CoinShares withdraws XRP, Solana, and Litecoin ETF applications, shifting towards a high-profit product strategy.

ChainCatcher news, Europe’s largest digital asset management company CoinShares has officially withdrawn its applications for XRP, Solana Staking, and Litecoin ETF submitted to the SEC on November 28. The company also announced that it will gradually close its Bitcoin futures leveraged ETF product (BTFX). This decision comes as CoinShares prepares to go public in the U.S. through a $1.2 billion SPAC merger with Nasdaq-listed Vine Hill Capital, which is expected to be completed by the end of this year. Following the merger, CoinShares will rank among the top four crypto ETF asset management companies globally, alongside BlackRock, Fidelity, and Grayscale. CoinShares CEO Jean-Marie Mognetti stated that in light of the dominance of traditional finance giants in the single asset crypto ETF market, the company will reallocate resources to more innovative and higher profit products over the next 12-18 months, including tools for exposure to crypto ecosystem stocks, thematic portfolios focusing on blockchain innovation trends, and actively managed strategies combining cryptocurrencies with other assets.