CoinShares withdrew its staked SOL ETF application from the SEC. The fund’s underlying transaction was never completed.
Asset manager CoinShares withdrew its Securities and Exchange Commission (SEC) application. This was for a staked Solana exchange-traded fund (ETF) on Friday. The structuring deal and asset purchase behind the proposed fund were never completed. This is according to the SEC filing. It states: “The Registration Statement was seeking registration of shares to be issued to close a transaction which was ultimately not effectuated.” No shares had been sold, or would be sold, pursuant to the above-mentioned Registration Statement.”
CoinShares Withdraws Staked Solana ETF Application
Binance reports that on November 29, 2025, asset manager CoinShares withdrew its application for a Solana (SOL) staking Exchange Traded Fund (ETF). It was removed from the US Securities and Exchange Commission (SEC). Solana’s recent price is $142.98 as of November 29, 2025. Data from November 29 indicates fluctuations.
The reason for withdrawal specified in the filing was that the registration of the ETF was for a transaction that never took effect. No shares were sold. The move came in spite of the fact that there are other Solana staking ETF products trading in the U.S. These were launched by firms such as REX-Osprey, Bitwise. They are attracting a lot of investment. However, CoinShares pointed out that the price of SOL was doing poorly at the time.
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In late 2025, a host of altcoin ETFs were launched. These included some Solana ETFs. This was after the SEC’s approval of a “Universal Listing Standard.” This gave a “fast track” to certain crypto assets. Some Solana staking ETFs are trying to offer staking rewards to users. They have already been trading since October 2025.
SEC Stance on Staking Services Shifts
The SEC has previously taken the position that staking services constitute a form of securities issuance. However, the approval of certain Solana staking ETFs demonstrates a change in regulatory thinking.
Meanwhile, the withdrawal of CoinShares‘ staked Solana ETF application is no small event. It points out the intricacies of launching crypto investment products. The most important reason cited, that the underlying transaction was not effectuated, appears to point to problems with internal structuring, rather than to an outright SEC rejection.
However, the situation in the marketplace is interesting. Other Solana staking ETFs, such as the ones from REX-Osprey and Bitwise, are already trading. They are earning a lot of investment. This means that there is a high market demand for such products. CoinShares’ decision, therefore, could have more to do with specific deal-making challenges.
The SEC’s approval of a “Universal Listing Standard” in late 2025 was a game-changer. It established a “fast track” for some crypto assets. In addition, this regulatory change opened the door to the launch of altcoin ETFs, such as Solana staking ETFs. This represents a progressive position of the SEC towards crypto investment vehicles.
Despite the CoinShares pullout, the general trend for Solana ETFs is still positive. This is proved by the continued trading and investment in other similar products. The need for controlled access to exposure to crypto, such as staking rewards, is increasing.
The Solana price of $142.98 shows a sound market for the asset. Even with underperformance as noted by CoinShares, the long-term outlook for SOL is strong. This is supported by the continued development of the ecosystem and investor interest.