CoinShares, a crypto asset manager, will list on the Nasdaq through a merger with a special purpose acquisition company (SPAC).

On March 31 local time, CNBC reported CoinShares set up a holding company, CoinShares PLC, by merging with SPAC Vine Hill Capital to list on the Nasdaq. The stock will trade under the ticker CSHR.

The merger was first announced in September last year, and the company was valued at about $1.2 billion, including $50 million invested by institutional investors.

CoinShares is a European asset manager with a 12-year track record that offers structured products and funds to institutional and retail investors. It manages $6 billion in assets under management (AUM), including the U.S.-listed CoinShares Bitcoin ETF.

Jean-Marie Mognetti (장마리 모네티), CoinShares' chief executive and co-founder, said it manages a sizable amount of assets in Europe but not in the United States. "It takes too long to grow organically. Using the crypto we are developing through a U.S. stock market listing is the only way we can grow in the U.S. market," he explained.

The listing was driven by the successful initial public offering of crypto custodian BitGo in January and a crypto IPO boom in 2025 involving Circle Internet Group, Figure Technology, Gemini Space Station and Bullish.

But CoinShares' listing comes at a difficult time for investors. The Iran war has entered its fifth week, boosting risk aversion, and three major indexes entered a correction phase last week. Crypto-related stocks have seen a sector-wide decline over the past six months, and bitcoin has fallen 40 percent from its October peak. Crypto exchange Kraken recently delayed a much-anticipated listing schedule.

Mognetti said, "We do not believe in a timing window. We believe in when the company is ready," adding, "We are listing not because the market is easy but because the business is ready." He also said CoinShares has posted a profit every year since it was founded in 2014.