CoinShares removes XRP, Solana, and Litecoin ETF applications in the name of market consolidation. The asset manager shifts to products with higher margins before the Nasdaq launch.
On November 28, 2025, CoinShares submitted withdrawal requests to the SEC. The asset manager in Europe scrapped the XRP ETF. It also liquidated its Solana Staking ETF. The Litecoin ETF application was also pulled.
All three withdrawal letters were signed by Charles Butler. He is the Principal Financial Officer. The SEC filings affirm that there was no sale of shares.
CoinShares offered voluntary requests to the SEC to withdraw three product registration statements. Solana filing was the first to appear in June. Amendments to XRP occurred in August and October. The Litecoin proposal was dated January.
Why Giants Pushed CoinShares Out
The withdrawal was explained by CEO Jean-Marie Mognetti. The opportunities to differentiate and sustainable margins are minimal because the US market is stocked with big players. It is dominated by traditional finance giants.
Rivalry this year has been burning hot. Grayscale, Bitwise, Canary Capital, and REX-Osprey XRP ETFs raised over $870 million in total assets. Similar figures were pulled by Solana ETFs.
Skipper on X states that CoinShares is shifting to opportunities with higher margins. It was announced in the morning by a tweet. Merchants were astonished by the time.
Source – Skipper X
The contraction of the market left profit margins low. Most ETF flows were in large issuers. Small players could not distinguish their products. CoinShares preferred a strategic withdrawal to price wars.
Nasdaq Ambitions Drive New Strategy
CoinShares declared a SPAC merger of $1.2 billion. The Vine Hill Capital acquisition aims at a Nasdaq listing. The firm desires to enter powerfully.
CoinShares is developing fresh products in the next 12-18 months. Thematic crypto baskets will be the first. Equity exposure products are next. Plans are completed with active strategies that combine crypto with conventional assets.
It has assets of $10billion. It has a 34 percent market share in Europe. Its European Solana stake ETP is doing well. Already, that product is traded on the Frankfurt exchange.
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Market Impact Hits Token Prices
Solana dropped by over 2 percent in a few hours. Litecoin dropped over 2% too. XRP fell less than 0.5%.
SOL trades around $130 currently. It reached a five-month low close to $120 in November. That is 60 percent down compared to the January peak. The January rally was due to the Trump memecoin launch.
Other Solana ETFs are still gaining inflows. In October, Bitwise released its version, raising 223 million on the initial trading day. BSOL now holds $527.9 million. It currently trades at no fees.
Corporate treasuries added to SOL holdings considerably. The positions are now well in excess of 16 million tokens. The accumulation began in late summer 2025. November recorded faster purchasing.