LONDON (IT BOLTWISE) – CoinShares, Europe’s largest digital asset manager, has withdrawn its applications for three US spot ETFs. This decision comes at a time when the market is dominated by traditional financial giants. The company plans to focus on new, innovative products to differentiate itself from the competition.
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CoinShares, Europe’s leading digital asset manager with approximately $10 billion in assets under management, has officially withdrawn its applications for three U.S. spot cryptocurrency ETFs. This decision comes in an increasingly crowded market dominated by traditional financial giants. The Company has filed Form RW applications with the Securities and Exchange Commission (SEC) to withdraw the registration applications for the proposed XRP, Solana Staking and Litecoin ETFs.
The withdrawal of the filings comes at a critical time for CoinShares, which announced a $1.2 billion merger with Nasdaq-listed Vine Hill Capital in September. This merger is expected to be completed by the end of the year and will make CoinShares one of the four largest digital asset managers worldwide, alongside BlackRock, Fidelity and Grayscale. CoinShares CEO Jean-Marie Mognetti explained that the opportunities for differentiation and sustainable margins in the single-asset crypto ETF space are limited as the market is dominated by the aforementioned giants.
CoinShares plans to bring additional innovative products to the US market over the next 12 to 18 months. These are intended to cover three core categories: crypto-stock exposure vehicles that capture the digital asset ecosystem beyond the tokens; thematic baskets that provide targeted exposure to specific blockchain innovation trends; and actively managed strategies that combine crypto and other assets and leverage CoinShares’ quantitative expertise.
CoinShares’ strategic realignment echoes comments from Roger Bayston, head of digital assets at Franklin Templeton, who recently stated that diversified crypto portfolios represent the “next big thing” after this wave of single-asset funds. CoinShares submitted its initial applications for the Solana staking ETF in June, with changes through September. The XRP ETF was updated in August and October, while the Litecoin ETF application dates back to January.
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