Coinshares Plc · NASDAQ:CSHR
Coinshares — SPAC Merger (September 2025)
40 slides from Coinshares'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
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 assi
Slide 3: Disclaimer
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 t
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 Today’s Presenters Vine Hill’s Core Investment Thesis Institutionalization of digital assets driving rapid appreciation of 1. cryptocurrencies and substantial flows into ETP products CoinShares is the 4th
Slide 5: Institutionalizing Digital Asset Investing From 2014 to Today
Institutionalizing Digital Asset Investing From 2014 to Today Who we are What we do Who we aim to be Where we come from CoinShares is a leading global Provide customers with accessible and The global leading investment firm in Pioneering the first Bitcoin regulated institutional digital asset manage
Slide 6: A Leading Global Asset Manager in the Digital Asset Space with #1 Market Share in EMEA
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 ...and ranks #1 in EMEA Assets Under Management (“AuM”) Worldwide… Global top 10 players in crypto ETP AuM as of Jun. 30, 2025 Share of crypto ETP Au
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 $8.0 Billion AuM (as of June 30, 2025) (1) Yield from Customer Fees ~1.7% (3) Yield from Asset Base ~0.9% (3) Asset Management Capital Markets (4) • Staking rewards and interest Revenue Model Management fees • Spread-based
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 $8,011m $8,048m $6,584m $5,970m $5,853m $6,162m $4
Slide 9: Overview of Asset Management: Comprehensive Product Offering Tailored to Diverse Distribution Strategies
Overview of Asset Management: Comprehensive Product Offering Tailored to Diverse Distribution Strategies BLOCK INDEX Acquired in June 2016 Launched in January 2021 Acquired in July 2021 Acquired in March 2024 ~$3.5bn ~$2.7bn ~$1bn ~$0.9bn AuM (1) as of 6/30/25 Legacy product with efficient execution
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 Market Leaders Market Leaders 44 Countries (each with own 1 Country 1 Language certifications, regulations, and 29 Languages distribution channels) ~$170 Trillion of Wealth ~$29 T
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 1. R&D: Product Development / Engineering Revenue-generating activities in addition to Asset Management business Test new strateg
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) Pricing power advantage → ~50% of EMEA crypto ETP revenue (4) ~$8.0bn
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 Approval of spot Bitcoin ETFs in Jan24, spot Ether ETFs in Jul24, and Bitcoin ETF options in Oct24 for instituti
Slide 14: Crypto ETP Market Growth Driven by Institutional Uptake
Crypto ETP Market Growth Driven by Institutional Uptake Institutional Confidence is 86% 59% Accelerating of institutional investors already have exposure or plan to plan to allocate over 5% of their AuM into crypto-related allocate to digital assets in 2025 products, with ETPs being a preferred vehi
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 …Underpinned by Strong Structural Drivers Dec24, with the Potential to Reach $50bn+ Parameters Dec. 2024 Potential Key industry drivers Growing 5.9% p.a. to $192tn in 2030 Accelerat
Slide 16: Leveraging our Infrastructure and Market Leadership to Drive Growth
Leveraging our Infrastructure and Market Leadership to Drive Growth Growth driven by geographical expansion, product innovation and opportunistic M&A Institutional Leverage EMEA Accelerate Seize Demand Increase Leadership Expansion in the U.S. M&A Opportunities • Institutional adoption is accelerati
Slide 17: Key Investment Highlights
Key Investment Highlights Pioneer in offering digital asset exposure through traditional financial products, having acquired the first Bitcoin ETP in the world in 2016 AuM ~$8.0bn AuM ~$9.1bn A Top 4 institutional-grade digital asset manager worldwide, with demonstrated As of Jun. 30, 2025 (1) As of
Slide 18: Financials
Financials ae CoinShares
Slide 19: Financial Overview of Asset Management and Capital Markets Business
Financial Overview of Asset Management and Capital Markets Business (1) Revenue (2) 2 Year CAGR: 47% Gross Profit Gross Margin ($ in Millions USD) ($ in Millions USD) 88% 92% 91% 92% 90% $184 $167 $85 $94 $89 $88 $87 $75 $82 $79 CY2022 CY2023 CY2024 1H 2024 1H 2025 CY2022 CY2023 CY2024 1H 2024 1H 20
Slide 20: Breakdown of CoinShares Top-Line Performance by Business Unit
Breakdown of CoinShares Top-Line Performance by Business Unit (1) $60.0m Capital Markets Asset Management $50.0m $26.5m $40.0m $19.1m $21.8m $14.2m $8.9m $10.1m $30.0m $14.3m $20.0m $10.7m $9.9m $32.3m $6.1m $29.6m $30.0m $28.3m $24.7m $26.1m $10.0m $15.8m $13.3m $13.2m $11.3m $0.0m Q1'23 Q2'23 Q3'2
Slide 21: From Pioneer to Leader: Diversifying the Asset Management Product Suite
From Pioneer to Leader: Diversifying the Asset Management Product Suite Average AuM by Product (1) | Blended Fees AuM Preview (3) Asset Management Fee Drivers Global Blended Fee (2) | $ in millions USD • CoinShares Asset Management business has proved resilient in both 250 bps smooth and challenging
