CoinShares halts Solana, XRP, Litecoin ETFs before U.S. listing
CoinShares Withdraws Altcoin ETF Filings, Including Solana, XRP, and Litecoin, as Products Stall in a Weak Market and the Firm Prepares for Public Listing
CoinShares, one of the leading crypto asset management and venture capital firms, has unexpectedly filed to withdraw its previous S-1 application for a Solana-based staking ETF.
According to Cryptopolitan, the withdrawal comes at a time when most Solana ETFs are seeing positive daily net inflows. The only exception is TSOL, the 21Shares Solana ETF, with a $34.4 million outflow on November 26.
Bitwise’s BSOL maintains the highest net accumulation volume at $527.9 million and trades with zero fees, as the total accumulated assets remain below $1 billion.
However, CoinShares did not join the group of companies able to launch funds in November, and is now pushing the launch back indefinitely. The company still maintains its Solana-based staking ETP listed on the Frankfurt Stock Exchange. But it remains unclear why CoinShares chose not to launch a similar product in the United States.
Shift in priorities toward public listing
Withdrawing the proposal may indicate that the product’s shares were not sold and the proposed structure was cancelled. This decision could suggest restructuring or the creation of a new SOL-based fund. A Solana staking ETF would also require selecting a validator to ensure reliable staking with optimal yields.
Alongside this, CoinShares is withdrawing filings for other altcoin ETFs, including an XRP ETF and a Litecoin ETF. Previously, the company had been actively adding new potential ETF products. However, deteriorating market conditions may have prevented the company from continuing this expansion.
Plans may also have shifted due to the firm’s upcoming U.S. market listing, as CoinShares prepares for a merger with Vine Hill Capital.CoinShares currently manages more than $10 billion in assets, ranking as the fourth-largest global issuer of ETPs and ETFs. The company holds around 34% of the European crypto ETP market.
As we wrote, CoinShares and Grayscale propose ETFs tracking XRP, Litecoin, and Solana amid regulatory changes
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