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Deals & Cases
20 Apr 2026

White & Case Advises CoinShares on Business Combination with Vine Hill and Nasdaq Listing

"White & Case LLP advised CoinShares International Limited on its business combination with Vine Hill Capital Investment Corp. and subsequent Nasdaq listing. Stifel and Keefe, Bruyette & Woods (KBW) acted as financial advisers and exclusive placement agent. The deal values CoinShares at $1.2bn and follows its delisting from Nasdaq Stockholm."

White & Case LLP advised CoinShares International Limited in connection with its business combination with Vine Hill Capital Investment Corp., a special purpose acquisition company (SPAC). Stifel and Keefe, Bruyette & Woods (KBW) acted as financial advisers to CoinShares and as exclusive placement agent. The transaction comprised the completion of the business combination between CoinShares and Vine Hill and the subsequent listing of the combined company on the Nasdaq in New York. The operation led to CoinShares’ withdrawal from the Nasdaq Stockholm and its admission to trading on the Nasdaq in the United States. The admission and the start of trading on Nasdaq took place on 1 April 2026. CoinShares, a leading European investment firm focused on digital assets with approximately USD 6 billion of assets under management, is based in Jersey and has operations in France, Sweden, the United Kingdom and the United States. The transaction values CoinShares at USD 1.2 billion and positions it among the largest listed digital asset managers. CoinShares is regulated by the Autorité des Marchés Financiers in France, the Jersey Financial Services Commission in Jersey and by the U.S. Securities and Exchange Commission, the National Futures Association and the Financial Industry Regulatory Authority in the United States. The transaction is reported as the first de-SPAC transaction of its kind involving a major digital assets company in the United States combined with a cross-border delisting process executed between Europe and the U.S. White & Case LLP represented CoinShares International Limited with a team composed by: Thomas Le Vert and Boris Kreiss (partners) led the multi-jurisdictional corporate, capital markets and digital assets work, assisted by Stéphane Blemus and Romain Bruno (associates). Orion Berg (partner), assisted by Clémence Flichy (associate), advised on foreign direct investment (FDI) matters. Emilie Rogey (partner), assisted by Maïlis Pachebat (associate), handled regulatory aspects. White & Case LLP's offices also contributed: Jeff Gilson (partner) in Chicago; Joel Rubinstein (partner) in New York, assisted by Russell Deutsch, Henry An, Cristen Callan, Debra Ellis and Aparajita Pande (associates); Bryson Manning and Daniel Quesenberry (associates) in Houston; Johan Thiman (partner) and Nima Naderi (counsel) in Stockholm, assisted by Carl Hedstrom, Albin Sonnsjo, Max von Schmalensee, Gustaf Wiklund and Ella Viebke (associates); and Allan Taylor (partner) and Lachlan Low (counsel) in London, assisted by China Waters (associate). Stifel and Keefe, Bruyette & Woods (KBW) acted as financial advisers and exclusive placement agent to CoinShares.
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