TechFlow, on December 1, according to The Block, CoinShares, Europe's largest digital asset management firm, officially withdrew its ETF applications for XRP, Solana Staking, and Litecoin submitted to the U.S. Securities and Exchange Commission (SEC) on November 28. The company also announced it will gradually wind down 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, a transaction expected to close by the end of this year. Upon completion, CoinShares will rank among the world's top four crypto ETF asset managers, alongside BlackRock, Fidelity, and Grayscale.
CoinShares CEO Jean-Marie Mognetti stated that, given the dominance of traditional financial giants in the single-asset crypto ETF market, the company will reallocate resources over the next 12–18 months toward more innovative and higher-margin products, including exposure tools to crypto ecosystem equities, thematic portfolios focused on blockchain innovation trends, and actively managed strategies combining cryptocurrencies with other assets.
