CoinShares Withdraws SEC Filing for Staked Solana ETF

CoinShares withdraws SEC filing for staked Solana ETF

Summary:
Asset management company CoinShares has retracted its application to the Securities and Exchange Commission (SEC) for a staked Solana exchange-traded fund (ETF). This decision follows the realization that both the structuring deal and the asset purchase for the proposed fund were not finalized.

Key Takeaways:

CoinShares withdrew its SEC application for a staked Solana ETF.
The first staked Solana ETF was launched in June, followed by another in October.
Despite significant capital flows into Solana ETFs, the price of SOL has dropped significantly from its recent peaks.

Introduction: CoinShares' SEC Withdrawal

On Friday, the asset management firm CoinShares made the decision to withdraw its application from the Securities and Exchange Commission (SEC) for a staked Solana ETF. This move indicates that the necessary structuring deal and asset purchase associated with the proposed fund were never concluded, as outlined in the SEC filing.

Solana, ETF
Net inflows into Solana ETFs since Nov. 10. Source: CoinGlass

The first staked Solana ETF made its debut in the United States in June, followed by the launch of Bitwise’s staked SOL ETF in October. According to ETF analyst Eric Balchunas, Bitwise’s ETF kicked off with approximately $223 million in assets on its first trading day, earning about half of the total value gathered by the REX-Osprey ETF, which had been operational for months.

Market Trends: SOL and ETF Performance

Despite the introduction of staked Solana ETFs and growing investor interest, the price of SOL has struggled to keep up. It has experienced a downturn since reaching a peak of over $250 per coin in September.

SOL ETFs Gain Attention, But Price Struggles

In November, Solana ETFs attracted over $369 million in capital as investors sought the yield-bearing potential of staked SOL investment options, which offer staking rewards of around 5-7%. Notably, these ETFs contrasted with Bitcoin (BTC) and Ether (ETH) ETFs, which faced record outflows during the same period. The Solana ETFs enjoyed a streak of inflows even as the broader cryptocurrency market was experiencing declines.

Analysts had previously anticipated that SOL’s price could reach as high as $400 due to significant capital inflows from ETFs. However, these projections have since been revised downward, with some analysts suggesting SOL may face challenges in regaining $150.

Solana, ETF
SOL’s price action remains depressed and well below all-time highs reached at the start of 2025. Source: TradingView

As of November, SOL's price dropped to a five-month low of about $120, representing a 60% decline from its all-time high of around $295, which was achieved in January 2025. This notable rise earlier in the year was fueled by the launch of the Official Trump memecoin on the Solana network, driving interest in memecoins trading within the platform.

Related Reads:

Solana vs Ethereum ETFs: Facebook’s Influence on Bitwise: Hunter Horsley