On April 3, under market pressure, Bitcoin Treasury Company adopted different strategies: Nakamoto Holdings sold 284 bitcoins to adjust its balance sheet, while Strategy kept 762,000 BTC untouched. New Hampshire plans to issue Bitcoin-backed municipal bonds, expected to raise $100 million. CoinShares merged with Vine Hill Capital and listed on Nasdaq.

CoinShares' financial report shows that by December 31, 2025, its total assets under management are expected to reach $7.4 billion, with physical digital asset ETPs managing $2.8 billion. Despite market declines, there was a net inflow of $662 million in the second half of 2025. Additionally, CoinShares plans to pay a dividend of $0.33 per share before merging with Vine Hill Capital, totaling approximately $21.5 million.

CoinShares and Vine Hill filed a revised F-4 registration statement with the SEC on February 2, 2026, marking progress in the regulatory review of the merger transaction. The approval is still subject to several closing conditions, including shareholder approval and approval by local regulatory authorities.

CoinShares withdrew its applications for XRP, Solana Staking, and Litecoin ETF on November 28, and will gradually close its Bitcoin futures leveraged ETF. The company is merging with Vine Hill Capital through a SPAC, expected to be completed by the end of the year, at which point it will become the fourth largest encryption ETF management company in the world. The CEO stated that they will shift towards more innovative and high-profit products.