By Nate Wolf
CoinShares' first day of trading in the U.S. isn't going exactly to plan.
Shares of the crypto-focused asset manager plummeted on Wednesday, the stock's first session on the Nasdaq after closing a merger with a special-purpose acquisition company valued at $1.2 billion in pre-money equity value. Based in the British-owned isle of Jersey, CoinShares previously traded on Nasdaq Stockholm in Sweden.
CoinShares stock -- ticker CSHR -- was down 15% to $9.35, having dropped as much as 30% earlier in the session. Shares dropped 38% in Stockholm this year before trading was suspended on March 23.
The company is Europe's largest asset manager specializing in digital assets, boasting more than $6 billion in assets under management. Known for its CoinShares Bitcoin, Bitcoin Mining, and other exchange-traded funds, it is expanding its U.S. footprint and asset-management offerings at an uncertain time for both crypto and SPACs.
Bitcoin has tumbled roughly 45% from its all-time high last October, bringing other cryptocurrencies and crypto-exposed stocks with it. While that bear market may scare off investors, CoinShares' funds have held up well. The company recorded positive net trading flows into its funds in five of the last seven months dating back to last September, according to data from ETF.com.
Competing with more established managers is a challenge, though. CoinShares' Bitcoin fund is less than 1% the size of BlackRock's industry-leading iShares Bitcoin Trust ETF, which has been a hit with investors since debuting in 2024.
CoinShares said the U.S. listing will help it expand access to capital, grow sell-side analyst coverage, and push beyond exchange-traded products, or ETPs. The company has its sights set on active alternative strategies, listed asset management, and decentralized finance.
"This listing is about more than a change of venue," CEO Jean-Marie Mognetti said in a statement. "It reflects the strategic evolution of CoinShares from a pure-play ETP provider into a diversified asset manager specializing in digital assets."
The company will need to prove itself in a market that hasn't been kind to deSPACs -- the operating companies formed from SPAC mergers.
"DeSPACs are still having problems, with most having massive redemptions and big stock price falls after the merger," said Jay Ritter, director of the IPO Initiative at the University of Florida.
Over the last five years, deSPACs have dropped by an average of around 60% in the 12 months after their mergers, according to data from SPAC Research compiled by Ritter. CoinShares is the tenth deSPAC to hit U.S. markets in 2026.
Write to Nate Wolf at nate.wolf@barrons.com
This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
April 01, 2026 12:10 ET (16:10 GMT)
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