coinshares

European crypto asset management company CoinShares has completed its merger with SPAC company Vine Hill Capital and will begin trading on Nasdaq today under the ticker symbol CSHR.The transaction values the company at approximately $1.2 billion and includes a $50 million investment from institutional investors.

According to monitoring by Lookonchain, CoinShares has transferred 10,720 BTC to a new wallet in the past 2 days, worth approximately $720 million, setting a record for the largest BTC outflow for the institution.

According to CoinShares, digital asset investment products recorded a net outflow of funds for the first time in five weeks last week, with an outflow of $414 million, bringing the total assets under management (AuM) down to $129 billion, reverting to levels seen in early February this year. Analyst James Butterfill pointed out that the ongoing tensions in Iran and rising inflation expectations are the main triggers, and market expectations for the June Federal Open Market Committee (FOMC) interest rate decision have shifted from rate cuts to rate hikes.From a regional perspective, the outflow pressure was almost entirely concentrated in the United States, with a net outflow of $445 million in a single week; Switzerland saw a slight outflow of $4 million. Investors in Germany and Canada took the opportunity to buy on dips, recording net inflows of $21.2 million and $15.9 million, respectively.In terms of assets, Ethereum was affected by news related to the Clarity Act, with a weekly outflow of $222 million, bringing the year-to-date cumulative net outflow to $273 million. Bitcoin experienced a weekly outflow of $194 million, but still maintained a net inflow of $964 million year-to-date; Solana had an outflow of $12.3 million. XRP was one of the few assets to record a net inflow, with a weekly inflow of $15.8 million.

According to The Block, digital asset management company CoinShares released a report indicating that Bitcoin miners are facing ongoing pressure to break even while accelerating their transition to AI. CoinShares' research director James Butterfill noted that the weighted average cash cost for publicly listed mining companies to mine one Bitcoin in the fourth quarter of 2025 has risen to approximately $79,995.The price of computing power has further dropped from $36 to $38 per PH/s/day to about $28 to $30 in the first quarter of 2026, meaning miners are still under more pressure. The report also pointed out that a triple negative difficulty adjustment at the end of 2025 is the first since July 2022, with publicly listed miners' Bitcoin reserves decreasing by more than 15,000 coins from their peak, with Core Scientific, Bitdeer, and Riot all having sold, and MARA separately announced the sale of 15,133 Bitcoins on Thursday.Regarding price outlook, Butterfill stated that a rebound in Bitcoin price to $100,000 "is not unrealistic," at which point the price of computing power is expected to rise to about $37 per PH/s/day; if it reaches the previous high near $126,000, it could reach about $59. If Bitcoin remains below $80,000 in the long term, the price of computing power will continue to decline with rising difficulty, but the exit of loss-making capacity may stabilize returns.In terms of the AI transition, Butterfill expects that publicly listed mining companies are rapidly accelerating their shift to artificial intelligence and high-performance computing, driven primarily by the higher and more stable returns in these fields compared to Bitcoin mining. By the end of this year, the revenue share from AI for publicly listed mining companies is expected to rise from the current approximately 30% to as high as 70%.

According to a report by Coinshares, Bitcoin mining profit margins are at a historical low. In the first quarter of 2026, the hash price fell to about $28-30 per PH/s/day, reaching a new low after the halving. The weighted average cash cost in the fourth quarter of 2025 reached about $80,000 per coin, with approximately 15-20% of mining machines globally operating at a loss.The transition of mining companies to AI is no longer an option. Publicly listed mining companies have cumulatively announced over $70 billion in AI/HPC contracts, and by the end of 2026, up to 70% of the revenue for listed mining companies may come from AI. Some mining companies are taking on huge debts for AI construction, fundamentally changing the risk landscape of the industry. There is a significant divergence in the valuation of mining companies; those obtaining HPC contracts have an EV/NTM revenue multiple of 12.3 times, while pure mining companies have a multiple of 5.9 times. The industry has differentiated into infrastructure companies and mining companies, with vastly different prospects for both.

The cryptocurrency asset management company CoinShares has submitted an application related to the Bitcoin Volatility ETF, with the code CBIX.

According to CoinShares' latest weekly report, influenced by the Federal Reserve meeting being interpreted as "hawkish hold," net inflows into digital asset investment products slowed to $230 million last week. In the two days prior to the FOMC meeting, there was a total inflow of $635 million, followed by an outflow of $405 million after the meeting. Overall, all regions still recorded net inflows, with the United States seeing an inflow of $153 million, and Germany and Switzerland recording inflows of $30.2 million and $27.5 million, respectively.Bitcoin products saw inflows of $219 million, but short Bitcoin products still had inflows of $6 million, indicating a growing divergence between bulls and bears. Solana recorded net inflows for the seventh consecutive week, amounting to $17 million this week, bringing the total to $136 million; Ethereum, after three weeks of inflows, experienced a net outflow of $27.5 million this week, while Chainlink and Hyperliquid recorded inflows of $4.6 million and $4.5 million, respectively.

