CoinShares International — SPAC Merger (September 2025)
40 slides from CoinShares International's SPAC merger presentation, Sep 8, 2025
Slide 1: A Global Leading Institutional Digital Asset Manager
A Global Leading Institutional Digital Asset Manager
Slide 2: Disclaimer: About this Presentation
Disclaimer About this Presentation CoinShares International Limited (the “Company”) and Vine Hill Capital Investment Corp . (“Vine Hill”) are providing this presentation and accompanying oral statements in connection herewith (collectively, this “Presentation”) for informational purposes only to ass
Slide 3: Disclaimer: Additional Information about the Business Combination and Where to Find It
Disclaimer Additional Information about the Business Combination and Where to Find It In connection with the Business Combination, the Company, Holdco and Vine Hill intend to file a registration statement on Form F - 4 (as amended or supplemented from time to time, the “Registration Statement”) with
Slide 4: Vine Hill is Pleased to Be Partnering with CoinShares on its Introduction to US Equity Markets
Vine Hill is Pleased to Be Partnering with CoinShares on its Introduction to US Equity Markets 4 Jean - Marie Mognetti Co - Founder & Chief Executive Officer Nicholas Petruska Co - Founder & Chief Executive Officer Vine Hill’s Core Investment Thesis Today’s Presenters 1. Institutionalization of digi
Slide 5: Institutionalizing Digital Asset Investing From 2014 to Today
Institutionalizing Digital Asset Investing From 2014 to Today Who we are CoinShares is a leading global institutional digital asset manager with a growing U.S. presence What we do Provide customers with accessible and reliable investment solutions, e.g., ETPs, offering regulated exposure to digital
Slide 6: A Leading Global Asset Manager in the Digital Asset Space with #1 Market Share in EMEA
$79.7bn $28.9bn $24.1bn $6.5bn $5.0bn $4.0bn $4.0bn $4.2bn $3.4bn A Leading Global Asset Manager in the Digital Asset Space with #1 Market Share in EMEA CoinShares Ranks Amongst the Top 4 Asset Managers by Crypto ETP Assets Under Management (“AuM”) Worldwide… ...and ranks #1 in EMEA Global top 10 pl
Slide 7: CoinShares Benefits from a Recurring Revenue Model with Strong Growth in AuM
CoinShares Benefits from a Recurring Revenue Model with Strong Growth in AuM Revenue Model Description Products / Activities Revenue Contribution (2) $183m LTM Q2 2025 $8.0 Billion AuM (as of June 30, 2025) (1) Yield from Customer Fees ~1.7% (3) Asset Management Yield from Asset Base ~0.9% (3) Capit
Slide 8: CoinShares Provides Attractive and Steady Yields at Strong Margins to Growing Digital Assets ETP AuM
CoinShares Provides Attractive and Steady Yields at Strong Margins to Growing Digital Assets ETP AuM CoinShares AuM (1)(2) CoinShares operates a growing and diversified pool of digital assets, serving as the core of its revenue - generating operations CoinShares Yield (3) on Assets • CoinShares earn
Slide 9: Overview of Asset Management: Comprehensive Product Offering Tailored to Diverse Distribution Strategies
BLOCK INDEX Acquired in July 2021 Acquired in March 2024 Acquired in June 2016 Launched in January 2021 Overview of Asset Management: Comprehensive Product Offering Tailored to Diverse Distribution Strategies AuM (1) as of 6/30/25 ~$3.5bn ~$2.7bn ~$1bn ~$0.9bn USP (2) Legacy product with efficient e
Slide 10: Navigating Complexities of European Markets Provides Substantial Barriers to Entry
Navigating Complexities of European Markets Provides Substantial Barriers to Entry for Incumbent Leaders Like CoinShares CoinShares’ incumbent leadership position in EMEA provides near - to - medium term fee stability with potential future compression likely being driven by sizable growth in AuM Mar
Slide 11: Capital Markets Enhance Asset Management with Strategic R&D and Operational Excellence
Capital Markets Enhance Asset Management with Strategic R&D and Operational Excellence While Generating Independent, Recurring Revenue Streams Generating Steady Revenue Capital Markets Also Supports AM Business with Critical R&D Revenue - generating activities in addition to Asset Management busines
Slide 12: Outstanding KPIs Enabled by a Robust Operating Model
