CoinShares Withdraws SEC Filing for Staked Solana ETF

CoinShares has withdrawn its staked Solana ETF (exchange traded fund) application from the United States Securities and Exchange Commission (SEC).

The withdrawal comes at a time of increasing competition in the crypto ETF segment and evolving regulatory requirements.

“The registration statement was intended to register shares to be issued in a transaction that was ultimately not consummated,” a Nov. 28 filing states. “No shares have been sold or will be sold pursuant to the foregoing registration statement.”

Solana ETFs off to a strong start as investors seek high returns

The first staked Solana ETF, issued by REX-Osprey, debuted in the United States in June. This was followed by the launch of a similar product from Bitwise in October.

Bitwise’s fund launched with nearly $223 million in assets on its first day of trading and collected about 50% of the value that the REX-Osprey ETF had accumulated over the course of a few months, according to Bloomberg ETF analyst Eric Balchunas.

$BSOL begins life with $220 million in assets. Impressive, already twice as small as $SSK. Surprised, they didn’t hesitate and brought it in on day one to increase volume and flows. The good news is that we will now only have organic products, which are easier to measure. pic.twitter.com/bHXQuCRw1Z

– Eric Balchunas (@EricBalchunas) October 28, 2025

Several other staked Solana ETFs have since entered the US market.

Collectively, SOL investment products generated more than $369 million in capital flows in November. Solana ETFs also managed to reverse the trend seen with Bitcoin and Ethereum spot ETFs which saw record outflows in October and November amid the recent market crisis.

The strong performance is supported in part by the 5-7% staking rewards on offer.

US SOL ETF Flow (Source: Distant investors)

Data from Farside Investors shows that since November 10, funds have only seen net daily outflows on November 26, when $8.2 million left investment products.

The funds resumed their inflow streak last trading session, with investors pumping $5.3 million into the ETFs. That day, Grayscale’s GSOL led the charge with inflows of $4.3 million. Fidelity’s FSOL was the only other SOL ETF to see inflows that day, with $2.4 million entering its reserves.

21Shares’ TSOL was the only fund to record outflows yesterday, with $1.4 million coming out of its reserves. This fund was also responsible for breaking the fund’s streak of daily net inflows the day before, after investors withdrew $34.4 million from the fund that day.

SOL price is trading in a downtrend

Despite continued inflows into SOL ETFs, the altcoin the funds track has seen its price drop in recent weeks. Over the past month, The price of SOL fell more than 28%, coinciding with the broader crypto market downturn.

SOL daily chart (Source: GeckoTerminal)

Data from GeckoTerminal shows that SOL is trading in a medium-term downtrend. Technical indicators such as short-term exponential moving averages (EMA), moving average convergence divergence (MACD), and relative strength index (RSI) show that the bears still have a tight grip on the altcoin price.

However, SOL is trying to break above the upper limit of the descending price channel. A breakdown of this barrier could lead to a bullish change in SOL’s momentum and strength.

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