- The withdrawal halts what analysts expected to be a competitive wave of Solana ETF launches in 2025.
- Rival staked Solana ETFs from REX-Osprey and Bitwise have already entered the U.S. market.
CoinShares stepped back from the race to launch a staked Solana ETF, pulling its Securities and Exchange Commission filing on Friday and leaving the field to rivals who have already tapped a wave of investor interest in yield-bearing crypto products.
The move comes at a time when capital continues to flow into staked SOL funds, yet Solana’s market price remains stuck in a steep decline.
CoinShares revealed in its withdrawal notice that the structuring agreement and asset purchase underpinning the proposed fund never reached completion. Without those elements, the application could not advance.
The decision pauses what analysts expected to become a competitive rollout of Solana ETFs in 2025. Several firms had targeted the growing demand for staking-based investment vehicles that promise passive rewards tied to network validation.
See Related: CoinShares Report Links Bitcoin And Crypto Asset Inflows To US Political Shifts
Rival Staked SOL ETFs Win Early Momentum
The first staked Solana ETF entered the U.S. market in June under the REX-Osprey banner. Bitwise followed in October with its own version. Bitwise’s product opened with almost $223 million in assets on day one.
Investors showed strong appetite for these vehicles throughout November, with combined Solana ETFs attracting over $369 million in inflows as buyers pursued staking rewards in the 5–7% range, Cointelegraph reported. Their performance stood in contrast to Bitcoin and Ether ETFs, which recorded heavy outflows during the same period.
Despite the inflows, the price of SOL moved in the opposite direction. The token has been sliding since reaching more than $250 in September and hit a five-month low of roughly $120 in November.
That marks a 60% drop from the all-time high near $295 in January 2025—a surge partly fueled by the launch of the Official Trump memecoin on Solana, which ignited trading activity across the network’s memecoins.
Analysts once predicted that ETF demand could lift SOL as high as $400. Those forecasts have since cooled. Some now warn that Solana may struggle to reclaim even $150 in the months ahead, citing persistent selling pressure despite the broader enthusiasm for staking-linked products.
