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\n\t\t\t\t\t\t\t\t\tThe company\u2019s CEO said they have a new focus. \t\t\t\t\t\t\t\t<\/p>\n<\/p><\/div>\n
One of the largest cryptocurrency-focused companies, CoinShares, said on Friday that it has withdrawn all of its applications to launch spot crypto ETFs in the United States, including filings for XRP and SOL.<\/p>\n
At the same time, the demand for both large-cap altcoins on Wall Street has been rather impressive, with the cumulative total inflows surpassing $600 million for each.<\/p>\n
The battle for spot crypto ETFs in the United States has been gathering steam in the past several weeks, as numerous issuers filed a new way to bypass the SEC\u2019s stringent approval process by removing<\/a> the \u201cdelaying amendment\u201d part, which essentially guarantees successful launches if all other criteria are met.<\/p>\n Although several such financial vehicles have hit the US markets in November, CoinShares, which had applied for at least three, decided<\/a> to drop out. It filed<\/a> on Friday to withdraw its applications for XRP, LTC, and SOL staking ETFs. It\u2019s also winding down its bitcoin futures leveraged ETF (BTFX.O).<\/p>\n The firm\u2019s CEO, Jean-Marie Mognetti, argued that differentiation opportunities and sustainable margins are limited as long as the US market consolidates around large players in single-asset crypto ETPs.<\/p>\n Instead, the company said it would focus on higher-margin opportunities ahead of its US listing. Recall that it announced plans to be listed on the Nasdaq in September through a $1.2 billion merger with a special purpose acquisition company (SPAC) called Vine Hill Capital Investment Corp.<\/p>\n The spot Solana ETF issued by Bitwise set the record earlier this year for the biggest opening day with a trading volume of $57 million. However, that record fell<\/a> when Canary Capital\u2019s XRPC hit the US markets in mid-November, as it notched close to $60 million.<\/p>\n The subsequent releases of other spot crypto ETFs, such as more XRP-tracking funds, as well as Grayscale\u2019s DOGE ETF, couldn\u2019t surpass these numbers. Nevertheless, the overall inflow figures for the XRP and SOL products are quite impressive.<\/p>\n Data from SoSoValue shows that the XRP ETFs have attracted more than $660 million since the first one debuted just over two weeks ago. The total inflows into the SOL ETFs are slightly lower at around $620 million. DOGE, though, has disappointed so far, with a total net inflow of just $2.16 million as of Friday.<\/p>\nXRP, SOL ETFs on Fire<\/h2>\n
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