CoinShares is now listed on the Nasdaq in the US, following a completed business combination between CoinShares International Limited, Vine Hill Capital Investment Corp. and the newly formed holding company CoinShares PLC.
Following this milestone, we spoke to CoinShares CEO JM Mognetti about what the listing means for the company and where it will go next.
Q. Why is CoinShares’ launch on Nasdaq a significant milestone for the company?
This listing is the structural unlock we’ve been building toward for over a decade. We’ve been publicly listed since 2021 in Sweden, profitable since inception, and operating in the US since the Valkyrie ETF provider acquisition in 2024. But our Stockholm listing created a ceiling: limited sell-side coverage, limited institutional access, and a market with virtually no institutional capital allocated to digital assets.
Nasdaq puts us where the world’s institutional investors are looking. It gives us US research coverage, access to the deepest capital pools in the world and the credibility that comes with trading on the same exchange as the companies our investors already own.
Q. What do you think it says about the state of the digital assets industry as a whole?
The debate is over. The SEC approved spot Bitcoin ETFs in January 2024. Sovereign states are discussing Bitcoin reserve positions. When a company like CoinShares — a decade of profitability, triple-regulated in the EU, licensed with the SEC, NFA, and FINRA — lists on Nasdaq, it signals that this asset class has crossed the institutional threshold permanently. The question institutions are asking is no longer whether to allocate to digital assets. It’s how much, and with whom. That shift is irreversible.
What we’re witnessing is the convergence moment we’ve been building for since 2013. This is what we call Hybrid Finance: the recognition that the future of finance is not a binary choice between traditional infrastructure and blockchain-based infrastructure. It’s the convergence of the two. Institutions want digital asset exposure through regulated vehicles they can hold in standard brokerage accounts. They want institutional-grade custody, compliant reporting and fiduciary-ready counterparties.
At the same time, blockchain infrastructure is increasingly underpinning how those products settle, how yield is generated, and how assets are managed on-chain. CoinShares sits precisely at that intersection — and our Nasdaq listing is proof that the convergence is no longer theoretical. It’s operational.
Q. Why is now the time to focus on the US market after years in the EU?
I’d push back on the framing slightly: we’re not pivoting to the US, we’re scaling what already exists. We acquired Valkyrie in March 2024. We hold SEC, NFA, FINRA registrations and Investment Adviser status under the 1940 Act. We already run US ETF products: BRRR, BTFX, WGMI, DIME. What we didn’t have was the listing venue to match our ambition. The European foundation, CoinShares XBT and CoinShares Physical ETP platforms, MiFID, AIFM, MiCA, the first continental European asset manager authorised under the new regime. That’s not going away. It’s a competitive moat. But the US is where the institutional capital sits, where the sell-side coverage lives, and where the next phase of our growth accelerates. The timing is a function of readiness, not opportunism.
Q. What’s next for CoinShares?
We are building the one-stop shop for institutional digital asset management — and no one else is positioned to do it at our scale, with our regulatory depth, across both sides of the Atlantic.
Today, if you’re an institutional allocator, you go to one provider for passive exposure, another for active strategies, another for capital markets execution, and yet another for on-chain capabilities. We do all of it — passive ETPs, quantitative active management, capital markets, and on-chain asset management — under one roof, under one regulatory diligence, with a decade of profitability behind it.
The ambition is clear: we are building the leading global digital asset manager. Not the largest by a single metric — the most complete. The firm that institutions turn to regardless of what they need in digital assets, because they know the product exists, the regulation is in place, and the track record speaks for itself.
