The cryptocurrency listing craze continues! CoinShares plans to go public in the U.S. through a SPAC
Cryptocurrency asset management company CoinShares International Ltd. has reached an agreement to go public in the United States through a merger with the blank check company Vine Hill Capital Investment Corp., with a pre-merger valuation of USD 1.2 billion. CoinShares is known for its cryptocurrency exchange-traded products and manages approximately USD 10 billion in assets. This listing will enhance the company's credibility, expand its business coverage, and help it seize opportunities in the world's largest asset management market
According to the Zhitong Finance APP, cryptocurrency asset management company CoinShares International Ltd. has reached an agreement to go public in the United States through a merger with blank check company Vine Hill Capital Investment Corp. (VCIC.US).
According to a statement released by CoinShares, the transaction values CoinShares at $1.2 billion prior to the merger. The company is known for its cryptocurrency exchange-traded products and manages approximately $10 billion in assets. Its shares are currently publicly traded on the Nasdaq Stockholm, and after the merger is completed, CoinShares will apply for delisting from the Swedish stock exchange.
This year, against the backdrop of a clearer regulatory environment brought by the pro-cryptocurrency Trump administration, dozens of cryptocurrency companies have entered the U.S. capital markets through direct listings or mergers with blank check companies (also known as Special Purpose Acquisition Companies, or SPACs), with CoinShares being one of them. Recently successfully listed similar companies include stablecoin issuer Circle Internet Group Inc. (CRCL.US) and cryptocurrency exchange Bullish (BLSH.US).
Jean-Marie Mognetti, co-founder and CEO of CoinShares, stated in the announcement: "Entering the U.S. capital markets will enhance the company's credibility, expand our business coverage, and help us seize opportunities in the world's largest asset management market, which accounts for over half of the global managed assets."
Mognetti added: "This marks the beginning of CoinShares' strategic transformation phase. With favorable regulatory trends supporting us, our vision of achieving a leading position in the global industry will accelerate."
Currently, the boards of directors of both CoinShares and Vine Hill have approved the merger transaction, which still requires approval from both shareholders and regulatory agencies. According to the company, 85% of CoinShares shareholders have expressed support for this transaction.
Upon completion of the transaction, the merged entity will be named Odysseus Holdings Limited (referred to as Holdco). This transaction has received a commitment of $50 million in common stock investment from institutional investors and is expected to be completed by the end of the fourth quarter of this year
