Cryptocurrency asset manager CoinShares International Ltd. has announced plans to enter the US market through a merger with blank-check firm Vine Hill Capital Investment Corp., valuing the business at $1.2 billion pre-money on a pro-forma basis.
The move marks a significant shift for CoinShares, which currently trades on Nasdaq Stockholm, and will see the company delist from Sweden following the deal’s completion.
With $10 billion in assets under management, CoinShares is widely known for its exchange-traded products, and the transaction comes at a time when crypto listings in the US are gaining pace under a friendlier regulatory backdrop.
CoinShares expands into largest asset management market
CoinShares has built a strong presence in Europe, but its planned entry into the US marks a wider ambition to compete in the world’s largest asset management market, which accounts for over half of global assets under management.
The company’s merger with Vine Hill will create a new entity named Odysseus Holdings Limited, also referred to as Holdco, at the close of the deal.
According to company filings, institutional support has also been secured, with a $50 million commitment in common equity anchoring the transaction.
This ensures added stability for the deal, which is expected to be finalised by the end of the fourth quarter of this year.
The boards of both CoinShares and Vine Hill have approved the merger, and the agreement has the backing of 85% of CoinShares’ shareholders, although it remains subject to regulatory and shareholder approvals before completion.
A year of SPAC listings for crypto firms
CoinShares’ US debut through Vine Hill aligns with a wave of cryptocurrency companies opting to go public in the country.
Over the past year, multiple firms have chosen special purpose acquisition companies (SPACs) or direct listings as routes to access the US capital markets.
Among the notable names are Circle Internet Group Inc., the issuer of the stablecoin USDC, and crypto exchange Bullish.
Both have launched listings in the US as regulatory clarity has improved under the Trump administration, creating a more defined environment for digital asset businesses seeking public listings.
By joining this trend, CoinShares is positioning itself not only to scale its reach but also to strengthen its credibility among global asset managers, as the US market continues to be the dominant hub for exchange-traded products and institutional capital.
Institutional investment support underpins deal
The transaction will be underpinned by a $50 million institutional investment in common equity, which adds significant financial support to the merger structure.
This backing reinforces investor confidence in CoinShares’ ability to expand its footprint and compete in the global marketplace.
The combined business will operate under the name Odysseus Holdings Limited, which symbolises the transition from a European-focused crypto asset manager into a global player headquartered in the largest investment market.
For CoinShares, the merger not only allows access to deeper pools of capital but also supports its strategy to capture new growth opportunities in digital assets, exchange-traded products, and institutional investment management.
Timeline for closing
The merger is scheduled to close by the end of the fourth quarter of this year, subject to regulatory and shareholder approvals.
Once completed, CoinShares’ Stockholm-listed shares will be delisted, and trading will shift to the US market under the new Odysseus Holdings structure.
With $10 billion in assets under management and a valuation of $1.2 billion under this agreement, CoinShares is setting a foundation for a broader global role, while securing its position within a growing cohort of crypto firms entering US markets through SPAC transactions.
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