CoinShare’s recent decision to withdraw its applications for XRP, Solana, and Litecoin ETFs signals a strategic shift in the company’s U.S. product strategy as it prepares for its upcoming Nasdaq listing. CEO Jean-Marie Mognetti cites market dominance by major players like BlackRock and Fidelity as key factors driving this move. The withdrawal comes amid a crowded U.S. single-asset crypto ETF market with limited opportunities for profitability, prompting CoinShare to prioritize products offering higher margins. Analysis suggests the decision isn’t tied to XRP fundamentals, but rather reflects a strategic shift within the firm’s business model. Despite halting its ETF plans, CoinShares remains committed to expanding its operations in the U.S., focusing on new offerings like equity exposure vehicles and thematic investment baskets as it moves toward Nasdaq listing.