Asset management firm CoinShares has announced its decision to pull the plug on its different crypto exchange-traded fund (ETF) applications with the United States Securities and Exchange Commission (SEC). This move marks a change in the firm’s strategy as it looks away from the slowly-saturating US crypto ETF space.

CoinShares Pulls Plug On Solana, XRP, Litecoin ETFs

On Friday, November 28, CoinShares discontinued its interest in launching multiple spot crypto exchange-traded funds, including the XRP ETF, Solana staking ETF, and Litecoin ETF. The asset manager filed with the US SEC to withdraw its Form S-1 registration statements for these exchange-traded funds.

One of the withdrawal applications read:

The Registration Statement sought to register shares to be issued in connection with a transaction that was ultimately not effectuated. No shares were sold, or will be sold, pursuant to the above-mentioned Registration Statement.

In a bold move, CoinShares sought the SEC’s approval to list spot Litecoin and XRP ETFs in the United States in January 2025. The crypto asset manager then later filed for a spot Solana exchange-traded fund in June, while proposing a staking integration. 

However, CoinShares’ decision to wind down its push for these spot crypto ETFs seems to align with its shift in product strategy for the United States. Earlier on Friday, the digital asset manager announced its “strategic approach” to the United States market while preparing for its public listing in the country.

Jean-Marie Mognetti, CEO and co-founder of CoinShares, said in a statement:

The U.S. market presents a different landscape. Single-asset crypto ETPs have been rapidly commoditized, with the market consolidating around large-scale players, leaving limited opportunities for the differentiation that drives sustainable margins. As a result, this market requires a different playbook, one that leverages our core strengths in new product categories where we can deliver genuine investor value and premium economics.

With the plug already pulled on the spot single-crypto exchange-traded funds, CoinShares said it still aims to launch new products in the US market over the next 12 – 18 months. Some of these products will include crypto equity exposure vehicles, thematic baskets, and actively managed strategies combining crypto and other assets.

Crypto Asset Manager To Focus On ‘Higher-Margin’ Opportunities In US

In his statement, the CoinShares CEO also revealed the plans to further trim its US product list by winding down its Bitcoin Futures Leveraged product (with the ticker BTFX). 

Meanwhile, Mognetti noted that the resources initially allocated to the planned launches of the different single-asset crypto ETFs will now be redirected toward “higher-margin” opportunities.

As Bitcoinist reported in September, the European-based digital asset manager is preparing for its public listing in the US on the Nasdaq Stock Exchange. This initial public offering will come on the back of its $1.2 billion merger with Vine Hill Capital Investments, a special purpose acquisition company (SPAC). 

• Canary’s fund is set to be the sixth single-crypto ETF if it launches.
• The fund’s official website has gone live ahead of the anticipated debut.
• Past ETFs launched during the government shutdown used automatic effectiveness rules.

The cryptocurrency market is poised for a new addition with the likely debut of the first spot XRP exchange-traded fund, issued by Canary Capital.

On Wednesday, Nasdaq confirmed it had accepted the Form 8-A filing for the Canary XRP ETF, under the ticker XRPC, signalling formal readiness to list the asset.

While the announcement stirred excitement among ETF watchers, the fund still lacks the US Securities and Exchange Commission’s final approval to begin trading.

This has left its launch in limbo, even as industry observers anticipate a possible debut on Thursday.

Canary’s ETF becomes the sixth single-asset crypto fund to reach this milestone following earlier approvals for Bitcoin, Ether, Solana, Litecoin and Hedera.

However, this fund’s progression highlights a more complex regulatory backdrop, influenced by recent shifts in SEC processes during the US government shutdown.

Certification clears Nasdaq listing, but trading awaits

Nasdaq formally notified the SEC that it had received and filed the Form 8-A for Canary’s XRP ETF.

Bloomberg’s ETF analyst Eric Balchunas shared the update on X, stating that “The official listing notice for XRPC has arrived from Nasdaq.”

Despite this progress, the ETF has not yet received the green light to commence trading. The letter issued by Nasdaq confirmed approval of the listing but did not equate to SEC authorisation.

Observers have clarified that the letter is a procedural step and part of the process to join the registrant’s request for the fund to become effective.

Some in the crypto community highlighted the difference, noting that the Nasdaq letter does not declare the fund effective but only acknowledges the listing certification.

The SEC has not issued an effectiveness order, which means trading cannot begin until that step is completed.

Canary’s XRP fund joins crypto ETF roster

Following the Nasdaq filing, Canary Capital launched its official website for the ETF.

Nate Geraci, president of NovaDius Wealth Management, posted about the development, signalling that Canary was likely to be the first to market with an XRP-backed ETF.

If approved, the XRPC ETF will join the growing roster of single-asset crypto ETFs now available to investors. These include Bitcoin, Ether, Solana, Litecoin and Hedera.

Eleanor Terrett of Crypto America also indicated on X that Nasdaq had cleared XRPC for a market open launch, which further raised expectations for an imminent debut. However, the fund cannot proceed to trading without confirmation from the SEC.

ETF timing reflects shutdown-related procedure shifts

Canary’s ETF launch coincides with the recent end of the longest US government shutdown in history.

On Wednesday, President Donald Trump signed legislation that officially reopened government operations.

During the shutdown, ETFs for Solana, Litecoin and Hedera began trading under automatic effectiveness provisions.

These mechanisms allowed trading to begin without active SEC approval during periods when regulatory processes were delayed.

This approach was not used in earlier launches of Bitcoin and Ether ETFs, which both started trading only after formal authorisation from the regulator.

It remains unclear which approach the XRPC fund will follow.

Without a current effectiveness order, Canary’s ETF may be subject to additional delays, unless it qualifies under the same automatic provisions used during the shutdown period.

Launch window narrows as market watches SEC decision

Although Nasdaq has certified the listing and Canary’s infrastructure appears ready, the fate of the XRPC ETF ultimately depends on the SEC.

Canary’s website launch and market interest reflect growing anticipation, but trading cannot begin until regulators give their final approval.

Although Nasdaq certified the listing and Canary Capital launched its website, the fund did not begin trading immediately after 28 October, the initially anticipated date.

Without a final effectiveness order from the SEC, the ETF remains in limbo. Until that regulatory step is completed, XRPC cannot begin trading, and the market continues to await confirmation.

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