CoinShares' US Listing: A Litmus Test for Institutional Crypto

NEW YORK, NY – November 26, 2025 – In a move signaling a new phase of maturation for the digital asset industry, European leader CoinShares has taken a decisive step toward a U.S. public listing. The firm, in partnership with special purpose acquisition company (SPAC) Vine Hill Capital Investment Corp., announced the confidential submission of a draft Form F-4 registration statement to the U.S. Securities and Exchange Commission (SEC). This filing, made by the prospective new entity Odysseus Holdings Limited, marks a critical milestone in a business combination that will see the Jersey-based digital asset manager trade on a major U.S. exchange.

The transaction, anticipated to close around the end of the first quarter of 2026, represents more than just a new stock ticker; it's a strategic maneuver to tap into the world's deepest capital market. For an industry striving to shed its speculative image and embed itself within mainstream finance, the success of CoinShares' public debut will be a closely watched bellwether for institutional appetite and the viability of global crypto firms in the American financial arena.

A Bellwether for Institutional Adoption

CoinShares is not a fledgling startup testing the waters. Founded in 2013, it has methodically built a dominant position in Europe, commanding an impressive 45% market share of the continent's crypto Exchange Traded Product (ETP) assets under management by the end of 2023. Globally, it stands as the fourth-largest manager of digital asset ETPs, trailing only U.S. giants BlackRock, Fidelity, and crypto-native Grayscale. This established track record and its management of approximately US$10 billion in assets provide a strong foundation for its American ambitions.

The U.S. listing is a direct challenge on the home turf of its largest competitors. By going public, CoinShares aims to broaden its investor base, enhance its brand visibility, and gain access to the significant capital pools available in the U.S. The company has already laid groundwork for this expansion through its strategic acquisition of Valkyrie Funds, which has given it an immediate, albeit modest, operational footprint and product line in the United States, including a share of the burgeoning spot Bitcoin ETF market. This integration, now operating as the CoinShares-Valkyrie business line, has already seen positive net inflows, suggesting a receptive market.

This move is emblematic of a larger trend: the ongoing institutionalization of cryptocurrency. The days of digital assets being solely the domain of retail enthusiasts are long gone. Major financial institutions are now active participants, and a U.S. public listing provides the regulatory transparency and corporate governance structure that institutional investors demand. The successful transition of a regulated, profitable European player like CoinShares to a U.S. public company could pave the way for other international digital asset firms to follow, further cementing crypto's place in global financial portfolios.

Navigating the SPAC Resurgence and a New Regulatory Climate

The decision to merge with Vine Hill Capital, a SPAC that raised $220 million in its September 2024 IPO, is a calculated one. The SPAC market of late 2025 is a far cry from the speculative frenzy of 2020-2021. After a period of contraction and increased scrutiny, the market has rebounded with a renewed focus on discipline, stronger governance, and more realistic valuations—a trend some analysts have dubbed “SPAC 4.0.” For a well-established company like CoinShares, this revitalized SPAC route offers a potentially faster and more certain path to public markets than a traditional IPO.

Perhaps more crucial to the timing of this deal is the dramatically altered regulatory landscape in the United States. The inauguration of a new presidential administration in January 2025 has ushered in a more favorable stance towards the digital asset industry. The previous era of “regulation by enforcement” is giving way to a concerted effort to create a clear and coherent framework for crypto assets. The creation of a new Crypto Task Force within the SEC, led by the historically crypto-friendly Commissioner Hester Peirce, signals a significant policy pivot.

One of the most tangible results of this shift was the January 2025 rescission of Staff Accounting Bulletin 121 (SAB 121), a rule that had made it prohibitively difficult for regulated banks to offer digital asset custody services. Its replacement, SAB 122, removes this barrier, a move celebrated by the industry as a critical step toward integrating digital assets into the traditional banking system. This evolving, more predictable regulatory environment makes a U.S. listing substantially more attractive and less perilous for firms like CoinShares. While the company still faces the procedural hurdles of a multi-month SEC review of its F-4 filing—a timeline the press release notes could be influenced by the aftermath of past government shutdowns—the underlying political and regulatory winds are now firmly at its back.

A Fortified Strategy for the American Arena

CoinShares is entering the competitive U.S. market from a position of considerable financial strength. The company's performance has been robust, with total comprehensive income growing from £38.4 million in 2023 to £107.5 million in 2024. Its adjusted EBITDA more than doubled over the same period, from £50.9 million to £109.8 million, demonstrating strong profitability and operational efficiency. This financial stability distinguishes it from many earlier-stage companies that went public via SPACs.

Beyond its balance sheet, CoinShares' core differentiator lies in its hybrid DNA, which masterfully blends the discipline and regulatory know-how of traditional finance (TradFi) with the innovation of the crypto world. With over a decade of experience, the firm has a history of pioneering regulated products, including the world's first regulated Bitcoin fund in 2014 and its first crypto ETP in 2015. This deep expertise in product structuring and navigating complex regulatory environments across Jersey, France, and the U.S. is a formidable competitive advantage.

The U.S. listing is the capstone of a strategy focused on regulated asset management and sophisticated financial products. By accessing public capital, Odysseus Holdings will be better equipped to expand its active asset management offerings to qualified U.S. investors, enhance its quantitative trading capabilities, and potentially pursue further strategic acquisitions. The move is not merely about gaining access to U.S. investors, but about solidifying its status as a truly global, publicly accountable leader in the digital asset space.

The journey to a U.S. listing is complex, but CoinShares is betting that its proven European playbook, strong financials, and a more favorable regulatory climate will pave the way for success. How it performs post-merger will be a crucial data point for investors and competitors alike, offering a real-time assessment of the American market's readiness to fully embrace regulated, institutional-grade digital asset investment vehicles.