CoinShares, the largest European crypto asset manager, is moving its listing venue to the U.S. with a SPAC merger. The largest European crypto asset manager revealed plans to ditch Sweden for the U.S. On Monday, September 8, CoinShares announced that…CoinShares, the largest European crypto asset manager, is moving its listing venue to the U.S. with a SPAC merger. The largest European crypto asset manager revealed plans to ditch Sweden for the U.S. On Monday, September 8, CoinShares announced that…

CoinShares to swap Stockholm for Wall Street via $1.2b SPAC deal

CoinShares, the largest European crypto asset manager, is moving its listing venue to the U.S. with a SPAC merger.

Summary
  • CoinShares will change its trading venue from Sweden to Nasdaq through a SPAC
  • The company will go public through a joint merger with Vine Hill Capital, Odysseus Holdings
  • SPAC deals enable companies to bypass the costly and slow IPO process

The largest European crypto asset manager revealed plans to ditch Sweden for the U.S. On Monday, September 8, CoinShares announced that it would go public on Nasdaq through a SPAC merger with the public company Vine Hill. Following the deal, the firm will delist from Nasdaq Stockholm.

The deal will involve the Vine Hill SPAC merging into a newly formed company, Odysseus Holdings. Following the merger, CoinShares shareholders will exchange their shares for shares of Odysseus. After the deal is complete, CoinShares investors will own 92% of the new company. The deal values the company at $1.2 billion, representing a 30% premium to its stock price before the announcement.

In addition to the merger, CoinShares announced a private placement with hedge fund Alyeska, investing $50 million at $10 per share. The hedge fund will also receive bonus shares, further lowering its acquisition cost. According to CoinShares, this investment will help fund the company’s expansion in the U.S.

CoinShares’ Nasdaq listing to help with U.S. expansion

CoinShares’ decision to list on Nasdaq is likely an effort to attract more capital. Nasdaq has far more liquidity than its Swedish counterpart, which will enable the company to raise capital more easily and potentially boost its stock price.

SPAC deals allow companies to bypass the traditional IPO process, which is slow and expensive. They involve acquiring a blank-check shell company that is already listed on an exchange and holds cash. The merger enables the acquiring company to go public.

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