In the latest sign of weakness across the cryptocurrency market, CoinShares, a leading European digital asset manager, has withdrawn plans to launch three exchange-traded funds as it shifts its focus toward higher-margin opportunities ahead of its U.S. listing.
The announcement last Friday marked another pullback in what has become an increasingly volatile crypto market.
The broader market has lost as much as 5.66% of its value, with Bitcoin falling to around $104,000 last week. Other major cryptocurrencies, including Ethereum and Solana, posted losses ranging from roughly 6% to 15%.
Investor caution over the outlook for future interest rate cuts has added pressure, while crypto ETFs have also experienced notable outflows. Bitcoin ETFs alone saw approximately $202 million in withdrawals, reversing some of the inflows that had previously supported the market.
That shift has added further pressure to crypto prices and contributed to significant liquidations among leveraged traders.
Bitcoin fell sharply again Monday afternoon, sliding more than 6% from roughly $91,000 to about $85,600, raising concerns that additional forced selling could follow.
Against that backdrop, CoinShares filed with the Securities and Exchange Commission to withdraw registration statements for an XRP ETF, a Solana staking ETF and a Litecoin ETF.
CoinShares CEO Jean-Marie Mognetti said the U.S. market is increasingly consolidating around larger players in single-asset crypto exchange-traded products, limiting opportunities for differentiation and sustainable profit margins.
He said the company therefore needs a “different playbook.”
CoinShares is also winding down its leveraged Bitcoin futures ETF.
At the same time, the company said it still plans to bring new products to the U.S. market over the next 12 to 18 months, including crypto equity exposure vehicles, thematic baskets and actively managed strategies combining cryptocurrencies with other asset classes.
Some analysts have speculated that CoinShares’ withdrawal is not the result of regulatory resistance, but rather the breakdown of the underlying structuring arrangement for the Solana ETF.
In September, CoinShares agreed to list on the Nasdaq through a $1.2 billion merger with special purpose acquisition company Vine Hill Capital Investment Corp.
The company has focused on cryptocurrency investments since 2013 and had approximately $10 billion in assets under management as of September, with operations in the United Kingdom, France, Sweden and the United States.
CoinShares’ withdrawal comes after two other staked Solana ETFs entered the market.
The REX-Osprey product launched in June, followed by Bitwise’s fund in October. The Bitwise fund quickly became one of the strongest crypto ETF launches of 2025, opening with nearly $223 million in assets on its first day—roughly half the amount the REX-Osprey product had taken months to accumulate.
So far, however, ETF inflows have not been enough to offset broader selling pressure across the crypto market.
The REX-Osprey and Bitwise products continue to attract capital, but their impact has been diluted by market-wide deleveraging, profit-taking following Solana’s strong start to 2025 and declining memecoin trading volumes.
CoinShares’ withdrawal leaves REX-Osprey and Bitwise as the primary issuers offering staked Solana exposure in the United States.
Their products continue to draw investor interest, but their ability to influence the spot price of Solana will depend heavily on whether activity rebounds across memecoins, trading volumes and decentralized finance.
