CoinShares, with $10 billion Assets Under Management (AUM), has unexpectedly withdrawn its plans to launch three crypto ETFs in the U.S., including XRP, Solana, and Litecoin.
This decision surprised many traders because investor interest in new XRP and Solana-based funds has been rising strongly this year.
So, what pushed CoinShares to step back from this major ETF move?
CoinShares Drop XRP, Solana, and Litecoin ETF
According to the filing submitted on November 28, 2025, CoinShares voluntarily asked the SEC to withdraw its registration statements for its XRP ETF, Solana Staking ETF, and Litecoin ETF.
However, CoinShares’ CEO Jean-Marie Mognetti said it is adjusting its direction because the U.S. ETF market has become too crowded and dominated by the largest traditional finance players.
Institutional giants such as BlackRock, Fidelity, and Bitwise now control over 90% of all inflows in crypto ETFs
As part of this shift, CoinShares is also winding down its Bitcoin futures leveraged ETF, known as BTFX.
The Trend Started Earlier Than Expected
Back in September, when CoinShares announced plans to go public in the U.S. via a $1.2B Nasdaq SPAC deal, they hinted that the U.S. wasn’t “friendly to innovation.”
Now, months later, the ETF withdrawals look less like a surprise and more like a strategic correction.
For companies like CoinShares, this means one thing: entering with new products almost guarantees low margins and slow growth. Therefore, Mognetti says that instead of fighting giants, CoinShares is choosing a smarter path.
CoinShares Prepares New Product Line for the U.S. Market
Even though CoinShares is withdrawing its ETF plans, the company made it clear that it is not leaving the U.S. market. Instead, it wants to change what kind of products it brings.
CoinShares said it is preparing new products for the next 12 to 18 months, including:
- Crypto-equity exposure products
- Thematic crypto baskets
- Actively managed strategies mixing crypto and traditional assets
These products are aimed at attracting a wider range of investors, especially those seeking crypto exposure without holding tokens directly.
Growing XRP ETF Competition in the U.S.
The withdrawal also comes at a time when several spot XRP ETFs have launched in the U.S. this year. Funds from Grayscale, Bitwise, Canary Capital, and REX-Osprey have already attracted more than $870 million in combined assets.
With competition rising and margins shrinking, CoinShares believes its new path will allow it to build products that stand out instead of getting lost in the crowd
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