Core Viewpoint - CoinShares International Limited has provided a business update for Q4 2025, highlighting the impact of market conditions on its performance and ongoing regulatory processes affecting its U.S. business combination efforts [1][2][3]. Group 1: Business Performance and Market Movements - In Q4 2025, CoinShares' business performance mirrored the digital asset market trends, with Bitcoin and Ethereum prices declining to approximately $88,000 and $2,900 respectively by year-end [5]. - The total gross Assets under Management (AuM) decreased by $2.20 billion in Q4 after a $1.56 billion increase in Q3, resulting in a year-end closing gross AuM of $7.40 billion [8]. - CoinShares Physical ETPs ended the year with gross AuM of $2.8 billion, achieving net inflows of $662 million in H2 2025 despite price declines in Q4 [8]. Group 2: Regulatory Developments - Regulatory frameworks in several European markets, including the UK and France, are evolving to support broader retail access to digital asset ETPs, which aligns with CoinShares' long-term distribution strategy [6]. Group 3: Product Launches - In H2 2025, CoinShares launched several products, including the CoinShares SEI Staking ETP and CoinShares Toncoin Staking ETP in Europe, as well as the CoinShares Altcoins ETF (DIME) in the United States [7]. Group 4: U.S. Transaction Progress - The company is progressing towards completing a business combination with Vine Hill Capital Investment Corp, with key developments including the submission of registration statements to the SEC [10][15]. Group 5: Financial Reporting Update - The Group's financial statements for the year ended December 2024 and interim financial statements for June 2025 will require restatement due to the preparation of the U.S. registration statement [11]. Group 6: Dividend Announcement - The Board has approved a dividend of $0.33 per share for the year ended December 31, 2025, totaling approximately $21.5 million, to be paid prior to the completion of the proposed business combination [12].