CoinShares has announced its decision to withdraw multiple planned cryptocurrency exchange-traded funds (ETFs) in the United States, including those associated with XRP, Solana, and Litecoin. This strategic pivot also includes winding down its Bitcoin Futures Leveraged ETF. CEO Jean-Marie Mognetti highlighted that the single-asset ETF market presents limited avenues for differentiation and challenges in achieving sustainable profit margins, particularly in a landscape heavily influenced by major financial institutions.
On November 28, 2025, CoinShares formally submitted requests to the US Securities and Exchange Commission (SEC) to withdraw these ETFs. Each request, endorsed by Principal Financial Officer Charles Butler, affirmed that no shares had been issued under the previous S-1 registrations. The decision to retract the ETFs has been attributed to rising distribution costs and the formidable competition posed by established players such as BlackRock, Fidelity, and Grayscale.
Instead of continuing to pursue single-asset products, CoinShares plans to concentrate on developing higher-margin offerings that promise stronger growth potential. The company is looking to introduce vehicles that provide exposure to crypto equities, thematic baskets that focus on specific blockchain innovations, and actively managed investment strategies that integrate both digital and traditional assets. Resources previously allocated to the withdrawn ETFs will be redirected to these new initiatives, which are expected to launch within the next 12 to 18 months.
This strategic shift is aligned with CoinShares” impending merger with Vine Hill Capital, valued at approximately US$1.2 billion (AU$1.85 billion), which aims to take the firm public in the United States. Upon completion of this merger, CoinShares is anticipated to rank among the top four global crypto asset managers based on ETF assets under management.
