A significant development in the financial realm is unfolding as a company is planning to enter the U.S. market with a $1.2 billion merger deal. This strategic move includes a listing on Nasdaq, achieved through a merger with Vine Hill Capital Investment Corp. A $50 million equity commitment from an institutional investor is also backing this transaction, which is expected to conclude by the end of the year, subject to regulatory approvals.
This merger aims to give rise to a new entity named Odysseus Holdings Limited, which will be listed on Nasdaq upon the successful completion of the merger. The company currently listed on the Stockholm stock exchange contends that this expansion into the U.S. will enable it to scale effectively in a market experiencing improved regulatory clarity and increasing investor interest.
With approximately $10 billion in assets under management, the firm ranks as the fourth-largest manager of digital asset exchange-traded products globally, trailing only behind major players such as BlackRock, Fidelity, and Grayscale. Holding a 34% market share in Europe, it has witnessed a remarkable tripling of its managed assets within the last two years, driven by strong inflows and a series of new product launches. The product range has expanded dramatically, increasing from four offerings in 2021 to 32 across different platforms by mid-2025.
The leadership expresses optimism regarding the U.S. listing. They believe this move will enhance credibility and broaden access within the largest asset management market worldwide. It has been articulated that the combination of the firm’s scale, consistent revenue streams, and profitability makes it a formidable growth entity when paired with access to the U.S. market.
The valuation accorded to the firm in this deal stands at 7.3 times projected 2024 EBITDA and 10.7 times earnings, figures that are notably below average for the sector. The mentioned anchor investment of $50 million serves as further support for the impending listing.
The company aims to replicate its successful European strategy in the U.S., providing a wider array of digital asset products while addressing the burgeoning demand from institutional investors for tokenized assets. The merger is anticipated to be finalized in the fourth quarter of 2025.
Interest in public offerings within the cryptocurrency sector has surged recently, with several firms, such as Gemini and Kraken, publicly announcing their IPO plans. A stablecoin issuer successfully completed its listing in June, highlighting a growing trend among crypto firms seeking to tap into public markets.
Gemini has filed for a U.S. initial public offering that could potentially raise up to $317 million, positioning the company’s valuation around $2.22 billion. This progression signifies a meaningful milestone for the firm as it seeks to gauge renewed investor interest in public exchanges.
In a similar vein, Kraken is in the process of seeking $500 million in new funding, aiming for a valuation of around $15 billion, which marks a considerable growth from its previous valuation of $11 billion in 2022. This trend illustrates increasing investor enthusiasm for established crypto platforms as they explore opportunities for expansion and public investment.
Overall, the intended merger and listing are set against a backdrop of increasing institutional interest in digital assets and a trend of cryptocurrency companies venturing into the public market space, signaling a noteworthy shift in investor appetite and market dynamics within the financial ecosystem.