CoinShares has ended its push to list three cryptocurrency exchange-traded funds, formally withdrawing applications tied to Solana, XRP, and Litecoin. Updated documents filed with the Securities and Exchange Commission (SEC) show that the issuer requested withdrawal of each registration, noting that no shares were sold and no transactions occurred under the proposed structures.
The ETF plans had been in development for much of the year, with the Solana Staking ETF originally filed in June and amended several times through early fall. Similar withdrawal requests were filed for the XRP and Litecoin products, each stating that the anticipated launch conditions were not met. All letters were signed by Charles Butler, a senior financial officer at the firm.
🚨JUST IN: @CoinSharesCo has filed to withdraw its Form S-1 for the CoinShares Solana Staking ETF. pic.twitter.com/BZEYkJnHaY
— SolanaFloor (@SolanaFloor) November 28, 2025
The move highlights how issuers may be reevaluating product viability amid shifting regulatory signals. Several crypto ETF applications have experienced revisions or structural adjustments across the industry, including changes in other XRP-related filings from separate firms.
Regulatory Shifts and Competitive Pressures Shape Issuer Decisions
CoinShares’ decision arrives as the SEC accelerates review timelines for digital asset products and continues to refine its expectations for disclosures, custody, staking mechanisms, and market surveillance. The agency recently pulled back several delay notices covering Solana and XRP ETF proposals, suggesting a more active regulatory stance heading into 2025.
At the same time, the competitive landscape for crypto ETFs has tightened. Established asset managers and specialist firms are competing across multiple asset classes, from bitcoin and ether to emerging single-token products. Timing and liquidity considerations are increasingly central as issuers seek first-mover advantage and aim to align with institutional demand patterns.
Other firms are still advancing their filings. Franklin Templeton recently submitted its final Solana ETF registration after progress on its XRP product, reflecting continued interest from large managers to broaden their crypto lineups despite market volatility.
The asset prices of Solana, XRP, and Litecoin traded lower following the withdrawal notices, according to market data, with XRP down slightly and Solana and Litecoin declining a bit more than 2 percent.
While the pullback does not preclude CoinShares from reentering the market, it underscores the operational and regulatory complexity surrounding new crypto ETFs at a time when investor attention remains focused on product structure, liquidity, and long-term adoption trends.
