Key Takeaways:
- CoinShares has withdrawn SEC filings for its planned XRP ETF and Solana Staking ETF, confirming no shares were issued or sold.
- The firm is pivoting away from U.S. single-asset crypto ETFs as it prepares for a Nasdaq listing valued at $1.2 billion.
- CoinShares plans to roll out new U.S. products focused on crypto equities, thematic baskets, and active multi-asset strategies in 2025–2026.
CoinShares has taken a dramatic turn in its U.S. ETF ambitions, formally pulling multiple registration statements submitted to the Securities and Exchange Commission. The move marks the clearest sign yet that the European digital-asset powerhouse is reorganizing its product roadmap ahead of a high-profile public listing.
Read More: SEC Approves $15B Hashdex Nasdaq Crypto ETF: XRP, Solana, Stellar Join Bitcoin and Ethereum
CoinShares Withdraws XRP and Solana Staking ETF Filings
In two separate letters submitted to the SEC, CoinShares requested the withdrawal of Form S-1 filings for the CoinShares XRP ETF and the CoinShares Solana Staking ETF. Both letters were signed by Charles Butler, the company’s Principal Financial Officer and Principal Accounting Officer, and cited the same reason: the transactions tied to the ETFs “were ultimately not effectuated,” and therefore no shares were sold, nor will any be sold under those filings.
The XRP ETF filing dated back to January 2025 with amendments submitted in August and October. The Solana Staking ETF filing was submitted in June with several subsequent amendments throughout the summer.
Withdrawal under SEC Rule 477 is often used when an issuer determines that market conditions, regulatory uncertainty, or strategic priorities no longer justify proceeding with a registration. In CoinShares’ case, the decision appears to stem from broader strategic recalibration rather than regulatory pushback.
Why CoinShares Is Stepping Back From U.S. Single-Asset ETFs
A Consolidating Market With Thin Margins
In a statement following the withdrawals, CEO Jean-Marie Mognetti underscored that the U.S. market for single-asset crypto ETFs, particularly spot products tied to BTC, ETH, and SOL has rapidly consolidated around a few dominant issuers. Those firms, backed by massive scale and fee compression, make competing on margins increasingly difficult.
Mognetti noted that the U.S. landscape now requires a “different playbook,” hinting that CoinShares sees limited differentiation in offering XRP or staked-SOL exposure when larger issuers can undercut fees and crowd out smaller entrants.
A Strategic Shift Toward Higher-Margin Products
Instead of entering the race of introducing more single-asset ETFs, CoinShares is shifting its focus to other product categories that it feels it can differentiate itself:
- Cryptocurrency exposure funds (miners, infrastructure providers, exchanges)
- Thematic baskets- AI, Web3 infrastructure, tokenization, or cross-chain technology
- Proactively operated multi-asset funds of crypto, commodities, or yield funds
- Hybrid products that are spot digital assets, with staking or lending yields
Such types of products generally attract higher management fees and demand more expertise – which CoinShares has cultivated since 2013 by its European ETP franchise.
Read More: Ethereum Spot ETF Inflows Hit $332M as Altcoin Rotation Surges, Flipping Bitcoin Volume
Preparations Intensify Ahead of $1.2B Nasdaq Listing
CoinShares is in the final stages of merging with Vine Hill Capital Investment Corp, a SPAC deal announced in September valuing the firm at $1.2 billion. The decision to withdraw ETF filings is an indication of prioritization of capital allocation and market focus before the listing.
An IPO on Nasdaq provides the company with a better presence in the U.S., yet it puts pressure on the company to provide more scalable and higher-margin financial services. By leaving earlier the categories of ETFs with low margins, CoinShares would not be a participant in a price battle with the biggest crypto asset managers.
It has a current asset management approaching $10 billion, and a presence in France, Sweden, the UK and the United States. The Nasdaq listing is likely to increase its distribution to a great deal, and, in particular, to institutional allocators, who are interested in diversified crypto exposure.
The Rise of Staked-SOL ETFs and XRP-Related Products
Competitive Pressure From Existing SOL ETF Issuers
CoinShares’ withdrawal comes at a moment when staked-Solana ETFs have captured meaningful inflows in the U.S.:
- REX-Osprey launched the first staked SOL ETF in June
- Bitwise followed in October, debuting with over $200 million on day one
- Combined inflows for SOL ETFs surpassed $369 million in November alone
Yet SOL’s price has lagged badly, falling to roughly $120 – a five-month low, signaling divergence between ETF demand and market sentiment. The recent downturn may have also influenced CoinShares’ decision to retreat from SOL-linked ETF efforts.
The post CoinShares Abruptly Pulls Multiple SEC ETF Filings as Firm Shifts Strategy Ahead of $1.2B Nasdaq Listing appeared first on CryptoNinjas.
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