CoinShares Abandons $870M XRP & SOL ETF: A Hilarious Tale of Crypto Strategy

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CoinShares has decided that XRP, Solana, and Litecoin ETFs are just too much hassle. They’re bowing out of the race to focus on more lucrative ventures-because who doesn’t love a higher margin, darling? The Nasdaq launch is calling, and they must answer!

On November 28, 2025, CoinShares sent its “I’m out” letters to the SEC, withdrawing its XRP ETF application. They also pulled the plug on the Solana Staking ETF and, just for good measure, ditched the Litecoin ETF too. It’s all part of a “market consolidation” effort. We know-super thrilling stuff.

All three letters were, naturally, signed by the illustrious Charles Butler, the Principal Financial Officer, who assured the SEC that no shares were sold in the process. Just a little bit of paperwork, really. Nothing to see here.

CoinShares made voluntary requests to the SEC to withdraw these products from the race, with the Solana filing dating back to June. XRP got a few tweaks in August and October, while Litecoin’s grand idea was scribbled out in January. A true timeline of dreams, isn’t it?

Why The Giants Made CoinShares Pack Its Bags

According to CEO Jean-Marie Mognetti, the US market is a bit too crowded with the big boys, and the opportunities for differentiation are just too slim. You know-like trying to stand out at a black-tie event when you’re wearing a neon tracksuit. It’s not happening.

This year’s rivalry has been nothing short of scorching. Grayscale, Bitwise, Canary Capital, and REX-Osprey have already raised over $870 million combined for their XRP ETFs. The same drama played out with Solana ETFs. So, naturally, CoinShares decided it was time to step aside. No shame in knowing when to quit, right?

Our friend Skipper over on X (formerly Twitter) couldn’t resist sharing the news of CoinShares’ shift to more profitable opportunities. “You know what, let’s stop playing with the small fry,” they tweeted. Merchants were, understandably, stunned by the announcement. A truly touching moment in financial history.

Source – Skipper X

The market contraction has made profit margins as tight as a corset. Most of the ETF flows are going into the big issuers, leaving little room for small players to distinguish themselves. CoinShares, wisely, chose to retreat rather than engage in an all-out price war.

The Nasdaq Dream and New Plans for Glory

CoinShares has now announced a $1.2 billion SPAC merger, a dazzling move to acquire Vine Hill Capital and aim for that sweet Nasdaq listing. It’s going big, or going home, apparently.

The company is cooking up fresh products to launch within the next 12-18 months. The first course? Thematic crypto baskets. And don’t forget about the equity exposure products they’ve got in the works. The grand finale involves active strategies combining crypto with traditional assets. Oh, the possibilities!

With $10 billion in assets and a 34% market share in Europe, CoinShares is doing just fine. Its Solana ETP is doing especially well, happily trading away on the Frankfurt exchange. Let’s not forget: this company is living the dream.

You might also like: SOL News: Planned Staked SOL ETF Stopped Before Launch, SEC Confirms

Market Reaction: The Token Prices Take a Nosedive

And, oh dear, the market didn’t exactly take this news well. Solana dropped by over 2%, while Litecoin followed suit, shedding more than 2%. XRP, however, barely managed a twitch-falling less than 0.5%. Some people just know how to keep their composure, huh?

Solana is now trading around $130. It hit a five-month low in November at around $120-still, 60% down from its January peak. But let’s not forget that rally in January was mostly thanks to the Trump memecoin launch. Yes, really. Crypto is a wild ride.

Meanwhile, other Solana ETFs are still getting attention. In October, Bitwise launched its own version, raising $223 million on its first trading day. BSOL now holds $527.9 million and is currently trading with no fees. Because why not?

Corporate treasuries have been hoarding Solana like it’s going out of style, with positions well over 16 million tokens. The buying spree began in late summer 2025 and sped up in November. So, there’s that at least.

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2025-11-30 14:42