Crypto Fund Manager CoinShares Begins Trading on Nasdaq via SPAC Deal

In brief

• CoinShares began trading on Nasdaq under ticker CSHR following an SPAC merger valued at $1.2 billion.
• Company ranks among the four largest global crypto asset managers with over $6 billion AUM
• The firm plans to specialize in “exotic” ETF products beyond traditional Bitcoin and Ethereum offerings.

European digital asset manager CoinShares began trading on the Nasdaq under ticker symbol CSHR on Wednesday, bringing its $6 billion in assets under management to U.S. markets through a completed business combination with special purpose acquisition company Vine Hill Capital Investment Corp. The transaction, first announced last September, values CoinShares at $1.2 billion, positioning the firm to compete directly with BlackRock, Fidelity, and Grayscale in the institutional crypto market. The listing marks a strategic pivot for CoinShares as it seeks to differentiate itself through specialized products. Benoit Pellevoizin, the company’s head of marketing and communications, told Decrypt that CoinShares will focus on “exotic ETFs” that would be more sophisticated than traditional spot Bitcoin offerings. “We are listing in the U.S. because we have a strong plan about growing the company,” Pellevoizin said.

 CoinShares ranks among the top four digital asset managers globally and holds the dominant position in Europe with approximately 34% market share. The company manages 39 products across four platforms and currently offers four U.S. exchange-traded funds with $584 million in combined assets. “This listing is about more than a change of venue. It reflects the strategic evolution of CoinShares from a pure-play ETP provider into a diversified asset manager specializing in digital assets,” said CoinShares CEO Jean-Marie Mognetti, in a press release. “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.” “We intend to enhance our organic growth strategy through targeted and well priced acquisition,” he added. “Our story starts with our U.S. listing; it doesn’t finish there.”

The move essentially sees CoinShares trading European markets for U.S. opportunities, as the firm has been listed on Nasdaq Stockholm since 2022, according to Pellevoizin. The company has already begun its expansion strategy through acquisitions, having acquired Valkyrie Funds LLC in 2024, with $584 million in assets under management in its U.S. products. The company has maintained profitability since 2016, with management fees providing stability independent of crypto market volatility, Pellevoizin noted. CoinShares reported a 76% adjusted EBITDA margin for the first half of 2025, following a 68% margin in 2024. Assets under management have more than tripled over the past two years through organic inflows. The company’s physical platform, which offers digital asset exchange-traded products in Europe, recorded 5.4x revenue growth from 2023 through Q2 2025, making it the fastest-growing digital asset ETP platform in the region, according to the SEC filing. Additional reporting by André Beganski