Slide 22: Detailed Transaction Overview
Detailed Transaction Overview Sources & Uses Pro Forma Valuation (# in Millions, except per share values) Pro Forma Shares Outstanding 153.1 Sources ($m) (*) Share Price $10.00 SPAC Trust (1) $220 Market Capitalization $1,531 Anchor Common Equity Investment (2) 50 (+) Debt (Pro Forma) (4) 29 CoinSha
Slide 23: CoinShares Offered at Substantial Discount to Listed Peers' Valuation Metrics
CoinShares Offered at Substantial Discount to Listed Peers’ Valuation Metrics Pure-Play Digital Assets Alternative Asset Managers Pure-Play Digital Assets Median Alternative Asset Managers Median Not Drawn to Scale 133.6x 42.3x 64.0x 30.2x Enterprise 21.9x 22.9x 21.7x 20.9x 19.9x Value / 21.7x 18.9x
Slide 24: Illustrative Financial Performance at Range of Total Assets Under Management
Illustrative Financial Performance at Range of Total Assets Under Illustrative Management Range (5) Q2 2025 AuM $8.0 Billion Current AuM (6) $9.1 Billion ($ in Millions) AuM ~$8.0bn | ~$9.1bn AuM $7,500 $10,000 $12,500 $15,000 $17,500 $20,000 As of Jun. 30, 2025 (1) | Aug. 31, 2025 (1) (6) AM Revenu
Slide 25: Appendix
Appendix p CoinShares
Slide 26: Operational Overview
Operational Overview CoinShares
Slide 27: Holistic Approach to Distribution and Marketing for Optimal Market Reach
Holistic Approach to Distribution and Marketing for Optimal Market Reach Clearly Defined Strategy to Develop Brand Awareness and Build Trust Thought Leadership Maximizes Efficiency of all Marketing Efforts 1 Co-marketing with key brokers for preferred referencing and/or to launch a new Thought Leade
Slide 28: Institutional-Grade Regulatory Platform Supporting Premium Connectivity with Leading Market Participants
Institutional-Grade Regulatory Platform Supporting Premium Connectivity with Leading Market Participants Institutional-Grade Integrated Regulatory Platform CoinShares operates through regulated entities across key jurisdictions, holding licenses for investment management, fund services, and virtual
Slide 29: Well-Established Risk Management Culture Enabling Scalable and Sustainable Revenue Growth
Well-Established Risk Management Culture Enabling Scalable and Sustainable Revenue Growth Robust policies and processes, dedicated technology stack and close monitoring of risk metrics ensure appropriate and dynamic risk mitigation Risk & compliance committee, including CEO, CFO, GC and Heads of bus
Slide 30: Execution-Driven Management Team of Seasoned Finance, Quant and DeFi Experts
Execution-Driven Management Team of Seasoned Finance, Quant and DeFi Experts Our leadership team has a track record of delivering the demonstrated growth strategy in a booming market Key Statistics Headquarters Office Jean-Marie Mognetti Richard Nash Lisa Avellini Co-Founder & Chief Executive Office
Slide 31: Asset Management Overview
Asset Management Overview CoinShares
Slide 32: Product Structuration
Differentiated Product Positioning Delivering Strategic Long-Term Fee Protection (1) ETF A A Comprehensive, institutional crypto offering B Product Structuration B Attractive structure at competitive price, well positioned to withstand ETC stringent operational due diligence C and long-term fee comp
Slide 33: XBT Provider has Pioneered the Digital Assets ETP Markets for Over 10 years
XBT Provider has Pioneered the Digital Assets ETP Markets for Over 10 years AuM of XBT Provider (1) $3,682m $3,781m $4,000m $3,451m $3,134m $2,865m $2,749m $3,000m $2,381m XBT Provider – The Original, Still a Benchmark $1,772m $1,811m $2,000m $1,580m • First-ever digital assets ETP, pioneering acces
Slide 34: Strong Uplift for XBT Provider Successor: CoinShares Physical
Strong Uplift for XBT Provider Successor: CoinShares Physical AuM of CoinShares Physical (1)(2) $3,000m $2,720m c.5.4x $2,323m $2,023m $2,000m $1,660m $1,535m $1,462m $1,026m $1,000m $501m $518m $490m CS Physical – Powering the Next Wave of Growth $0m Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24
Slide 35: Block and Valkyrie Ramping up to Expand the Product Suite
Block and Valkyrie Ramping up to Expand the Product Suite AuM of Block Index (Invesco) (1) $1,500m Block Index – Amplify Distribution Capabilities $1,017m • Launched by CoinShares and Invesco, the BLOCK Index $1,000m $877m $764m $738m $821m tracks listed companies active in blockchain and crypto $68
Slide 36: Reconciliation to Reported Financials
Reconciliation to Reported Financials
Slide 37: Financial Reconciliations
Financial Reconciliations $ in USD IFRS Net profit/(loss) CY2022 ( 22, 860, 989) CY2023 57, 733, 963 CY2024 133, 466, 916 H1 2024 73, 386, 492 H1 2025 55, 846, 768 Adjustment Commentary Fair value gain on financial assets through OCI 3, 079, 454 185, 978 ( 450, 373) 265, 099 369, 596 remove Finance
Slide 38: Risk Factors
Risk Factors CoinShares
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 bel
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 reduction of our AUM