Bitcoin 
$91,474.18 After completing its daily bottom, it regained 91 thousand dollars at the close of the stock market. However, with its new announcement, CoinShares announced that it has withdrawn its application for 3 altcoins. DOGE did not gain traction and had an unsuccessful launch, but both SOL and XRP products were attracting significant interest upon launch. Why did the company make such a decision? Could it be seen as a result of larger concerns about cryptocurrencies?
SOL, XRP and LTC ETF
SOL Coin price BTC dropped below $140. XRP Coin It lost the support of $ 2.2 and may fall to the support of $ 2.08 in the continuation of the decline. But today CoinShares withdrew its applications for the XRP ETF, Solana Staking ETF and LTC ETF. The Europe-based cryptocurrency company is working on a US IPO, and the decision appears to have been made to “focus on higher margin opportunities.”
There are already approvals from major companies for assets like XRP and SOL Coin, and more are in the pipeline. Even Fidelity Even giants like are in this game. So the competition is strong and the water is shallow, which is exactly why the company decided that a different game plan was necessary for them.
CoinShares will also close the Bitcoin futures leveraged ETF (BTFX.O). The company’s goal is to launch thematic baskets and more strategic products combining crypto with other assets within 12-18 months. The company, which has focused on cryptocurrencies since 2013, manages assets worth $10 billion and holds a significant portion of cryptocurrency investment products, especially in the European Union.
Cryptocurrency ETF
According to SoSoValue data, it started trading in November. XRP Coin ETFs experienced a total net inflow of 643 million dollars. Although the Canary product ranks first with a net asset of $336 million, the trillion-dollar Franklin is a major competitor with rapid growth potential. Moreover, since Bitwise and Grayscale are also important competitors, it seems understandable that CoinShares avoids competition here.
For example, on the Solana side, competition is much stronger because Fidelity is there. This is one of the largest asset management companies. However, Bitwise is the largest SOL ETF issuer in terms of asset size.
Canary, which is at the top on the XRP Coin side, reminds CoinShares that it has taken the most logical step since it is not involved in the competition here, with its asset size of 1.1 million dollars.
