Asset manager CoinShares withdrew its Securities and Exchange Commission (SEC) application for a staked Solana exchange-traded fund (ETF) on Friday.
The structuring deal and asset purchase behind the proposed fund were never completed, according to the SEC filing, which states:
“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.”
The first staked Solana (SOL) ETF, issued by REX-Osprey, debuted in the United States in June, followed by investment company Bitwise’s staked SOL ETF in October.
Bitwise’s ETF launched with nearly $223 million in assets on its first day of trading, managing to rack up about half the value accrued in the REX-Osprey ETF, which had been trading for months at that point, according to ETF analyst Eric Balchunas.
Despite the launch of the staked Solana ETFs and investor demand for these products, the price of SOL has not kept pace and has been in a downtrend since September’s high of over $250 per coin.
Related: 21shares Solana ETF launches amid crash, but flows signal investor interest
SOL ETFs drop to much fanfare, but SOL’s price remains depressed
Solana ETFs attracted over $369 million in capital flows during November, as investors chased the yield-bearing opportunities of staked SOL investment vehicles advertising 5-7% staking rewards.
The Solana ETFs bucked the trend exhibited by BTC and Ether (ETH) ETFs that experienced record outflows during October and November by clocking multiday inflow streaks, even as crypto prices were collapsing.
Analysts previously forecasted SOL reaching as high as $400 due to capital inflows from ETFs. Still, price projections have been revised down since October, with some analysts now saying that SOL faces headwinds in reclaiming $150.
SOL’s price hit a five-month low of approximately $120 in November, representing a 60% reduction from its all-time high of around $295 reached in January 2025.
The token’s meteoric rise in January was attributed to the launch of the Official Trump memecoin on the network, fueling memecoins trading on Solana.
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