Digital asset manager CoinShares began trading on the Nasdaq under the ticker CSHR on Wednesday following a SPAC merger. The deal values the European firm at approximately $1.2 billion and includes a $50 million capital commitment. The U.S. listing aims to attract institutional investors amid a challenging period for crypto-linked equities, which have declined sharply this year.
CoinShares made its U.S. public markets debut today after finalizing a special purpose acquisition company merger. The combined entity, CoinShares PLC, began trading on the Nasdaq under the ticker symbol CSHR.
The transaction, first announced in September, values the company at approximately $1.2 billion. It also includes a $50 million capital commitment from institutional investors.
Although already publicly traded in Europe, the U.S. listing aims to attract institutional capital and increase visibility. The move positions the firm to expand in the world’s largest financial market as U.S. digital asset regulation evolves.
The company manages more than $6 billion in assets and is one of Europe’s largest crypto investment firms. It is best known for its crypto exchange-traded products listed on European exchanges.
The backdrop for digital asset companies has shifted dramatically since the deal was first announced. The crypto market has lost more than half its value following a broad correction and the fallout from an October liquidation event.
Crypto-linked equities have been among the hardest hit, with companies like Coinbase, Gemini and Figure Technologies down sharply this year. Circle has bucked this trend amid continued growth in stablecoins.
Analysts at Bernstein don’t expect the downturn to persist. They stated crypto-related stocks could be nearing a bottom heading into first-quarter earnings.
