Vine Hill Capital Investment Corp. (SPAC) entered into a definitive business combination agreement with CoinShares International Limited on September 8, 2025. The transaction involves SPAC merging into SPAC Merger Sub (a wholly-owned subsidiary of Holdco), and SPAC Merger Sub acquiring CoinShares, making both wholly-owned subsidiaries of Holdco, which will then become a publicly traded company. CoinShares is valued at $1.2 billion as part of the acquisition. The Sponsor will forfeit 2,933,333 SPAC Class B ordinary shares, and remaining Class B shares will convert to Class A shares; all SPAC private placement warrants held by the Sponsor will be forfeited and cancelled. Public units will separate into Class A shares and public warrants, with each SPAC Class A share converting into one Holdco Ordinary Share and each SPAC Public Warrant assumed by Holdco. Vested CoinShares Options will convert to cash, while unvested options will convert to Holdco options. The business combination is contingent on SPAC and CoinShares shareholder approvals, regulatory approvals, Nasdaq listing approval for Holdco shares, and the effectiveness of the Form F-4 registration statement. The SPAC has a deadline of June 9, 2026, to consummate an initial business combination. As of December 31, 2025, the company reported $92,000 in cash and cash equivalents and a negative working capital of $1,471,000. Net income for the year ended December 31, 2025, was $5,538,000, primarily driven by $9,411,000 in interest income from the trust account. General and administrative expenses for the year ended December 31, 2025, totaled $3,896,000. The trust account held $233,705,000 as of December 31, 2025. The underwriter waived its right to a $7,700,000 deferred underwriting fee in July 2025. At a shareholder meeting on March 27, 2026, 20,717,319 public shares (out of 22,000,000 total public shares) were properly redeemed by shareholders, representing a redemption rate of approximately 94.17%.