CoinShares, a European digital asset manager, began trading on Nasdaq on Wednesday under the ticker symbol CSHR. The listing follows a completed business combination with special purpose acquisition company Vine Hill Capital Investment Corp., a transaction first announced last September. The deal values CoinShares at $1.2 billion and brings the firm’s $6 billion in assets under management to U.S. markets.
The move positions CoinShares to compete directly with established players such as BlackRock, Fidelity, and Grayscale in the institutional crypto market. The company ranks among the top four digital asset managers globally and holds approximately 34% market share in Europe. It currently manages 39 products across four platforms, including four U.S. exchange-traded funds with a combined $584 million in assets.
Company executives describe the listing as a strategic evolution rather than a simple change of venue. CEO Jean-Marie Mognetti stated in a press release that CoinShares is transitioning from a pure-play ETP provider into a diversified asset manager, with new capabilities spanning listed asset management, active alternative strategies, and decentralized finance. He added that the firm intends to pursue targeted acquisitions as part of its organic growth strategy.
Benoit Pellevoizin, the company’s head of marketing and communications, told Decrypt that CoinShares plans to focus on what he described as “exotic ETFs” — more sophisticated offerings than traditional spot Bitcoin products. He emphasized that the U.S. listing is driven by a concrete growth plan for the company. CoinShares had previously been listed on Nasdaq Stockholm since 2022, effectively trading European market exposure for U.S. opportunities.
The company has already taken steps toward expansion through acquisitions, having purchased Valkyrie Funds LLC in 2024, which brought $584 million in assets under management in U.S. products. Pellevoizin noted that CoinShares has maintained profitability since 2016, with management fees providing a stable revenue base independent of crypto market swings. The firm reported a 76% adjusted EBITDA margin for the first half of 2025, following a 68% margin in 2024.
Assets under management have more than tripled over the past two years through organic inflows. According to an SEC filing, the company’s physical platform, which offers digital asset exchange-traded products in Europe, recorded 5.4 times revenue growth from 2023 through the second quarter of 2025, making it the fastest-growing digital asset ETP platform in the region. Mognetti described the U.S. listing as a starting point rather than a conclusion, signaling further expansion ahead.
Originally reported by Decrypt.
