CoinShares Pulls Out of Solana ETF Bid After Deal Collapse

• CoinShares pulled its staked SOL ETF after a failed asset deal, halting its U.S. launch.
• Staked Solana ETFs saw strong inflows in Nov even as SOL fell toward multi-month lows.
• ETF growth contrasts with weak SOL spot demand as staking yields fail to offset pressure.

CoinShares withdrew its staked SOL ETF application from the U.S. Securities and Exchange Commission on Friday. The firm took the step after the deal behind the proposed product failed to close, according to the filing submitted in Washington. The document confirmed that no shares were sold because the planned transaction never took effect.

CoinShares Ends Its U.S. Push 

CoinShares stated that the registration tied to its staked Solana ETF depended on an asset purchase that did not materialize. The filing noted that the registration intended to cover shares connected to that deal, creating the basis for the withdrawal. This update follows earlier amendments submitted in September as the firm positioned itself among other applicants.

However, this reversal arrives at a time when staking-focused SOL ETFs continue to enter the U.S. market. REX-Osprey launched the first staked Solana ETF in June, followed by Bitwise in October. 

Bitwise’s fund opened with nearly $70 million in net inflows on its first trading day, according to SoSoValue. This momentum shows how demand for regulated, yield-bearing SOL exposure remains solid. Yet CoinShares chose not to advance its own entry, even as the firm maintains a Solana-based staking ETP in Europe. 

The company manages more than $10 billion in assets and holds about 34% of the European crypto ETP market. This latest pivot also aligns with CoinShares’ plans for a $1.2 billion merger with Vine Hill Capital, disclosed in September.

ETF Flows Rise as SOL Trades at Multi-Month Lows

Despite new listings, SOL’s spot price continues to lag. The token slipped near $120 in late November, a multi-month low, and dropped far below its January high of above $290. That earlier high coincided with the launch of the Official Trump memecoin on Solana, which briefly increased network activity before volumes cooled.

Notably, Solana ETFs recorded more than $419 million in inflows during November, even as broader crypto markets faced heavy selling. These inflows contrasted with Bitcoin and Ether ETF outflows that mounted through October and November. Investors targeted the 5–7% advertised rewards in staked products, creating a rare sector of sustained positive flows.

However, these inflows did not support spot prices. Demand for staking exposure did not outweigh sell-side pressure linked to profit-taking, lower memecoin activity, and reduced leverage. 

Bitwise’s BSOL ETF now holds more than $527 million, benefiting from its zero-fee structure until assets exceed $1 billion. Most SOL ETFs posted positive daily flows through late November, with the exception of the 21Shares TSOL ETF, which saw $34.4 million in outflows on November 26.

Related: Solana Price Rebounds as SOL ETF Sees $9M Inflow, Key Levels to Watch

Scrapped Altcoin Plans 

CoinShares’ decision did not affect only its Solana product. The firm also withdrew planned ETFs tied to XRP and Litecoin, according to its SEC filings. These moves follow weakening market conditions and shifting priorities ahead of the company’s planned U.S. listing through its merger with Vine Hill Capital.

This withdrawal leaves other issuers to carry the altcoin ETF pipeline. Several spot XRP ETFs already trade in the U.S., including offerings from REX-Osprey, Canary Capital, Bitwise, and Grayscale. These funds have gathered more than $700 million combined. Meanwhile, twelve more XRP funds are expected in the coming months, according to recent disclosures.

Solana-linked issuers maintain similar momentum. Seven SOL ETFs currently trade in the U.S., with several more still under review. However, the disconnect between ETF growth and falling spot prices is under close scrutiny.

CoinShares’ withdrawal shows how a failed structuring deal influenced its U.S. ETF plans. The move comes as staked Solana ETFs from REX-Osprey and Bitwise continue attracting steady inflows. These inflows, however, have not lifted SOL’s price, which is pressured by weak market conditions and declining network activity.