Asset management company CoinShares withdrew its application for a staked Solana exchange-traded fund (ETF) submitted to the U.S. Securities and Exchange Commission (SEC) on Friday.
According to SEC documents, the structured trading and asset purchases behind the proposed fund were never completed, the documents stated:
The first staked Solana (SOL) ETF was launched by REX-Osprey in June, making its debut in the U.S., followed by the staked SOL ETF from investment firm Bitwise, which was launched in October.
According to ETF analyst Eric Balchunas, Bitwise's ETF had nearly $223 million in assets on its first day of trading, successfully accumulating about half the value of the REX-Osprey ETF, which had been trading for several months at that time.
Despite the launch of the staked Solana ETF and investor demand for these products, the price of SOL has not kept pace, remaining on a downward trend since peaking at over $250 per token in September.
The Solana ETF attracted over $369 million in capital inflows in November as investors chased yield opportunities in staked SOL investment tools, which advertised staking rewards of 5%-7%.
The Solana ETF reversed the trend of record outflows experienced by BTC and Ethereum (ETH) ETFs in October and November, recording several days of inflows even as cryptocurrency prices plummeted.
Analysts had previously predicted that SOL would reach a high of $400 due to capital inflows from the ETF. However, price forecasts have been downgraded since October, with some analysts now stating that SOL faces resistance in reclaiming the $150 mark.
The price of SOL hit a five-month low of about $120 in November, down 60% from its historical high of around $295 reached in January 2025.
The surge in January was attributed to the launch of the Official Trump meme coin on the network, which boosted trading of meme coins on Solana.
Related: Santiment: Based on low yields from stablecoins, Ethereum (ETH) may soon return to $3,200
Original: “CoinShares Withdraws Staked Solana ETF Application to SEC”
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