CoinShares announced a partnership with institutional-grade on-chain yield infrastructure provider Kiln to launch the first on-chain asset management strategy using its Railnet protocol, integrating DeFi protocol yields with RWA yields into a single compliant product.It is reported that this strategy is managed by CoinShares under the regulations of AIFMD, MiFID, and MiCA, covering DeFi lending, institutional collateralized bonds, tokenized bond funds, and bond ETF yields, as well as neutral basis strategies, and achieving cross-market, cross-scenario allocation and auditable risk control framework through Railnet.

According to CoinShares monitoring, digital asset investment products recorded a net inflow of $1.06 billion last week, maintaining a positive inflow trend for the third consecutive week. Since the outbreak of the Iran crisis, the management scale of digital asset ETPs has increased by 9.4%, rising to $140 billion, further highlighting Bitcoin's safe-haven attributes.From a regional distribution perspective, U.S. investors contributed 96% of the inflow funds; Hong Kong recorded an inflow of $23.1 million, the highest since August 2025; Canada and Switzerland saw inflows of $19.4 million and $10.4 million, respectively; Germany recorded an outflow of $17.1 million, marking the first weekly net outflow of the year.From an asset structure perspective, Bitcoin accounted for 75% of the total inflow, reaching $793 million, with a cumulative inflow of $2.2 billion over three weeks; short Bitcoin products saw an inflow of $8.1 million during the same period, indicating ongoing market divergence. Ethereum saw an inflow of $315 million, partly driven by the newly launched staking ETFs in the U.S., with cumulative flows year-to-date approaching net zero. XRP faced outflows for the second consecutive week, totaling $76 million.

According to market news, digital asset investment products saw a net inflow of $619 million last week, indicating that the market's initial reaction to the Iran crisis is providing support for this asset class.In the first three days of the week, there was a net inflow of $1.44 billion, but despite the non-farm data being much weaker than expected, there was still an outflow of $829 million on Thursday and Friday. The report noted that rising oil prices offset the inflation relief expectations that the weak non-farm data could have brought, but overall data shows that market sentiment remains generally positive during periods of geopolitical tension.The United States contributed almost all of the positive sentiment, with a net inflow of $646 million, while Europe, Asia, and Canada saw outflows of $23.8 million, $2.2 million, and $3.6 million, respectively. Bitcoin had an inflow of $521 million, Ethereum saw an inflow of $88.5 million, Solana had an inflow of $14.6 million, and both Uniswap and Chainlink saw inflows of $1.4 million each, while XRP experienced an outflow of $30.3 million.

According to market news, CoinShares stated that despite the price of Bitcoin dropping about 23% from last year's historic high of nearly $125,000, institutional investors remain stable in their holdings.CoinShares analyst Matt Kimmell noted that professional investors have only slightly reduced their positions, while long-term investors such as pension funds and sovereign wealth funds continue to "silently accumulate." The report pointed out that global Bitcoin ETF inflows remain positive, indicating that the sell-off in the fourth quarter is more from long-term holders taking profits rather than new institutional funds withdrawing.

According to official news, CoinShares has announced the launch of the CoinShares BNB Staking ETP, which is now live.This product offers BNB staking rewards with a 0% fee rate, allowing investors to gain exposure to BNB while also earning on-chain yields within a regulated framework.

According to CoinShares' latest weekly report, digital asset investment products recorded an inflow of $1 billion last week, ending a previous streak of five consecutive weeks with a total outflow of $4 billion.Bitcoin was the main beneficiary, with inflows reaching $881 million, but the inflow for short Bitcoin investment products was only $3.7 million, indicating that market sentiment remains polarized. Ethereum also recorded an inflow of $117 million, marking the largest single-week inflow since mid-January. Both Ethereum and Bitcoin are still in a net outflow state year-to-date.In contrast, Solana recorded an inflow of $53.8 million last week, bringing its total inflow to $156 million year-to-date. Chainlink saw a slight inflow of $3.4 million, with no significant outflows.

Digital asset management company CoinShares International Limited has announced the launch of the physically-backed HYPE exchange-traded product CoinShares Physical Hyperliquid Staking ETP, aimed at providing investors with an opportunity to invest in the native HYPE token. It is reported that the management fee for this ETP is 0%, with the stock code LIQD, and it will be listed first on the Xetra exchange.

