Asset management firm CoinShares has officially withdrawn its application for a staked Solana exchange-traded fund (ETF) with the Securities and Exchange Commission (SEC) last Friday. The regulatory filing indicates that the deal for structuring and asset acquisition for the fund could not be finalized.

The SEC stated in their filing:

“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.”

Earlier in June, the first staked Solana ETF was launched by REX-Osprey, followed by Bitwise’s version in October.

Net inflows into Solana ETFs since Nov. 10. Source: CoinGlass

Bitwise’s ETF managed to gather nearly $223 million in assets at its launch, quickly catching up to the total of the REX-Osprey ETF.

Despite the introduction of these staked ETFs, Solana’s price, which peaked at over $250 in September, has been on a downward trend.

SOL ETFs Gain Interest Amid Low Prices

Solana ETFs have drawn more than $369 million in investments just in November as capital flows chase the yield options with advertised staking rewards ranging from 5-7%.

Unlike Bitcoin (BTC) and Ether (ETH) ETFs which faced significant outflows, Solana ETFs maintained consistent inflows even during market downturns.

Analysts had previously speculated that the price of Solana could reach $400 due to ETF inflows; however, current projections suggest that reaching $150 is now an optimistic target.

SOL’s price action remains depressed and well below all-time highs reached at the start of 2025. Source: TradingView

The SOL token hit a five-month low of around $120 in November, marking a 60% drop from its all-time high of approximately $295 reached at the beginning of 2025 due to increased trading activity from memecoins linked to the platform.