Cryptocurrency asset management firm CoinShares International Ltd. has reached an agreement to go public in the United States through a merger with blank check company Vine Hill Capital Investment Corp. (VCIC.US). According to a statement released by CoinShares, the transaction values the company at $1.2 billion on a pre-merger basis. The firm, renowned for its cryptocurrency exchange-traded products, manages approximately $10 billion in assets under management. Its shares currently trade publicly on the Stockholm Nasdaq exchange, and following the completion of the merger, CoinShares will seek to delist from the Swedish stock exchange.

This year, amid expectations of regulatory clarity returning under a Trump administration that has shown a crypto-friendly stance, dozens of cryptocurrency companies have entered the U.S. capital markets through direct listings or mergers with blank check companies (also known as Special Purpose Acquisition Companies, or SPACs), with CoinShares being among them. Recent successful U.S. listings in the sector include stablecoin issuer Circle Internet Group Inc. (CRCL.US) and cryptocurrency exchange Bullish (BLSH.US).

CoinShares co-founder and CEO Jean-Marie Mognetti stated in the announcement: "Accessing the U.S. capital markets will enhance our credibility, expand our business reach, and help us capitalize on opportunities in the world's largest asset management market—a market that houses more than half of the world's managed assets." Mognetti added: "This marks CoinShares' entry into a strategic transformation phase. With supportive regulatory trends, our vision of achieving global industry leadership will accelerate."

Both CoinShares and Vine Hill's boards of directors have approved the merger transaction, which still requires approval from both companies' shareholders and regulatory authorities. The company has disclosed that 85% of CoinShares shareholders have expressed support for the transaction. Upon completion, the combined entity will be named Odysseus Holdings Limited (referred to as Holdco).

The transaction has secured $50 million in common stock investment commitments from institutional investors and is expected to complete by the end of the fourth quarter this year.