CoinShares Withdraws ETF Applications for XRP, Solana, and Litecoin

On November 28, CoinShares, a leading European digital asset management firm, revealed that it had withdrawn its registration applications for physically-backed exchange-traded funds (ETFs) for XRP (XRP), Solana (SOL), and Litecoin, which had been submitted to the U.S. Securities and Exchange Commission (SEC).

According to the withdrawal documents signed by CFO Charles Butler, no securities sales or trading had occurred for any of these ETFs.

Subsequently, CEO Jean-Marie Mognetti stated that the U.S. market for single-asset cryptocurrency ETFs has rapidly consolidated around major players, complicating efforts to differentiate...