Carey Olsen has advised a leading global asset manager on its business combination transaction and subsequent listing on the Nasdaq Stock Market.
Jersey-headquartered CoinShares, which specialises in digital assets, merged with Cayman Islands-incorporated special purpose acquisition company Vine Hill Capital Investment Corp – and was subsequently listing on the Nasdaq Stock Market.
The deal closed on Tuesday 31 March, transitioning CoinShares’ listing from Nasdaq Stockholm to Nasdaq in the United States.
CoinShares is now valued at approximately $1.2 billion, including a $50 million PIPE investment from an institutional investor. Shares began trading under the ticker CSHR on Wednesday 1 April.
CoinShares manages around US$6 billion in assets and offers services in ETFs, active strategies, and on-chain management.
Structured as a Jersey scheme of arrangement and a Cayman Islands merger, the transaction required the legal expertise of Carey Olsen’s corporate and litigation teams in Jersey and its corporate team in the Cayman Islands.
The Jersey corporate team comprised partners Katherine Tresca and James Willmott, with support from associates Damilola Obafemi and Chris Oke. The Jersey litigation team included partner Louise Woolrich and associate Libby Cowieson.
Advocate Willmott said: “Having acted for CoinShares since its inception, we’re proud to have supported the team on this milestone achievement.
“The deal not only highlights the strength of Jersey’s digital assets sector and its robust regulatory framework, but also reinforces the island’s position as a leading jurisdiction for European businesses seeking access to U.S. markets.
“CoinShares has long been recognised as an innovator in the digital assets space, and this latest development positions the company to continue its impressive growth trajectory and broaden its reach to U.S. investors seeking regulated digital asset products.”
Advocate Woolrich added: “Given the unique structure of the transaction, it was necessary for the court to sanction the scheme with outstanding conditions, which demonstrates the Jersey Court’s sophistication in dealing with complex, international matters.”
Carey Olsen partner Christopher Griffin has previously advised CoinShares on several key milestones – including the launch of its institutional-grade exchange-traded Bitcoin product in 2021, the launch of the world’s first regulated crypto-denominated investment fund in 2017, and the first regulator-approved Bitcoin investment fund in 2014.