CoinShares Lists on Nasdaq via SPAC Merger
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- CoinShares debuted on Nasdaq after completing a SPAC merger, marking its first US listing.
- CoinShares announced the SPAC deal in September, a period after which the digital‑asset sector saw a dramatic shift.
- CoinShares Bitcoin Mining ETF (WGMI) has fallen more than 22% over the past six months, according to Yahoo Finance.
- Crypto market lost over half its value following the Oct. 10 liquidation event and a broader price correction.
- Crypto‑linked equities such as Coinbase, Gemini, and Figure Technologies have dropped sharply this year, while Circle has continued to grow stablecoin usage.
- Bernstein analysts note that crypto‑related stocks may be approaching a bottom ahead of first‑quarter earnings, which are expected to show weak performance.
Why it matters: CoinShares gains a US listing and fresh capital‑raising avenues even as its mining ETF and peer crypto stocks have slumped, while investors may benefit if the sector’s bottom holds and earnings improve, though the broader market remains weak, and the Nasdaq exposure could attract institutional interest.
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