A significant expansion into the U.S. market is underway with a merger valued at approximately $1.2 billion, which will lead to a public listing on Nasdaq. This merger is set to take place with Vine Hill Capital Investment Corp., facilitated by a $50 million equity commitment from an institutional investor. The transaction is aimed at closing by the end of the year, subject to requisite approvals.
This merger will give rise to a new entity known as Odysseus Holdings Limited, which will be publicly traded on Nasdaq. The established firm, already listed in Sweden, stated that moving to the American market will enhance its growth potential as regulatory conditions improve and demand from investors increases.
Currently managing around $10 billion in assets, it ranks as the fourth largest manager of digital asset exchange-traded products globally, trailing giants such as BlackRock, Fidelity, and Grayscale. The firm commands a 34% market share across Europe.
In response to heightened market interest and successful product launches, assets under management have surged over the last two years. The firm expanded its offerings from just four products in 2021 to a robust lineup of 32 products across four platforms by mid-2025.
Leadership has expressed optimism regarding the U.S. listing, believing it will lend credibility and broaden the company’s reach in the largest asset management market worldwide. The CEO of Vine Hill highlighted the new company’s potential for growth, attributing it to its size, consistent revenues, and profitability, which he believes, in concert with U.S. market access, will create a formidable growth engine.
Valuations for this deal are positioned at 7.3 times the projected EBITDA for 2024 and 10.7 times earnings, which are significantly lower than the sector averages. The $50 million anchor investment serves as additional support for the upcoming public listing.
The company intends to replicate its successful strategies from Europe for American investors, proposing a diversified array of digital asset products designed to meet the rising institutional appetite for tokenized assets. The merger is anticipated to finalize in the fourth quarter of 2025.
The trend of crypto firms pursuing public listings continues, with companies like Gemini and Kraken also disclosing plans to go public. Following its completion, Circle, a stablecoin issuer, successfully listed in June.
Gemini is targeting a U.S. initial public offering that could potentially generate up to $317 million, valuing the firm at around $2.22 billion. This initiative marks a pivotal move for the company as it evaluates renewed interest in the public market from cryptocurrency investors.
Moreover, Kraken is aiming to secure $500 million in funding, with a valuation expected to reach $15 billion—up from its previous valuation of $11 billion in the prior year—indicative of escalating investor interest in the sector.
Overall, this strategic shift into the U.S. market signifies a critical juncture for the firm as it endeavors to harness increased regulatory clarity and burgeoning demand for digital investment products, positioning itself for sustained growth and market influence.