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CoinShares Picks Nasdaq in $1.2 Billion SPAC With Vine Hill, Forming Odysseus Holdings

The board-approved SPAC positions the European ETP leader to tap deeper U.S. capital.

All about CoinShares’ $1.2B plan to go public in the U.S.
CoinShares to swap Stockholm for Wall Street via $1.2b SPAC deal
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Photo: SOPA Images/LightRocket via Getty Images

Overview

  • CoinShares will shift its primary listing from Nasdaq Stockholm to the U.S., with the combined company expected to trade as Odysseus Holdings on Nasdaq after closing.
  • The business combination carries a pre-money valuation of $1.2 billion and includes a $50 million anchor investment from an institutional investor.
  • Existing CoinShares shareholders are expected to own about 92% of the combined company once the transaction completes, according to deal terms reported by outlets covering the announcement.
  • The companies say the deal has been approved by both boards and is targeted to close by the end of 2025, pending shareholder votes and regulatory reviews, after which CoinShares plans to delist in Sweden.
  • CoinShares manages roughly $10 billion across 32 crypto ETPs, holds about 34% EMEA market share, and recently reported strong profitability including $32.4 million Q2 net income and a 76% adjusted EBITDA margin in H1 2025, which executives cite as support for a U.S. expansion push.