Asset manager CoinShares has officially withdrawn its SEC application for a staked Solana (SOL) exchange-traded fund (ETF), citing that the underlying structuring deal and asset purchase were never completed. The filing clarifies that no shares were sold under the registration statement.

The move comes after the first staked Solana ETFs launched earlier this year: REX-Osprey in June and Bitwise in October. Bitwise’s ETF debuted with nearly $223 million in assets, about half the value of the REX-Osprey fund at that time. Despite the popularity of these ETFs, SOL’s price has continued its downtrend, falling from over $250 in September to a five-month low near $120 in November—a roughly 60% drop from its January 2025 all-time high of $295.

November saw over $369 million in inflows to SOL ETFs, as investors chased the 5–7% staking yields. These ETFs managed to defy broader crypto trends, which saw Bitcoin and Ethereum ETFs experience record outflows during the same period.

Analysts had previously projected SOL could reach $400 due to ETF-driven capital inflows. However, forecasts have since been revised downward, with some now expecting the token to face difficulty reclaiming the $150 level, despite the strong interest in staked products.