CoinShares has formally abandoned its planned three crypto ETFs, the Solana Staking ETF, the XRP ETF, and the Litecoin ETF. The U.S. Securities and Exchange Commission received the updated filings which asserted that all the ETFs proposed would no longer proceed.
CoinShares Abandons Three Cryptocurrency ETF Plans
All the withdrawals were made by means of a Form RW request, indicating the determination that no shares had been sold after earlier S -1 registrations. The actions confirm that the transactions that accompanied the filings were not closed. Thus, terminating the company’s attempts to introduce these products in the markets.
The Solana Staking ETF withdrawal notice submitted by CoinShares included the original S-1 submitted in June this year, and the subsequent amendments that were submitted between July and September. The filing made it clear that no transaction happened.
The same request was also made by CoinShares for its XRP ETF, which already passed through further amendments in August and October. It was also indicated in the XRP filing that the structure that was supposed to be implemented was not done in the expected manner. There have also been some recent changes in other XRP-related filings, among them being Canary’s decision to remove an SEC clause.
The firm also made a similar request for its Litecoin ETF after a registration filing in January this year. The same reason repeated in each document was that the planned transaction did not occur and that there was no sale of securities. All three withdrawal letters were signed by Charles Butler who was a senior financial officer at CoinShares.
Withdrawals Suggest Strategic Pause Amid Competitive Crypto ETF Market
These developments come at a time when regulatory expectations keeps changing for good. Recent regulatory initiatives show the speed with which approvals will be happening. A case in point is the SEC’s withdrawal of delay notices on Solana and XRP ETF reviews.
Moreover, the market for crypto ETFs is becoming increasingly competitive, and issuers may be struggling to adapt. CoinShares remains silent concerning additional information regarding its decision.
The timing of this withdrawal will be noted by investors who are following the developments in the ETFs market. Solana and XRP are still among the most-monitored assets in the current market cycle. Yet, Litecoin is also of strong interest during wider price swings.
Meanwhile, other issuers are continuing to develop their ETF plans. Notably, Franklin Templeton filed its final Solana ETF registration following positive momentum with its XRP ETF.
Following the announcement, the prices of the three assets involved has dropped, per TradingView. XRP is down by less than 0.5% while LTC and SOL are down by over 2% each.
Source: https://coingape.com/coinshares-ends-push-for-xrp-solana-and-litecoin-etfs/
