line with other digital asset firms looking for better visibility, looser restrictions, and deeper capital markets. It’s part of a broader push driven by regulatory changes under the Trump administration, which has been friendlier toward crypto.

BIG NEWS: CoinShares → NASDAQ US
We're going public in the U.S. via business combination with Vine Hill ($VCIC).

$1.2B pre-money valuation.
Expected to be one of the largest publicly traded digital asset managers globally.

Transaction subject to customary closing conditions &… pic.twitter.com/5DJb0rrpQr

— CoinShares (@CoinSharesCo) September 8, 2025

CoinShares secures merger approval and sets fourth-quarter closing

Both boards, CoinShares and Vine Hill, already approved the merger. And according to CoinShares, 85% of its shareholders are also on board. Once the transaction is done, the new entity will be called Odysseus Holdings Limited, or simply “Holdco.”

An unnamed institutional backer is anchoring the deal by committing $50 million in common equity. The whole thing is expected to close by the end of Q4 this year, pending final shareholder and regulatory approvals.

Jean-Marie Mognetti, CEO and co-founder of CoinShares, said, “A U.S. listing will reinforce our credibility, expand our reach, and position us to capture the opportunity in the world’s largest asset management market, home to over half of global assets under management.”

He added that the shift “signals a strategic transition for CoinShares, accelerating our ambition for global leadership, supported by favorable regulatory tailwinds.”

Other firms in crypto have taken a similar path this year. Circle Internet Group, which issues stablecoins, and Bullish, a digital asset exchange, have already made their U.S. market debuts. Like CoinShares, some used SPACs while others went the direct listing route.

Your crypto news deserves attention - KEY Difference Wire puts you on 250 top sites