CapLaw-2025-93

On 28 October 2025, CoinShares International Limited, with an announced merger with Vine Hill Capital Investment Corp (Nasdaq: VCIC), launched the CoinShares Physical Staked Toncoin – a regulated exchange-traded product offering exposure to TON (The Open Network) listed on SIX Swiss Exchange Zurich, the high-performance blockchain integrated with Telegram’s global ecosystem. This launch combines CoinShares’ proven track record of delivering institutional-grade digital asset innovations with TON’s unique infrastructure that bridges on-chain technology with real-world adoption at unprecedented scale.