CoinShares Debuts on Nasdaq, Completing $1.2 Billion SPAC

CoinShares, Europe’s largest crypto asset manager, began trading on the Nasdaq Stock Market on Wednesday under the ticker CSHR — completing a months-long journey from Nasdaq Stockholm to Wall Street that represents one of the most significant crypto-native listings of 2026.

The deal closed late Tuesday, CNBC confirmed. It values CoinShares at $1.2 billion pre-money through a business combination with Vine Hill Capital Investment Corp., a SPAC that raised $220 million in its 2024 IPO. The transaction included a $50 million PIPE from Alyeska Master Fund, which acquired five million shares at $10 per share and received additional shares as a commitment fee. A new holding company, CoinShares PLC, is the combined entity.

The firm arrives on Nasdaq with roughly $6–7 billion in assets under management and a track record that is unusual in the digital asset space: twelve consecutive years of profitability, through the 2018 collapse, the 2022 FTX implosion, and the Q1 2026 drawdown alike. CoinShares commands a 34% share of the European ETP market and ranks fourth globally behind BlackRock, Grayscale, and Fidelity in digital asset ETP management — a defensible position that CEO and co-founder Jean-Marie Mognetti says the U.S. listing is designed to extend rather than replicate.

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“We have a lot of AUM in Europe, we don’t have much in the U.S.,” Mognetti told CNBC. “We want to be a much bigger company, and we need to grow — so our success will be measured at some point by our capacity to grow in this American market.”

The timing is counterintuitive — Bitcoin is down 23% for the year, sentiment is in extreme fear, and the broader market is bracing for tariff shocks. Mognetti leaned into the contrast directly: “We are not listing because the market is easy. We are listing because the business is ready for it.”

For investors, the listing creates the first direct U.S.-listed equity exposure to a pure-play European crypto asset manager. The deal is priced at 7.3x EV/2024 EBITDA and 10.7x price-to-earnings — a significant discount to the peer average of 20.9x EV/EBITDA and 25.4x P/E — which may make it attractive to TradFi investors already comfortable with crypto exposure through ETFs but looking for operational leverage to the sector. CoinShares’ product mix includes crypto ETPs, active strategies, and a push into DeFi and on-chain asset management that Mognetti described as a deliberate diversification of the revenue base.