Crypto Asset Manager CoinShares to Trade on Nasdaq in $1.2 Billion SPAC Deal

European digital asset fund manager CoinShares on Monday announced plans to go public on the Nasdaq in the United States.

St Helier, Jersey-based CoinShares, which manages around $10 billion in assets, said it had entered into an agreement with blank-check company Vine Hill Capital Investment Corp. in a transaction valuing CoinShares at $1.2 billion pre-money on a pro-forma basis.

CoinShares stock—which currently trades on the Nasdaq Stockholm—was trading about 1% higher on Monday after surging to a 52-week high earlier in the day. CoinShares will no longer trade on the Swedish exchange once it goes public in the U.S.

"This transaction represents far more than a change of listing venue from Sweden to the United States," CoinShares CEO and co-founder Jean-Marie Mognetti said in a statement. "It signals a strategic transition for CoinShares, accelerating our ambition for global leadership, supported by favorable regulatory tailwinds."

CoinShares, which mostly manages crypto exchange-traded funds, last year bought Valkyrie Funds, giving it control over a number of top Bitcoin and Ethereum ETFs by the asset manager.

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The move to the U.S. market comes amid a wave of firms in the crypto space going public following a more favorable environment under President Trump’s administration.

The Peter Thiel-backed crypto exchange Bullish debuted on the New York Stock Exchange last month, while San Francisco-based Circle, which issues the USDC stablecoin, had a roaring June NYSE debut. Other firms such as Gemini and Figure Technologies are preparing to go public in the near future.

President Donald Trump campaigned on a ticket to help the industry, and the U.S. commander in chief has a number of personal digital asset ventures—including his own official Solana-based meme coin, and the World Liberty Financial crypto platform.

A Bitcoin miner partially owned by two of his sons, American Bitcoin, debuted on the Nasdaq last week, soaring over 80% in its Nasdaq debut before quickly losing its gains. ABTC was trading for nearly $5 per share—up close to 5%—on Monday after hitting a high of $13.93 last week.

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