CoinShares Lists on Nasdaq After $1.2B SPAC Deal

CoinShares, a European digital-asset manager, started trading on the Nasdaq today after completing a SPAC merger with Vine Hill Capital Investment Corp., becoming CoinShares PLC and using the ticker CSHR. The transaction, announced in September, values the company at roughly $1.2 billion and includes about $50 million in committed capital from institutional investors.

Although CoinShares has been publicly traded in Europe, the U.S. listing is intended to draw more institutional capital, broaden analyst coverage and raise the firm’s profile in the world’s largest capital market amid a shifting U.S. regulatory environment. The firm oversees more than $6 billion in assets and is one of Europe’s largest crypto-focused investment managers, best known for its exchange-traded products (ETPs) listed on European exchanges.

Market backdrop and performance

Since the SPAC announcement the market has weakened. CoinShares’ CoinShares Bitcoin Mining ETF (WGMI) has fallen more than 22% over the past six months. The broader crypto sector has lost over half its market value following a major correction in digital assets, a drop in trading volumes and the Oct. 10 liquidation event that sparked widespread deleveraging and heightened volatility, complicating capital raising and investment activity.

Crypto-linked stocks have been pressured this year, with shares of firms such as Coinbase, Gemini-associated businesses and Figure Technologies sliding significantly. By contrast, Circle has seen growth driven by expanding stablecoin activity.

Analyst view

Bernstein analysts recently suggested the sell-off may be nearing a bottom, noting crypto-related equities could stabilize heading into first-quarter earnings, although those reports are widely expected to show weak results.

This article follows Cointelegraph’s editorial standards and aims to provide accurate, timely information. Readers are encouraged to verify details independently.