CoinShares PLC Completes SPAC Merger, Debuts on Nasdaq with 132M Shares Outstanding

summarizeSummary

CoinShares PLC announced the successful completion of its business combination, becoming a publicly traded company on Nasdaq under the symbols CSHR and CSHRW, with 132.2 million ordinary shares and 11 million warrants outstanding.

check_boxKey Events

• Business Combination Consummated

  CoinShares PLC (formerly Odysseus Holdings Limited) completed its business combination with Vine Hill Capital Investment Corp. on March 31, 2026, making CoinShares International Limited a wholly-owned subsidiary.

• Nasdaq Listing Achieved

  The company's Ordinary Shares (CSHR) and Warrants (CSHRW) have been approved for listing on The Nasdaq Stock Market LLC and are expected to begin trading on April 1, 2026.

• Significant Share Issuance

  Post-merger, CoinShares PLC has 132,257,329 Ordinary Shares and 11,000,000 Warrants outstanding. The warrants are exercisable at $11.50 per share, 30 days after closing.

• Shareholder Redemptions Impact Cash Proceeds

  Holders of 20,707,319 Vine Hill Class A shares exercised redemption rights, resulting in aggregate payments of approximately $221.8 million from the trust account.

auto_awesomeAnalysis

This 20-F filing marks the official consummation of CoinShares PLC's business combination with Vine Hill Capital Investment Corp., a significant milestone that transitions the company to a Nasdaq listing. The successful completion of the merger, despite substantial shareholder redemptions totaling $221.8 million, provides CoinShares with access to the U.S. capital markets and enhanced liquidity. The issuance of over 132 million ordinary shares and 11 million warrants, along with a new registration rights agreement, sets the stage for future capital-raising activities and potential dilution. Investors should monitor the company's trading debut on Nasdaq and its performance as a foreign private issuer.