Asset manager CoinShares has withdrawn its application with the U.S. Securities and Exchange Commission for a staked Solana ETF. This move halts what would have been another entrant in the rapidly growing market for SOL-based investment products.
In a filing published Friday, the firm explained that the underlying transaction connected to the fund’s creation never reached completion. The document noted that the registration “sought to register shares to be issued in connection with a transaction that was ultimately not effectuated.” It added that no shares tied to the proposal were or will be sold.
The decision marks a pause for CoinShares at a time when interest in staked Solana products continues to rise among investors seeking higher-yield crypto exposure.
Early Entrants Gain Ground
The first staked Solana ETF arrived in June, issued by REX-Osprey. A second offering from Bitwise launched in October and quickly became one of the most successful crypto-related ETF debuts this year.
Bitwise’s staked SOL product opened with nearly $223 million in assets on its first trading day. This figure reached roughly half the size of the REX-Osprey fund, which had been active for months. ETF specialists pointed to strong demand for yield-generating digital-asset funds during a difficult period for broader crypto markets.
Despite the inflows, Solana’s price has struggled. After reaching highs above $250 in September, the token has been unable to sustain its earlier pace. Market pressure intensified through the autumn, pushing SOL into a steady decline.
Inflows Rise as Solana Price Weakens
Even with the downturn, staked Solana ETFs attracted more than $369 million in November alone. Investors continued to move into these products, drawn by staking rewards advertised between 5 and 7 percent. The inflows contrasted with sharp outflows from Bitcoin and Ether ETFs during the same period.
Analysts had previously speculated that continued ETF demand could drive SOL toward the $400 mark. However, revision now suggests a tougher climb and several researchers warned that the token may struggle to recover the $150 range.
SOL reached a five-month low of around $120 in November, far from its record high of $295 posted in January. That earlier surge was fueled in part by a wave of trading activity surrounding the Official Trump memecoin, which briefly boosted network usage and attention.