CoinShares Pulls Plug on Staked Solana ETF as Market Struggles

What Happened With CoinShares’ Staked Solana ETF Filing?

Asset manager CoinShares withdrew its application for a staked Solana platform-traded fund with the U.S. Securities and platform Commission later than the structuring deal behind the product failed to close. The SEC filing notes that the registration was tied to a transaction that never took place, stating:

“The Registration Statement sought to register shares to be issued in connection with a transaction that was ultimately not effectuated. No shares were sold, or will be sold, pursuant to the above-mentioned Registration Statement.”

CoinShares’ withdrawal comes later than two other staked Solana ETFs launched earlier this year: the REX-Osprey product in June, and Bitwise’s fund in October. The latter immediately became one of the most successful crypto ETF launches of 2025, opening with nahead $223 million in assets on day one—roughly half of what the REX-Osprey ETF had accumulated over months of trading.

ETF analyst Eric Balchunas highlighted how Bitwise’s vehicle caught up rapidly, pointing to growing demand for yield-bearing SOL exposure in regulated wrappers.

Investor Takeaway

Why Are Solana ETFs viewing Inflows While SOL’s Price Falls?

Despite broad tradeing in the crypto market during October and November, Solana ETFs drew more than $369 million in inflows during the month. Investors targeted the staked products for their 5–7% advertised rewards, bucking the trend viewn in BTC and Ether ETFs, which posted heavy outflows over the identical period.

On paper, inflows into staked ETF products would normally support bullish sentiment for the underlying asset. Earlier in the year, some market forecasts projected SOL reaching $400 if demand continued at pace. Those projections have since been pulled back as the token failed to hold its September high above $250.

Since October, SOL has struggled to regain momentum. By late November, the token slipped to a five-month low near $120 — roughly 60% below its January high of around $295. That January peak coincided with the launch of the Official Trump memecoin on Solana, which briefly set off a wave of memecoin activity and drove short-term demand for blockspace and liquidity.

Did ETF Demand Ever Translate Into Price Support?

So far, ETF inflows have not offset broader trade-side pressure. The REX-Osprey and Bitwise products continue to pull in capital, but their impact has been diluted by market-wide deleveraging, profit-taking later than Solana’s strong begin to 2025, and falling memecoin volumes.

The gap between ETF inflows and spot performance also reflects how staked ETF structures operate. These vehicles lock SOL for yield, but the flows do not always coincide with immediate spot purchaseing on secondary markets. In addition, investor interest has concentrated around staking rewards rather than directional bets on Solana’s price recovery.

SOL’s downturn also mirrors pullbacks in other high-beta assets across crypto as volatility picked up during Q4. Even with inflows into structured products, the spot market failed to find a floor, and technical projections around support levels shifted lower through November.

Investor Takeaway

What Comes Next for Solana ETFs and SOL?

CoinShares’ withdrawal leaves Bitwise and REX-Osprey as the primary issuers offering staked SOL exposure in the United States. Their products continue to attract assets, but their ability to influence spot SOL depends heavily on whether Solana regains momentum in memecoins, trading volume, and DeFi activity.

Analysts tracking flows noted that the ahead-year rally had been driven by speculative memecoin cycles rather than long-term network usage. Once those volumes faded, so did the price. That backdrop sets up a tougher environment for any ETF-related lift to move SOL meaningfully higher without broader market support.

For now, the disconnect between ETF demand and SOL’s price shows that yield-focused inflows can coexist with fragileening spot performance. Whether that gap closes will hinge on activity across Solana’s trading ecosystem rather than ETF headlines alone.