CoinShares Withdraws Plans for XRP, Solana, and Litecoin ETFs Amid Nasdaq Listing Strategy

Key Developments

• CoinShares has retracted its registration filings for three cryptocurrency ETFs connected to XRP, Solana, and Litecoin.
• This decision aligns with CoinShares' strategy to list on Nasdaq following a $1.2 billion merger with Vine Hill Capital Investment.

CoinShares, a leading digital asset investment firm in Europe, has officially withdrawn its registration statements and amendments for three crypto exchange-traded products with the SEC. This includes the CoinShares XRP ETF, Solana staking ETF, and Litecoin ETF. The withdrawal marks the end of CoinShares' efforts to introduce these ETFs to the market. This move follows CoinShares' announcement of a significant merger with Vine Hill Capital Investment, aimed at facilitating the company's listing on Nasdaq. The precise reasons behind the abandonment of the US ETF plans remain unclear. Managing approximately $10 billion in assets, CoinShares stands as the fourth-largest digital asset ETP manager globally and the leading entity in Europe, commanding a 34% market share. Despite CoinShares' withdrawal, several spot XRP ETFs have emerged in the US this year, including those from REX-Osprey, Canary Capital, Bitwise Asset Management, and Grayscale Investments, collectively managing over $800 million in assets. Meanwhile, US-listed Solana funds have demonstrated consistent positive performance.