CoinShares Withdraws Several Crypto ETF Plans Ahead of U.S. Market Entry
November 28, 2025 – By Reuters
CoinShares, the European cryptocurrency investment firm, announced on Friday that it is withdrawing plans to launch three exchange-traded funds (ETFs) as it prepares to list in the United States. This strategic move reflects CoinShares’ intention to pivot toward higher-margin opportunities in the evolving U.S. crypto market.
The company has filed with the U.S. Securities and Exchange Commission (SEC) to withdraw its registration statements for three ETFs: an XRP ETF, a Solana staking ETF, and a Litecoin ETF. Additionally, CoinShares is winding down its Bitcoin futures leveraged ETF (BTFX.O).
Jean-Marie Mognetti, CEO of CoinShares, explained the decision by noting the consolidation occurring in the U.S. single-asset crypto exchange-traded product (ETP) space. “The market is increasingly dominated by a few large players, limiting opportunities for differentiation and sustainable margins,” Mognetti said. He emphasized that this environment requires a “different playbook” for success.
Looking ahead, CoinShares plans to shift its focus to introducing new types of products tailored to the U.S. market over the next 12 to 18 months. These include crypto equity exposure vehicles, thematic baskets, and actively managed strategies which combine cryptocurrencies with other asset classes. The company aims to offer innovative investment solutions that better meet evolving investor demands.
CoinShares has been a player in the crypto space since 2013 and manages around $10 billion in assets as of September 2025. The firm currently operates across France, Sweden, the United Kingdom, and the United States. Its upcoming U.S. listing will be facilitated through a $1.2 billion merger with special purpose acquisition company (SPAC) Vine Hill Capital Investment Corp (VCIC.O), agreed upon in September.
This move to recalibrate its product offerings aligns with broader trends in the crypto ETF market, where competition is intensifying and investors seek more diversified or actively managed options beyond single-asset funds.
Reporting by Arasu Kannagi Basil in Bengaluru; Editing by Vijay Kishore