CoinShares International Ltd. has withdrawn its applications with the US Securities and Exchange Commission (SEC) to launch spot exchange-traded funds (ETFs) for XRP, Solana, and Litecoin.
The reversal concludes CoinShares’ bid to compete in the US spot market, a sector that has seen rapid consolidation around giants such as BlackRock Inc. and Fidelity Investments.
The decision comes as Europe’s largest digital asset manager prepares for a US public listing, following its $1.2 billion merger deal with Vine Hill Capital Investment Corp.
By scrapping the plans for single-asset products, which have become commoditized, CoinShares is expected to focus on higher-margin offerings, such as active management strategies and digital asset equity exposure, to differentiate itself from US incumbents.
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