Vine Hill Capital Investment Corp. is a SPAC with no operations of its own. The company raised $220M in its September 2024 IPO, with proceeds held in trust invested in U.S. Treasuries or money market funds. Vine Hill has 21 months from IPO close to complete an initial business combination, or it must return trust funds to shareholders. In September 2025, the company signed a business combination agreement to merge with CoinShares, a publicly traded digital asset investment firm, at an implied equity value of $1.2B. If the deal closes, CoinShares will list on Nasdaq through the combined entity. The sponsor purchased 7.3M founder shares for $25,000, which convert into public equity upon a successful deal close, and also purchased 5.5M private placement warrants for $5.5M. As part of the CoinShares transaction, the sponsor agreed to forfeit 2.93M founder shares and cancel all private placement warrants to reduce dilution to CoinShares shareholders. Public shareholders can redeem shares at approximately $10.05 per share if they choose not to participate. The management team, led by CEO Nicholas Petruska and CFO Daniel Zlotnitsky, has SPAC-focused backgrounds and claims involvement in 12 completed SPAC business combinations. The team's original stated focus was on industrial and services businesses, making the CoinShares deal in digital assets a notable departure from that original mandate.