CoinShares Debuts on Nasdaq - $1.2 Billion SPAC Deal

On April 1, 2026, CoinShares shares began trading on Nasdaq under the CSHR ticker, marking one of the largest crypto listings in the US over the past year. The deal is valued at $1.2 billion and resulted from a merger with SPAC company Vine Hill Capital Investment Corp.

Deal details

The merger with Vine Hill Capital was announced in September 2025 and included an additional $50 million round from institutional investors. As part of the deal, CoinShares relocated its primary listing from Nasdaq Stockholm to the US Nasdaq, forming a new holding structure called CoinShares PLC.

The deal closed at the end of March, with the first trading day on Nasdaq falling on April 1. This is the fourth major crypto listing in the US over the past year, reflecting growing interest in digital assets from traditional financial markets.

Who is CoinShares

CoinShares is a European crypto investment pioneer founded in 2014 by Jean-Marie Mognetti and Danny Masters. In 2015, the company launched the world's first regulated Bitcoin ETP, followed by the first regulated Ethereum ETP. Today, CoinShares offers 39 investment products in the digital asset space.

The company operates across three business lines: ETF business, active strategies, and recently launched on-chain asset management - a unique offering where crypto and real-world assets are managed directly on the blockchain.

Market position

By crypto assets under management, CoinShares ranks among the top four globally, alongside BlackRock, Grayscale, and Fidelity. In Europe, the company holds the number one position among crypto ETP issuers with approximately 34% market share.

Why it matters

The CoinShares Nasdaq listing is another signal of growing institutional interest in digital assets. The company enters the US market at a time when crypto ETFs are experiencing a renaissance: in March 2026, spot Bitcoin ETFs recorded their first net inflow in four months, totaling $1.32 billion.

CoinShares' presence on Nasdaq makes it easier for American pension funds, hedge funds, and individual investors to access crypto ETPs, having previously had a limited selection of regulated crypto products.

Outlook

With its Nasdaq debut, CoinShares plans an aggressive expansion into the US market, where competition among crypto asset managers is rapidly intensifying. The recently launched on-chain asset management division could become a key differentiator - an offering that competitors like BlackRock and Fidelity do not yet provide.

For the broader crypto market, this listing confirms the institutionalization trend: since the approval of spot Bitcoin and Ethereum ETFs in 2024, the world's largest stock exchanges are becoming home to an increasing number of crypto companies. This builds the infrastructure that bridges traditional finance and digital assets.