CoinShares has stepped back from its pursuit of a Solana staking ETF in the United States, marking a notable shift at a time when most newly launched SOL funds are reporting consistent inflows. The firm submitted a formal request to withdraw its S-1 filing, ending a process that began months earlier and left the company outside the group of issuers that launched in November. The move arrives during a period of rapid growth for Solana-based products, rising ETF interest, and a volatile altcoin market that continues to reshuffle issuer strategies. CoinShares Adjusts Its ETF Roadmap The asset manager last updated its Solana staking ETF application on September 26. However, it ultimately chose not to advance the product, leaving seven SOL ETFs currently active in the US market. Besides, CoinShares still has several filings at different stages, though the withdrawn product never entered trading and required structural reconsideration. The decision may point to a redesigned approach to Solana exposure, particularly as staking ETFs must select reliable validators to secure predictable yields. CoinShares continues to offer a Solana-based staking ETP on the Frankfurt exchange. Additionally, the firm manages more than $10 billion in assets and holds about 34% of Europe’s crypto ETP market. Hence, the pullback does not reflect declining interest in Solana. Instead, it may signal a broader shift toward aligning new products with evolving regulatory and market expectations. Altcoin ETF Plans Trimmed Amid Market Weakness The company also withdrew its efforts to introduce ETFs for XRP and Litecoin. Market conditions worsened in recent weeks, creating uncertainty around demand for altcoin products. Moreover, CoinShares is preparing for a merger with Vine Hill Capital, prompting a reassessment of priorities before the upcoming US listing. The removal of the XRP ETF leaves five issuers still competing to launch the next product, with 21Shares expected to begin trading on November 29. Solana Price Holds Strength Despite ETF Reversal Solana traded at $137.83 after a 3.11% daily decline, though weekly gains reached 8.32%. The circulating supply stands at 560 million SOL, placing its market cap near $77.1 billion. Despite the ETF withdrawal, analysts see improving momentum. Marzell noted an 80% potential upside supported by rising transactions, strong user activity, growing futures interest, and $613 million in spot SOL ETF inflows. Source: X Exy observed that SOL broke above its major trendline with a strong bullish candle following an RSI bullish divergence. Consequently, resistance remains firm at $152 and $170. Moreover, holding above the reclaimed trendline may support a recovery toward the September peak near $253.
