In a significant development for the cryptocurrency investment landscape, CoinShares has officially withdrawn its application for a staked Solana exchange-traded fund (ETF) from the SEC. This decision was confirmed on November 29, 2025, and highlights the complexities involved in launching crypto-focused investment products.
The application was aimed at creating a fund that would facilitate the staking of Solana, but the underlying transaction necessary for the fund”s establishment was never completed. According to the SEC filing, the registration was intended to issue shares to finalize a transaction that ultimately did not occur. The document clearly states, “No shares had been sold, or would be sold, pursuant to the above-mentioned Registration Statement.”
Despite the broader market interest in Solana staking products, with other firms like REX-Osprey and Bitwise successfully launching their own Solana staking ETFs, CoinShares” withdrawal appears to stem from internal structuring issues rather than a direct rejection from the SEC. The current price of SOL is reported at $142.98 as of the withdrawal date, reflecting ongoing fluctuations in the market.
The backdrop to this decision includes a shift in regulatory stance from the SEC regarding staking services, which had previously been viewed as akin to securities issuance. The SEC”s recent endorsement of a “Universal Listing Standard” has paved the way for more crypto asset ETFs, including Solana staking products, which have been trading since October 2025 and are attracting considerable investment.
This situation underscores the demand for regulated exposure to cryptocurrency assets, particularly those offering staking rewards. While CoinShares” withdrawal may raise questions about its specific operational challenges, it does not diminish the overall positive trend for Solana ETFs in the marketplace.
Even with CoinShares stepping back, the ongoing interest in Solana and the ecosystem”s development suggests a robust long-term outlook. Investors continue to seek controlled access to crypto exposure, and the presence of competing Solana staking ETFs indicates a vibrant market ready to capitalize on this demand.
