CoinShares, a leading European digital asset manager with over $6 billion under management, is to begin trading on the Nasdaq exchange under the ticker symbol CSHR.
The IPO follows a $1.2 billion merger with Vine Hill Capital Investment Corp., a US-based special purpose acquisition company (SPAC).
The asset manager, which had previously traded on Nasdaq Stockholm in Sweden under the CoinShares International unit, formed CoinShares PLC through the merger.
The listing comes after BitGo (BTGO) went public earlier this year, while various crypto firms listed in 2025, including stablecoin issuer Circle (CRCL), CoinDesk owner Bullish (BLSH) and exchange Gemini (GEMI).
CoinShares built its business around crypto exchange-traded products (ETPs) and now manages 39 funds across four platforms. The company generates most of its revenue through recurring fees, a model it says supports strong profitability and free cash flow.
“We are diversifying both our product and revenue mix, including new opportunities in listed asset management, active alternative strategies and decentralized finance,” said CEO Jean-Marie Mognetti.
For investors, the move opens up a new US-based opportunity to gain exposure to crypto markets through a firm already established in Europe. CoinShares says it is the market leader on the continent with a 34% share.
CoinShares’ US expansion will include product development and acquisitions, while proximity to US regulators could help it adapt quickly to changing compliance standards in the crypto sector.
UPDATE (April 1, 14:15 UTC): Updates to reflect that CoinShares previously traded on Nasdaq Stockholm
