CoinShares withdraws XRP, Solana, and Litecoin ETF applications, shifting to a high-profit product strategy

Europe's largest digital asset management company CoinShares officially withdrew its applications for XRP, Solana Staking, and Litecoin ETFs submitted to the U.S. Securities and Exchange Commission (SEC) on November 28. The company also announced it will gradually close its Bitcoin futures leveraged ETF product (BTFX). This decision comes as CoinShares prepares to go public in the U.S. through a $1.2 billion SPAC merger with Nasdaq-listed Vine Hill Capital, which is expected to be completed by the end of this year.

After the merger, CoinShares will rank among the top four crypto ETF asset management companies globally, alongside BlackRock, Fidelity, and Grayscale. CoinShares CEO Jean-Marie Mognetti stated that, given the dominance of traditional financial giants in the single-asset crypto ETF market, the company will reallocate resources over the next 12-18 months to more innovative and higher-margin products, including tools for exposure to crypto ecosystem stocks, thematic portfolios focused on blockchain innovation trends, and actively managed strategies that combine cryptocurrencies with other assets.