CoinShares Launches SPAC as Crypto Hits US ‘Inflection Point’

Sweden-listed cryptocurrency asset manager CoinShares is preparing to go public in the U.S.

The company announced Monday (Sept. 8) that it had entered into a special purpose acquisition company (SPAC) agreement that will see CoinShares list on the Nasdaq, valuing it at $1.2 billion. Following the agreement, CoinShares will delist from the Swedish market.

Jean-Marie Mognetti, co-founder and CEO of CoinShares, said the transaction marks an effort by the company to achieve “global leadership” amid a more favorable regulatory environment for crypto.

“The case for digital assets as an investment class and blockchain as a transformative technology has reached a decisive inflection point and can no longer be ignored. There is no going back,” he said. “The U.S. is now serving as the crucible of the digital asset space. By listing in the United States, CoinShares is positioning itself to meet growing investor demand and to participate more fully in the evolution of this new industry.”

The company said in the release said that it is the fourth-largest manager of digital asset ETP products globally, behind BlackRock, Grayscale and Fidelity, and the top manager in Europe, the Middle East and Africa with a 34% market share.

The company also has roughly $10 billion in assets under management, a figure that has tripled in the last two years. CoinShares said it has also gone from a single platform with four products in 2021 to a 32-product suite spread across four platforms.

CoinShares is among several crypto firms that have made an effort to go public on the U.S. markets this year, either through an initial public offering (IPO) or SPAC deals. This is happening as the U.S. government, under President Donald Trump, embraces the crypto sector after years of regulatory crackdown.

Among the companies to already list are Circle, issuer of the USDC stablecoin, which had a blockbuster IPO earlier this year. The crypto exchange Bullish enjoyed similar success when it went public last month.

“With Circle’s entry into the public market, a new chapter looks set to begin,” PYMNTS wrote June 5. “With blue-chip banks underwriting the deal and retail investors clamoring for shares, the traditional finance world appears more open than ever to embracing digital assets. Or, at least, the potentially regulated and transparent kind of digital assets.”

Still to come is the IPO from crypto exchange Gemini, which said last week it is targeting a $2.1 valuation when it goes public.