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.

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.