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CoinShares International Limited, a European asset manager specializing in digital assets, and Vine Hill Capital Investment Corp., a publicly traded special purpose acquisition company (SPAC), today announced that they have entered into a definitive business combination agreement that will result in CoinShares becoming publicly listed on the Nasdaq Stock Market in the United States.

The transaction values CoinShares at US$1.2 billion pre-money on a pro-forma basis.

The transaction is priced at 7.3x Enterprise Value / CY2024 EBITDA and 10.7x Price / Earnings, as compared to peers at 20.9x and 25.4x, respectively.

At the closing of the transaction, securityholders of CoinShares and Vine Hill will exchange their securities for securities in a new combined company, Odysseus Holdings Limited (“Holdco”).

Jean-Marie Mognetti, CEO & Co-Founder of CoinShares said:

“This transaction represents far more than a change of listing venue from Sweden to the United States. It signals a strategic transition for CoinShares, accelerating our ambition for global leadership, supported by favorable regulatory tailwinds. The case for digital assets as an investment class and blockchain as a transformative technology has reached a decisive inflection point and can no longer be ignored. There is no going back”.

Nicholas Petruska, CEO of Vine Hill said:

“CoinShares exemplifies everything we look for in a high-value investment: market leadership, a proven, scalable business model, a massive and expanding addressable market and a team with the proven ability to execute. CoinShares’s proven EMEA playbook and expertise featuring a recurring fee-based revenue model supplemented with strong historical gains and income from a variety of trading activities which together have resulted in a consistently impressive ~70% adjusted EBITDA margins in CY2024, combined with U.S. capital markets access and distribution, creates an unstoppable growth engine.”

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