According to Globenewswire, digital asset management company CoinShares has released its latest financial report, disclosing that by December 31, 2025, the total assets under management will reach $7.4 billion, with the total assets under management of its physical digital asset ETP reaching $2.8 billion (despite the decline in the cryptocurrency market, a net inflow of $662 million was recorded in the second half of 2025).In addition, CoinShares announced that its board has decided to distribute a dividend of $0.33 per share for the year 2025, totaling approximately $21.5 million, before the completion of its merger with Vine Hill Capital Investment Corp.

According to The Block, CoinShares' latest report shows that global crypto asset ETPs have experienced net outflows for the fourth consecutive week, with approximately $173 million flowing out last week. Over the past four weeks, total outflows have reached $3.74 billion, indicating that the trend of capital withdrawal from the market continues.The report notes that although the weekly outflow has slowed from a peak of about $1.7 billion at the beginning of the month, the overall selling pressure has not reversed. James Butterfill stated that the current data reflects that crypto fund capital has been undergoing a withdrawal cycle for a continuous month. In terms of trading activity, ETP trading volume has significantly cooled, dropping from a record $63 billion the previous week to $27 billion, indicating that speculative trading enthusiasm has declined in tandem with capital outflows.In terms of capital flow, approximately $575 million was recorded as inflow at the beginning of last week, but this was followed by about $853 million in outflows, primarily influenced by weakening prices. On Friday, boosted by weaker-than-expected CPI data, there was a brief inflow of about $105 million. There is a clear regional divergence. The U.S. market recorded approximately $403 million in outflows last week, while other regions collectively saw about $230 million in inflows, with Germany leading at approximately $115 million, followed by Canada at about $46.3 million and Switzerland at about $36.8 million, indicating that capital demand is shifting towards overseas markets.In terms of asset classes, Bitcoin-related investment products saw the largest outflows last week, totaling about $133 million; short Bitcoin products also experienced outflows of about $15.4 million over the past two weeks, a phenomenon that CoinShares notes typically occurs when the market approaches a cyclical low. Ethereum funds recorded outflows of about $85.1 million, while some altcoins still attracted inflows, with XRP seeing inflows of about $33.4 million, Solana about $31 million, and Chainlink about $1.1 million.In terms of prices, Bitcoin fell nearly 2% over the past week, remaining below the $70,000 mark; Ethereum, after two weeks of significant outflows, is still below the $2,000 level, and overall market sentiment remains cautious.

According to GlobeNewswire, digital asset management company CoinShares and special purpose acquisition company Vine Hill (VCIC) announced that they have submitted a revised F-4 registration statement draft to the U.S. Securities and Exchange Commission (SEC).This submission follows the confidential submission of the initial registration statement draft and represents a continued progress in the transaction regulatory review process. The merger transaction is still proceeding as planned, but it must meet customary closing conditions, including obtaining the approval of CoinShares and Vine Hill's respective shareholders, securing the necessary acts from the Royal Court of Jersey, the effectiveness of the F-4 form, and obtaining approval from local regulatory authorities.It is reported that the relevant hearing is scheduled to be held on February 17, 2026.

According to market news, digital asset investment products recorded an outflow of $1.7 billion last week, resulting in a net outflow of $1 billion year-to-date.Since the price peak in October 2025, the total assets under management (AuM) have decreased by $73 billion. The outflow of funds was primarily concentrated in the United States ($1.65 billion), with significant withdrawals also observed in Canada and Sweden. Bitcoin faced an outflow of $1.32 billion, while other major cryptocurrencies like Ethereum, XRP, and Solana also experienced investor exits.Analysts believe that the appointment of a more hawkish chair by the Federal Reserve, "whale sell-offs" during the four-year cycle, and increased geopolitical volatility are the main factors leading to the shift in market sentiment. Notably, short-selling Bitcoin products and hype investment products performed against the trend, recording inflows of $14.5 million and $15.5 million, respectively, with the latter benefiting from the on-chain sales boom of tokenized precious metals.

According to CoinShares' latest weekly report, digital asset investment products saw a net outflow of $1.73 billion last week, the highest since mid-November 2025.The outflow from the U.S. of nearly $1.8 billion dominated the overall trend, while Switzerland, Germany, and Canada recorded inflows of $32.5 million, $19.1 million, and $33.5 million, respectively. Bitcoin and Ethereum experienced outflows of $1.09 billion and $630 million, performing the worst. Solana saw an inflow of $17.1 million, while Binance and Chainlink recorded inflows of $4.6 million and $3.8 million, respectively.