CoinShares Lists on Nasdaq via $1.2 Billion SPAC Merger

European crypto asset manager CoinShares began trading on Nasdaq Wednesday under ticker CSHR following completion of its $1.2 billion merger with SPAC Vine Hill Capital Investment Corp., first announced in September 2024. The firm manages $6 billion in assets across 39 products and ranks among the top four digital asset managers globally, holding 34% market share in Europe where it has traded on Nasdaq Stockholm since 2022. CoinShares currently offers four U.S. ETFs with $584 million in combined assets after acquiring Valkyrie Funds in 2024, and plans to focus on exotic ETFs more sophisticated than traditional spot Bitcoin offerings. The listing positions the profitable company, which reported a 76% adjusted EBITDA margin in H1 2025, for U.S. expansion as institutional players consolidate market share in digital assets.

CoinShares' Nasdaq listing via SPAC merger

• ▪CoinShares has been listed on Nasdaq Stockholm since 2022
• ▪CoinShares began trading on Nasdaq under ticker symbol CSHR on Wednesday following a completed business combination with special purpose acquisition company Vine Hill Capital Investment Corp.
• ▪The CoinShares business combination with Vine Hill Capital Investment Corp. was announced on September 8, 2025
• ▪CoinShares has $6 billion in assets under management
• ▪The CoinShares SPAC merger transaction values CoinShares at $1.2 billion

Strategic positioning and product differentiation in crypto ETF market

• ▪CoinShares manages 39 products across four platforms
• ▪CoinShares currently offers four U.S. exchange-traded funds with $584 million in combined assets
• ▪The acquired Valkyrie ETF business contributed approximately $530 million in assets under management as of March 11, 2024
• ▪CoinShares acquired Valkyrie Funds LLC in 2024
• ▪CoinShares holds approximately 34% market share in Europe, making it the dominant position in the region

Financial performance and growth trajectory

• ▪CoinShares reported a 68% adjusted EBITDA margin in 2024
• ▪CoinShares has maintained profitability since 2016
• ▪CoinShares physical platform recorded 5.4x revenue growth from 2023 through Q2 2025
• ▪CoinShares reported a 76% adjusted EBITDA margin for the first half of 2025

Perspective of CoinShares CEO Jean-Marie Mognetti

• ▪The Nasdaq listing reflects CoinShares' strategic evolution from a pure-play ETP provider into a diversified asset manager specializing in digital assets according to CEO Jean-Marie Mognetti

Perspective of U.S. institutional investors

• ▪CoinShares offers U.S. investors access to a crypto asset manager that has maintained profitability since 2016
• ▪The Nasdaq listing positions CoinShares for expansion in the United States market where institutional players are consolidating market share

Perspective of European crypto investors

• ▪CoinShares' U.S. expansion through the Nasdaq listing may redirect strategic focus from Europe where it holds 34% market share