CoinShares Plans $1.2 Billion SPAC Merger To Enter US Public Markets
CoinShares has entered a definitive business combination agreement with Vine Hill Capital Investment. The European asset manager will go public on the Nasdaq Stock Market through this transaction. According to CoinTelegraph, the agreement values CoinShares at $1.2 billion before new investment.
The London-based company manages approximately $10 billion in assets. CoinShares ranks as the fourth-largest provider of crypto exchange-traded products globally. The company holds a 34% market share in Europe for digital asset management.
CoinShares CEO Jean-Marie Mognetti called this transaction more than a listing venue change. The merger allows the company to capture demand in the world's largest asset management market. A $50 million anchor investment from institutional backers supports the deal.
Institutional Crypto Access Reaches New Milestone
This merger provides direct stock market access to CoinShares for US investors. Traditional investment accounts can now hold shares in a major crypto asset manager. The company posted $32.4 million in profits during Q2 2025 with 26% growth in assets.
SPAC mergers offer crypto companies faster paths to public markets than traditional IPOs. KJK reports that crypto SPAC activity has surged to over $10 billion in 2025. This matches the entire previous year's total volume in just eight months.
Regulatory changes have enabled this crypto SPAC revival. We previously reported that institutional crypto insurance products now cover SEC-compliant stablecoins, which gained cash equivalent status under 2025 interim guidance. These developments reduce compliance barriers for public crypto companies.
The transaction bypasses lengthy traditional IPO processes that often take six months. SPAC deals can complete in weeks with proper regulatory approvals. CoinShares expects the merger to close later in 2025 pending shareholder votes.
SPAC Revival Transforms Crypto Market Access
Twenty-five crypto-related SPACs have priced in 2025 according to industry data. Bloomberg reports that firms from SoftBank-backed Twenty One Capital to ProCap Financial are using blank-check companies for public crypto exposure.
This trend reflects institutional demand for leveraged access to digital assets. Professional investors can now buy shares in companies holding Bitcoin and Ethereum reserves. The strategy builds on MicroStrategy's successful Bitcoin treasury model that created a $70 billion market valuation.
Traditional financial institutions are joining this movement through SPAC structures. The SEC's Project Crypto initiative has clarified Bitcoin and Ether classifications as cash equivalents. This removes Investment Company Act restrictions that previously limited crypto treasury companies.
However, risks remain substantial for these investment vehicles. Critics warn that SPAC premiums may vanish during market downturns. Historical data shows over 20% of SPAC mergers trade below their $10 IPO price after completion. Crypto treasury SPACs face additional volatility from underlying digital asset price swings.
The broader implications extend beyond individual company listings. CoinShares' move validates crypto asset management as a legitimate public market sector. European companies are increasingly choosing US listings to access deeper capital markets. This geographic shift may accelerate as regulatory frameworks continue evolving in favor of digital assets.