Outstanding KPIs Enabled by a Robust Operating Model CoinShares Delivers Strong Growth in AuM and Revenue, while Maintaining High Profitability… …Thanks to its Solid Competitive Advantages AuM (1) Revenue (2)(3) Profitability (3) ~$8.0bn AuM as of June 30, 2025 91% Adj. Gross Margin FY24 ~$184m Reve
Slide 13: High Market Growth Driven by Mass Adoption and Favorable Regulation
High Market Growth Driven by Mass Adoption and Favorable Regulation Global Cumulative Crypto Spot ETP Net Flows since 2020 (1) Summary of the Regulatory Tailwinds for 2024 - 2025 and Beyond 95% 95% 4% 4% 1% 1% $0bn $2bn $2bn $3bn $90bn $110bn 2020 2021 2022 2023 2024 2025 North America EMEA APAC 13
Slide 14: Crypto ETP Market Growth Driven by Institutional Uptake
Crypto ETP Market Growth Driven by Institutional Uptake Institutional Confidence is Accelerating ETPs Are the Preferred Gateway Market Outlook and Rising Interest 86% of institutional investors already have exposure or plan to allocate to digital assets in 2025 59% plan to allocate over 5% of their
Slide 15: Significant Growth Potential in the Crypto ETP Market
Significant Growth Potential in the Crypto ETP Market Current Crypto ETP Market Estimated at c.$1.1bn in Revenue as of Dec24, with the Potential to Reach $50bn+ Parameters Dec. 2024 Potential …Underpinned by Strong Structural Drivers $1.1bn $25bn $50bn $136tn as of Dec. 31, 2024 $150bn $3.4tn $6.8tn
Slide 16: Leveraging our Infrastructure and Market Leadership to Drive Growth
Leveraging our Infrastructure and Market Leadership to Drive Growth • Expansion of distribution channels in the U.S. from retail to wirehouse firms • High added value crypto adjacent products with high management fees • Catalyst: spokesperson for media outreach and increased presence • Leverage our
Slide 17: Key Investment Highlights
Key Investment Highlights $184m FY24 Revenue (3)(4) $126m FY24 Adj. EBITDA (4) $411m Balance Sheet Net Assets (as of 6/30/2025) Pioneer in offering digital asset exposure through traditional financial products, having acquired the first Bitcoin ETP in the world in 2016 A Top 4 institutional - grade
Slide 18: Financials
Financials
Slide 19: Financial Overview of Asset Management and Capital Markets Business
Financial Overview of Asset Management and Capital Markets Business (1) 19 Revenue (2) Adjusted EBITDA Net Income Gross Profit $85 $94 $184 $89 $88 CY2022 CY2023 CY2024 1H 2024 1H 2025 $75 $87 $167 $82 $79 CY2022 CY2023 CY2024 1H 2024 1H 2025 $49 $59 $126 $63 $67 CY2022 CY2023 CY2024 1H 2024 1H 2025
Slide 20: Breakdown of CoinShares Top-Line Performance by Business Unit
Breakdown of CoinShares Top - Line Performance by Business Unit (1) 20 Capital Markets Asset Management Note(s): (1) Excludes Principal Investments segment which is no longer a meaningful contributor to business operations, historically has experienced significant one - time adjustments that skew tr
Slide 21: From Pioneer to Leader: Diversifying the Asset Management Product Suite
From Pioneer to Leader: Diversifying the Asset Management Product Suite • CoinShares Asset Management business has proved resilient in both smooth and challenging environments. CoinShares continues to attract net inflows overall, across a diversified product offering • Growth is driven by strong AuM
Slide 22: Detailed Transaction Overview
Detailed Transaction Overview 22 Note(s): Excludes 11.0 million out - of - the - money public warrants to purchase common equity at US$11.50 per share. There will be no private placement warrants in the transaction as they will be cancelled for no consideration. (1) Illustrative proceeds from the VC
Slide 23: CoinShares Offered at Substantial Discount to Listed Peers' Valuation Metrics
CoinShares Offered at Substantial Discount to Listed Peers’ Valuation Metrics 23 Pure - Play Digital Assets Alternative Asset Managers CY2024 Price / Earnings Ratio (1) Not Drawn to Scale Enterprise Value / CY2024 Adj. EBITDA (1) Alternative Asset Managers Median Not Drawn to Scale Note(s): Source:
Slide 24: Illustrative Financial Performance at Range of Total Assets Under Management
Illustrative Financial Performance at Range of Total Assets Under Management AuM ~$8.0bn | ~$9.1bn As of Jun. 30, 2025 (1) | Aug. 31, 2025 (1) (6) 1.7% Asset Management Yield (2) 0.9% Capital Markets Yield (2) 91% Gross Profit Margin (3) $40 Million Annual Fixed Overhead (4) Note(s): (1) Including $
Slide 25: Appendix
Appendix
Slide 26: Operational Overview
