CoinShares filed to withdraw its S-1 form for a Solana-based staking ETF for the US market

CoinShares has filed a form to withdraw its previous applications for a Solana staking ETF. The withdrawal comes at a moment when most of the newly launched SOL ETFs are drawing almost constant inflows. 

CoinShares filed to withdraw its S-1 application for a Solana staking ETF. The company last amended its ETF filing on September 26, but did not become a part of the group of funds to launch this November. 

Solana already has seven actively trading ETFs, with CoinShares still among the eight other funds at various stages in the application process. The withdrawal of the proposal meant no shares of the product were sold, and the proposed structure was scrapped. The decision may mean restructuring or a new form of SOL-based fund. Staking ETFs for Solana also have to choose a validator for reliable staking with the highest possible yield. 

CoinShares retains its Solana-based staking ETP, listed on the Frankfurt exchange. It remains unclear why the company decided against launching a similar product in the USA. CoinShares retains over $10B in assets, becoming the fourth-largest global producer of ETP and ETF. The company holds around 34% of the market for crypto ETP in Europe. 

CoinShares removes applications for other altcoin ETFs

CoinShares, a crypto native company, was ambitiously adding new potential ETFs. However, the worsening market conditions may have discouraged the firm from pursuing the process further. 

The company also scrapped its plans for its XRP ETF, as well as an intended Litecoin ETF. The plans changed in light of an upcoming listing on the US market, as CoinShares prepares for a merger with Vine Hill Capital. The altcoin ETFs were scrapped as both XRP and LTC stalled in a weakening market.

The removal of the CoinShares XRP ETF leaves five contenders to launch the next fund. XRP has seen multiple launches since October 29, with a new fund by 21Shares expected to start trading as of November 29. XRP anticipates another 12 funds to launch in the coming months. 

Solana ETF inflows still dominate

Solana ETFs mostly have positive daily netflows. The only exception was TSOL, the 21Shares Solana ETF, with $34.4M in outflows for November 26. 

BSOL by Bitwise retained the highest net accumulation, for total holdings of $527.9M. BSOL is still trading with zero fees, as the total assets accumulated are below $1B. 

🕵️‍♂️ Bitwise BSOL Solana ETF just scooped up 93,167 $SOL, worth $13.15M in the last hour.

Entire market is pumping, but Solana still chilling around $140 range

Heavy ETF accumulation + lagging price = pressure building.
Wouldn’t be surprised if SOL wakes up soon. pic.twitter.com/dhdYbDjoqT

— Inspired Analyst (@inspirdanalyst) November 28, 2025

SOL stabilized around $137.50, as the chain had to reinvent its use cases once more in 2025. Solana aims to become the ‘everything chain’, offering utility services and fast transfers. The chain activity shifted, as meme tokens lost their appeal and slowed down their trading. Despite the enthusiasm for ETFs, SOL remains at a lower range. 

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