• CoinShares plans to switch its listing from Nasdaq Stockholm to the U.S. via a merger with a $1.2 billion SPAC.
  • The transaction, expected to close by December 17, 2025, is contingent on regulatory approvals.
  • The move signals a resurgence in crypto-linked SPAC activity and provides access to deeper U.S. capital markets.

CoinShares, a leading global digital asset investment firm, has announced plans to list on the Nasdaq Stock Market in the United States through a merger with Odysseus Holdings, a Special Purpose Acquisition Company (SPAC). The deal values the combined entity at approximately $1.2 billion and is part of a joint scheme involving Vine Hill Capital.

The transaction, which is expected to be completed by December 17, 2025, pending regulatory clearances in the U.S. and internationally, would see CoinShares' shares begin trading in the U.S. the following day. The company, which is currently listed on Nasdaq Stockholm, is headquartered in Jersey and regulated in multiple jurisdictions, including the U.S., France, and Jersey.

This move reflects the 2025 resurgence of SPACs, particularly within the crypto sector, as firms seek to capitalize on renewed investor interest and a more welcoming regulatory environment. The SEC, under Chair Paul Atkins, has recently provided clearer guidance on crypto assets, making market entry more seamless for compliant firms. A spokesperson for CoinShares cited "access to deeper U.S. capital markets and a broader institutional investor base" as a primary motivator for the switch.

The SPAC route allows CoinShares to bypass the traditional IPO process, potentially accelerating its entry into the world's largest capital market. The firm, which provides investment management, trading, and securities services, recently announced a continuation of its capital-reduction program with a 200,000-share buyback, signaling confidence in its valuation. Efforts to reach a representative from Odysseus Holdings for additional comment were not immediately successful.

If completed, the deal would make CoinShares one of the most high-profile digital asset investment firms on a major U.S. exchange. The listing could also set a precedent for other European crypto firms seeking greater exposure to U.S. investors and follows broader industry trends, including the successful launch of multiple crypto ETFs. The company has also signaled its intent to expand its U.S. product suite, with a pending proposal to list a CoinShares XRP ETF.