Operational Overview
Slide 27: Holistic Approach to Distribution and Marketing for Optimal Market Reach
Holistic Approach to Distribution and Marketing for Optimal Market Reach 27 1 → Creation of a crypto index “ETP Top 10 Crypto” distributed and marketed by Finanzen Launch of a crypto ETP platform “Scalable Crypto” → Co - marketing with key brokers for preferred referencing and/or to launch a new pro
Slide 28: Institutional-Grade Regulatory Platform Supporting Premium Connectivity
Institutional - Grade Regulatory Platform Supporting Premium Connectivity with Leading Market Participants 28 CoinShares operates through regulated entities across key jurisdictions, holding licenses for investment management, fund services, and virtual asset operations across geographies. This regu
Slide 29: Well-Established Risk Management Culture Enabling Scalable and Sustainable Revenue Growth
Well - Established Risk Management Culture Enabling Scalable and Sustainable Revenue Growth 29 Robust policies and processes, dedicated technology stack and close monitoring of risk metrics ensure appropriate and dynamic risk mitigation Ensure the risk profile remains consistent with investment obje
Slide 30: Execution-Driven Management Team of Seasoned Finance, Quant and DeFi Experts
Execution - Driven Management Team of Seasoned Finance, Quant and DeFi Experts 30 Our leadership team has a track record of delivering the demonstrated growth strategy in a booming market Lisa Avellini Richard Nash Jean - Marie Mognetti General Counsel Chief Financial Officer Co - Founder & Chief Ex
Slide 31: Asset Management Overview
Asset Management Overview
Slide 32: Differentiated Product Positioning Delivering Strategic Long-Term Fee Protection
Differentiated Product Positioning Delivering Strategic Long - Term Fee Protection 32 Note(s): Key players for each type of crypto ETP; Positioning of key players on the “Fee Competition” axis based on the management fee (or range of management fees) applied to at least 75% of their crypto ETF, ETC
Slide 33: XBT Provider has Pioneered the Digital Assets ETP Markets for Over 10 years
$744m $68m - $200m $838m $1,539m - $416m - $235m $1,286m - $877m $828m $2,000m $1,000m $0m - $1,000m $4,000m $3,000m - $27m - $29m - $31m - $37m - $238m - $131m - $35m - $370m - $154m - $126m - $1,000m $0m $1,000m $2,000m $3,000m $4,000m XBT Provider has Pioneered the Digital Assets ETP Markets for
Slide 34: Strong Uplift for XBT Provider Successor: CoinShares Physical
$191m - $11m - $35m $377m $651m - $266m - $5m $752m - $570m $527m - $1,000m $0m $1,000m $2,000m $3,000m $501m $518m $490m $1,026m $1,660m $1,462m $1,535m $2,323m $2,023m $2,720m $0m $1,000m $2,000m $3,000m Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Strong Uplift for XBT Provider Suc
Slide 35: Block and Valkyrie Ramping up to Expand the Product Suite
Block and Valkyrie Ramping up to Expand the Product Suite 35 Block Index – Amplify Distribution Capabilities • Launched by CoinShares and Invesco, the BLOCK Index tracks listed companies active in blockchain and crypto • Scoring - based methodology ranks firms by blockchain relevance and adjusts wei
Slide 36: Reconciliation to Reported Financials
Reconciliation to Reported Financials
Slide 37: Financial Reconciliations
Financial Reconciliations 37 (1) Excludes Principal Investments segment which is no longer a meaningful contributor to business operations, historically has experienced significant one - time adjustments that skew trends, and is no longer a core part of the go - forward business. Expenses related to
Slide 38: Risk Factors
Risk Factors
Slide 39: Risk Factors
Risk Factors All references to the “Company,” “we,” “us” or “our” refer to CoinShares International Limited and its subsidiaries prior to the Potential Business Combination and to Holdco and its subsidiaries, including CoinShares, following the Potential Business Combination . The risks presented be
Slide 40: Risk Factors (cont.)
Risk Factors (cont.) Risks Related to our Operations ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ Our investment management professionals and other key employees are a vital part of our ability to attract and retain clients, and the loss of key individuals or a significant portion of those professionals could result in a reduct
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