The asset manager disclosed that the structuring deal and asset purchase supporting the proposed fund were never completed.
Solana News
CoinShares pulled its Securities and Exchange Commission application for a staked Solana exchange-traded fund on Friday after the underlying transaction failed to materialize. The asset manager disclosed that the structuring deal and asset purchase supporting the proposed fund were never completed.
"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 SEC filing stated.
The withdrawal comes despite strong investor demand for staked Solana products that offer yield through network validation. REX-Osprey launched the first staked Solana ETF in the U.S. in June, followed by Bitwise's offering in October.
Bitwise's staked Solana ETF debuted with nearly $223 million in assets on its first trading day. The launch attracted roughly half the value held in the REX-Osprey ETF, which had been trading for months, according to ETF analyst Eric Balchunas.
Solana ETFs collectively attracted over $369 million in capital flows during November as investors pursued yield-bearing opportunities. The products advertise staking rewards ranging from 5% to 7%, appealing to income-focused crypto allocators.
These inflows bucked broader trends in crypto ETF markets. Bitcoin and Ethereum ETFs experienced record outflows during October and November, while Solana products maintained multiday inflow streaks even as crypto prices declined.
Despite robust ETF demand, Solana price performance has remained weak. The token hit a five-month low near $120 in November, representing a 60% decline from its roughly $295 all-time high reached in January 2025.
Analysts previously forecasted Solana reaching $400 based on anticipated ETF capital inflows. Price projections have been revised downward since October, with some analysts now suggesting Solana faces headwinds in reclaiming $150.
Solana's January surge was attributed to the Official Trump meme coin launching on the network, which fueled trading activity across Solana-based meme coins. The initial momentum has not sustained through subsequent months despite continued ETF product launches and institutional interest.
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