Crypto asset manager CoinShares to list on Nasdaq after $1.2 billion SPAC deal

CoinShares, a leading European digital asset manager with over $6 billion under management, is set to begin trading on the Nasdaq Stock Market under the ticker symbol CSHR.

The listing follows a $1.2 billion merge with Vine Hill Capital Investment Corp., a U.S.-based special purpose acquisition company (SPAC).

The deal forms CoinShares PLC, and makes the asset manager the latest in the cryptocurrency space to go public It comes after BitGo (BTGO), went public earlier in the year, while various crypto firms listed in 2025 including stablecoin issuer Circle (CRCL), CoinDesk owner Bullish (BLSH), and exchange Gemini (GEMI).

CoinShares built its business around crypto exchange-traded products (ETPs) and now manages 39 funds across four platforms. The company generates most of its revenue through recurring fees, a model it says supports strong profitability and free cash flow.

“We are diversifying both our product and revenue mix, including new capabilities in listed asset management, active alternative strategies. and decentralized finance,” CEO Jean-Marie Mognetti said.

For investors, the move opens a new U.S.-based option to gain exposure to crypto markets through a firm already established in Europe. CoinShares says it’s leading the market in the continent with a 34% share.

CoinShares’ U.S. expansion will include product development and acquisitions, while proximity to U.S. regulators may help it adapt quickly to shifting compliance standards in the crypto sector.