CoinShares Files to Withdraw Application for Solana Staking ETF CoinShares has filed a form to pull its earlier applications for a Solana staking ETF. The withdrawal is occurring at a time when most of the SOL ETFs launched in recent months have been receiving nearly constant inflows.
CoinShares filed a notice to withdraw its S-1 filing for a Solana staking ETF. The firm has yet to respond to the latest filing, which it last updated on September 26, and has not joined the cadre of funds rolling out this November.
Solana already has seven ETFs trading, with CoinShares one of eight other funds still in various stages of the application process. The proposal’s withdrawal resulted in no shares of the product being sold and the proposed structure being put aside. This could involve a restructuring or some other new non-SOL fund. Staking ETFs for Solana also requires selecting a validator to stake with, experienced, trusted validators that provide the highest yield.
CoinShares still has its Solana-based staking ETP listed in Frankfurt. It was unknown at the time why the same product wasn`t released in the USA. CoinShares’ assets under management exceed $10B, made it the fourth-largest producer of ETPs and ETFs. The firm has about a 34% market share in Europe for crypto ETPs.
CoinShares withdraws applications for additional altcoin ETFs
Embarrassingly, CoinShares, a crypto native company, was listing new potential ETFs with gusto. But the deteriorating markets might have put the firm off pursuing the process further.
The firm also withdrew plans for an XRP ETF (and a proposed Litecoin ETF). The plans deviated following a US-listing in the pipeline, as CoinShares gears up to merge with Vine Hill Capital. Altcoin ETFs were dropped amid a softening market, as both XRP and LTC stagnated.
With the CoinShares XRP ETF withdrawn, there are five hopefuls for the next proposed fund. Since October 29, XRP has had numerous launches with a new fund from 21Shares due to begin trading on November 29. In all, XRP expects another 12 funds to be launched in the coming months.
Solana ETF inflows still dominate
Similarly, Solana ETFs see mostly daily inflows. The lone exception was TSOL, the 21Shares Solana ETF, which saw outflows of $34.4M on November 26.
BSOL of Bitwise still saw the highest net inflow, with total assets reaching $527.9M. BSOL is also traded at a zero fee for having less than $1B in AUM.
Solana ETF inflows still dominate
Most Solana ETFs are experiencing daily net flows that are in the green. The lone outlier was TSOL, the 21Shares Solana ETF, which saw nearly $34.4M in outflows on November 26. BSOL by Bitwise had the largest net increase, with total AUM now at $527.9M. BSL is still fee-free as assets under management are below $1B.
SOL would reclaim $137.50 in the region for post-2025 existence, as the chain once again had to reimagine its use cases in 2025. Solana aspires to be the ‘everything chain’, providing utility services and fast transaction times. The chain activity change, with the meme tokens losing their lustre and some slowness in trading. Even with the ETF’s excitement, SOL is still going sideways.
