CoinShares ends bid to launch XRP, Solana, and Litecoin ETFs in the US

Key Takeaways

CoinShares has withdrawn its registration filings for 3 crypto ETFs tied to XRP, Solana, and Litecoin.
The transfer comes as CoinShares intends to record on Nasdaq.

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CoinShares, Europe’s main digital asset funding agency, on Friday filed with the SEC to withdraw its registration statements and amendments for 3 crypto exchange-traded merchandise, together with the CoinShares XRP ETF, CoinShares Solana staking ETF, and CoinShares Litecoin ETF, concluding its bid to convey them to market.

The transfer follows CoinShares’ September disclosure of a $1.2 billion merger with Vine Hill Capital Investment geared toward taking the firm public on Nasdaq. It’s unclear why the agency selected to scrap its US ETF plans.

CoinShares manages about $10 billion in belongings, making it the world’s fourth-largest digital asset ETP supervisor and the prime participant in Europe with 34% market share.

Several spot XRP ETFs have debuted in the US this yr, together with choices from REX-Osprey, Canary Capital, Bitwise Asset Management, and Grayscale Investments. These funds have collectively amassed over $800 million in belongings below administration.

US-listed Solana funds have likewise proven regular, constructive outcomes.