CoinShares International, Europe’s leading digital asset manager with roughly $10 billion in assets under management, has entered into a definitive business combination agreement with Vine Hill Capital Investment, a publicly traded SPAC listed on NASDAQ. Once the transaction is complete, CoinShares will become publicly listed in the United States under a newly formed entity, Odysseus Holdings Limited.
This move marks a significant milestone for CoinShares, positioning it among the largest publicly traded pure-play digital asset managers worldwide. With a pre-money valuation of $1.2 billion on a pro-forma basis, the deal is expected to accelerate CoinShares’ international expansion and offer U.S. investors direct access to its growth trajectory—particularly as demand for regulated digital asset exposure continues to rise.
CoinShares has carved out a dominant position in the global digital asset exchange-traded product (ETP) market, ranking fourth behind BlackRock, Grayscale, and Fidelity, and holding a commanding 34 percent market share in the EMEA region. Over the past two years, the company has tripled its assets under management, fueled by favorable market conditions, successful product launches, and strong net organic inflows.
Financially, CoinShares operates with a highly recurring revenue model and industry-leading margins, reporting a 76% adjusted EBITDA margin in the first half of 2025 and 68% for calendar year 2024. The transaction is priced at 7.3 times enterprise value to 2024 EBITDA and 10.7 times price-to-earnings—well below peer averages, which stand at 20.9x and 25.4x respectively.
Since 2021, CoinShares has evolved from a modest four-product platform into a robust suite of 32 products across four platforms. Among these, CoinShares Physical has emerged as the fastest-growing digital asset ETP platform in Europe. The company’s client base spans institutional investors, private banks, wealth management platforms, and digital brokerages, reflecting its broad appeal and operational versatility.
CoinShares’ product offering is multi-layered, encompassing crypto ETPs for assets like Bitcoin, Ethereum, and Solana, as well as crypto indices and equity products targeting the broader digital asset ecosystem. As of June 2025, the company reported a net asset position of $411 million, underscoring its financial strength and capacity for continued innovation.
The timing of this transaction aligns with a shifting regulatory landscape in the United States, where more straightforward guidelines and growing institutional interest in tokenized real-world assets are creating new opportunities. CoinShares is well-positioned to capitalize on this momentum, offering next-generation digital asset products that go beyond simple beta exposure. Its proprietary research and capital markets expertise provide a competitive edge in delivering differentiated solutions to investors.
Both CoinShares and Vine Hill’s boards of directors have unanimously approved the merger, which is expected to close by the end of the fourth quarter of 2025, pending shareholder and regulatory approvals.
For CoinShares, this merger represents not just a financial milestone but a strategic leap forward in its mission to lead the global digital asset management industry.
KEY QUOTES:
“This transaction represents far more than a change of listing venue from Sweden to the United States. It signals a strategic transition for CoinShares, accelerating our ambition for global leadership, supported by favorable regulatory tailwinds. The case for digital assets as an investment class and blockchain as a transformative technology has reached a decisive inflection point and can no longer be ignored. There is no going back.”
“The U.S. is now serving as the crucible of the digital asset space. By listing in the United States, CoinShares is positioning itself to meet growing investor demand and to participate more fully in the evolution of this new industry.”
“Our European playbook, built and refined over a decade, is proven and effective. We are now deploying this experience to bring a new suite of products to American investors. 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.”
Jean-Marie Mognetti, CEO & Co-Founder of CoinShares
“CoinShares exemplifies everything we look for in a high-value investment: market leadership, a proven, scalable business model, a massive and expanding addressable market and a team with the proven ability to execute. CoinShares’s proven EMEA playbook and expertise featuring a recurring fee-based revenue model supplemented with strong historical gains and income from a variety of trading activities which together have resulted in a consistently impressive ~70% adjusted EBITDA margins in CY2024, combined with U.S. capital markets access and distribution, creates an unstoppable growth engine.”
Nicholas Petruska, CEO of Vine Hill
