CoinShares has withdrawn its U.S. spot exchange-traded fund (ETF) registration filings for XRP, Solana staking, and Litecoin.

CoinShares CEO Jean-Marie Mognetti cited a strategic shift away from single-asset crypto ETFs in a crowded and competitive U.S. market dominated by large traditional financial firms.

This story is an excerpt from the Unchained Daily newsletter.

Instead, CoinShares plans to focus on crypto equities, thematic baskets, and multi-asset active strategies.

Other issuers such as Grayscale, Bitwise, and Canary Capital have successfully launched XRP and Solana-related ETFs in the U.S., contributing to the increasing competition in the crypto ETF market.

CoinShares’ withdrawals come as the firm prepares for a $1.2 billion merger to go public on Nasdaq.