Cryptocurrency asset manager CoinShares International Ltd. has agreed to go public in the US through a combination with blank-check company Vine Hill Capital Investment Corp.
The deal values CoinShares at $1.2 billion pre-money on a pro-forma basis, according to a company statement. CoinShares is best known for its crypto exchange-traded products and has about $10 billion in assets under management. Shares of the company are currently publicly traded on Nasdaq Stockholm and following the completion of the merger, CoinShares will file to delist from the Swedish stock exchange.
CoinShares joins dozens of crypto companies that have moved to go public in the US this year — either via direct listings or tie ups with blank-check firms, also known as special purpose acquisition companies, or SPACs — amid renewed regulatory clarity triggered by the crypto-friendly Trump administration. Among the companies that have recently debuted in the US are stablecoin issuer Circle Internet Group Inc. and crypto exchange Bullish.
“A US listing will reinforce our credibility, expand our reach, and position us to capture the opportunity in the world’s largest asset management market, home to over half of global assets under management,” said Jean-Marie Mognetti, chief executive officer and co-founder of CoinShares, in the statement.
“It signals a strategic transition for CoinShares, accelerating our ambition for global leadership, supported by favorable regulatory tailwinds,” Mognetti added.
The boards of directors of both CoinShares and Vine Hill have approved the merger, which is subject to approvals from the shareholders and regulators. According to the company, 85% of CoinShares shareholders have backed the transaction.
At the closing of the transaction, the combined business will be named Odysseus Holdings Limited, or Holdco. The deal, which will be anchored by an institutional investor that committed $50 million in common equity, is expected to close by the end of the fourth quarter this year.
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