CoinShares withdraws all three U.S. spot ETFs for XRP, Solana and Litecoin

CoinShares has officially withdrawn plans to launch three spot cryptoasset (cryptocurrency) exchange-traded funds (ETFs) in the United States.

According to a filing with the U.S. Securities and Exchange Commission (SEC) cited by The Block on the 1st (local time), CoinShares submitted a 'Form RW' on the 28th of last month to withdraw registration documents for an XRP (XRP) spot ETF, a Solana (SOL) staking ETF, and a Litecoin (LTC) ETF.

Each withdrawal filing stated that not a single sale or trade of the securities had taken place. CoinShares is separately also in the process of gradually winding down a Bitcoin (BTC) futures leveraged ETF.

The decision came at an important time as CoinShares pursues listing in the U.S. market. The company announced in September a $1.2 billion SPAC merger with Nasdaq-listed Vine Hill Capital, aiming to complete the transaction within the year. If the merger succeeds, CoinShares will join BlackRock, Fidelity, and Grayscale as one of the world's top four digital asset ETF managers.

Jean-Marie Mognetti, CoinShares' chief executive officer (CEO), explained the reason for the withdrawal, saying, "In a single-asset based spot ETF market dominated by giant managers such as BlackRock, Fidelity, and Grayscale, differentiation and the ability to secure sustainable margins are extremely limited."