CoinShares, a European digital asset manager, begins trading on Nasdaq today after completing a SPAC merger, underscoring crypto’s growing ties to public markets. The company finalized its business combination with Vine Hill Capital Investment Corp., forming CoinShares PLC and listing under the ticker CSHR.
The deal, first announced in September, values CoinShares at about $1.2 billion and includes a $50 million capital commitment from institutional investors. While CoinShares was already publicly traded in Europe, the U.S. listing is intended to attract institutional capital, broaden analyst coverage, and raise the firm’s profile in the world’s largest financial market amid an evolving U.S. regulatory backdrop.
CoinShares manages over $6 billion in assets and is one of Europe’s largest crypto-focused investment firms, best known for its crypto exchange-traded products (ETPs) listed on European exchanges.
A tougher backdrop for crypto stocks
The market environment has shifted since the SPAC was announced. CoinShares’ CoinShares Bitcoin Mining ETF (WGMI) is down more than 22% over six months. The broader crypto market has lost over half its value following a major correction in digital assets, declining trading volumes, and the Oct. 10 crypto liquidation event that triggered widespread deleveraging and made capital raising and investing more volatile.
Crypto-linked equities have been hit hard this year, with companies like Coinbase, Gemini and Figure Technologies falling sharply. Circle has bucked the trend amid continued growth in stablecoins.
Analysts at Bernstein, however, do not expect the downturn to persist. In a recent note, they suggested crypto-related stocks could be nearing a bottom heading into first-quarter earnings, which are widely expected to show weak results.
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