CoinShares Unexpectedly Withdraws Staked SOL ETF Application
CoinShares withdrew its SEC application for a staked Solana (SOL) ETF, as the underlying structuring deal and asset purchase were not completed. No shares were issued or sold. Meanwhile, REX-Osprey launched the first staked SOL ETF in June, followed by Bitwise’s ETF in October, which attracted nearly $223 million on its first day—about half of REX-Osprey’s assets at the time. In November, Solana ETFs saw over $369 million in capital inflows, contrasting with substantial outflows from Bitcoin and Ether ETFs. Despite strong investor interest and SOL ETFs offering 5–7% staking rewards, the price of SOL has declined, falling from a high above $250 in September to a five-month low near $120 in November, a 60% drop from its January 2025 peak of $295. Earlier forecasts predicting SOL reaching $400 have been revised down, with analysts now doubting a return to $150 soon. Solana’s price rise in January was tied to trading activity from the launch of the Official Trump memecoin.
