European digital-asset manager CoinShares announced on Friday that it is withdrawing its plans to launch three U.S. exchange-traded funds (ETFs), signaling a strategic pivot ahead of its Nasdaq listing.

The firm filed with the U.S. Securities and Exchange Commission (SEC) to withdraw registration statements for its XRP ETF, Solana staking ETF, and Litecoin ETF. CEO Jean-Marie Mognetti explained that the U.S. market for single-asset crypto products is consolidating around a few large players, leaving limited room for differentiation and sustainable margins.

“The U.S. market is increasingly concentrated in single-asset crypto ETPs. Opportunities for meaningful differentiation and long-term profitability are limited, requiring a different playbook,” Mognetti said.

In addition, CoinShares is winding down its Bitcoin Futures Leveraged (BTFX) ETF, further signaling a shift away from single-asset products toward higher-value offerings.

Looking ahead, the company plans to roll out a new suite of products in the U.S. over the next 12 to 18 months, including crypto equity exposure vehicles, thematic baskets, and actively managed strategies combining crypto with traditional assets. These products aim to deliver higher margins and greater differentiation in an increasingly competitive market.

CoinShares, founded in 2013, manages around $10 billion in assets and operates across France, Sweden, the U.K., and the U.S. In September, the firm agreed to a $1.2 billion Nasdaq listing via a merger with special-purpose acquisition company Vine Hill Capital Investment Corp (VCIC).

This strategic retreat underscores the challenges facing single-asset crypto ETFs in the U.S., where competition from industry giants such as Grayscale, Bitwise, and BlackRock dominates the landscape. CoinShares’ pivot reflects a broader trend among crypto fund managers to pursue more defensible, higher-margin products as the market matures.