CoinShares withdraws staked Solana ETF registration before launch

According to the withdrawal notice, the structuring deal and asset purchase underpinning the proposed staked Solana ETF were never completed, and no securities were sold under the registration. The application, originally lodged earlier this year and last amended in late September, was aimed at listing a Solana-based staking fund for the U.S. market.

The Solana ETF retreat is part of a broader reset. Around the same time, CoinShares also pulled planned U.S. ETFs tied to XRP and Litecoin and began winding down a bitcoin futures leveraged ETF, as it shifts away from single-asset crypto funds in the U.S. toward products it expects to carry higher margins and more differentiation. The firm has said it is preparing a suite of new offerings over the next 12 to 18 months focused on crypto-related equities, thematic baskets and active strategies that blend digital assets with traditional securities.

The strategic change comes as CoinShares works toward a Nasdaq listing via a merger with Vine Hill Capital Investment Corp., a special purpose acquisition company, in a deal valuing the group at about $1.2 billion. CoinShares, which manages around $10 billion in assets and is one of Europe’s largest issuers of crypto exchange-traded products, has cited increasing consolidation in the U.S. market and limited room for sustainable growth in plain-vanilla crypto ETFs as factors behind its pivot.

CoinShares is not exiting Solana exposure altogether. The company continues to run a Solana-based staking ETP listed on a European exchange and remains a major provider of crypto ETPs in that region, with an estimated one-third share of the European market. What is changing is its approach to the U.S., where it has now stepped back from launching a comparable staked Solana ETF even as other issuers have brought Solana funds to market.

The withdrawal lands amid strong interest in Solana-linked products. Newly launched Solana ETFs in the U.S. have reported steady inflows, and separate data show corporate treasuries collectively holding more than 16 million SOL after a period of accumulation through 2025. At the same time, Solana’s price has been trading in a consolidation band around $130–$140, with technical indicators pointing to a neutral short-term setup.

CoinShares’ decision also reflects a crowded field of altcoin ETF proposals. Several asset managers have filed or launched Solana products, while investor demand has been spread across a growing roster of single-asset and basket funds. In that context, CoinShares has indicated it will prioritize areas where it believes it can leverage its existing ETP franchise and research capabilities instead of competing head-to-head in a narrow segment of the Solana ETF market.

For Solana itself, the withdrawal removes one potential new channel of staked-SOL exposure in the U.S., but it does not affect the chain’s existing exchange-traded products in Europe or the altcoin’s spot and derivatives markets. For CoinShares, the filing change marks a step in a larger transition from a set of U.S. altcoin ETF experiments toward a broader menu of crypto-linked strategies timed to its planned public listing.