While the crypto market feverishly awaits historic validation for spot altcoin ETFs, a turnaround has surprised investors. CoinShares has removed its Solana Staking ETF from the SEC list, without fanfare. No spectacular declaration, just an official withdrawal, sober, but full of meaning. In a crypto industry in turmoil, this strategic withdrawal raises many questions.
In brief
- CoinShares withdraws its Solana ETF before launch, considering the profitability too uncertain for this type of product.
- The company is also abandoning its XRP, Litecoin projects and its leveraged Bitcoin fund.
- Existing Solana ETFs are very successful, despite a drop in the price of the SOL token.
- CoinShares is preparing its entry into Nasdaq and restructuring its offering to target more profitable products.
A withdrawal that comes at the wrong time
On November 28, CoinShares withdrew its Solana Staking ETF, announced last June, without having sold a single share. A SEC document confirms: the transaction never completed. Strange timing. The company is also preparing its entry on the Nasdaq, via a SPAC merger valued at $1.2 billion.
CoinShares did not just remove Solana. It also canceled its XRP and Litecoin projects. Even its leveraged Bitcoin ETF has been discontinued. CEO Jean-Marie Mognetti explains that there is little room to differentiate with single-asset altcoin products. We need another game plan.
The observation is simple: altcoin ETFs, alone, are expensive. Distribution, liquidity, management… everything weighs heavily. Especially in the face of Bitcoin and Ethereum, which cannibalize attention and capital. In this context, CoinShares prefers to reorganize itself before gaining exposure to the American stock market.
Solana: the love of the public, the distrust of the pros
On the surface, Solana seems to shine. REX-Osprey and Bitwise ETFs captured $369 million in November. Bitwise alone took in 223 million on launch day. The appetite is real. Staking promises between 5% and 7% return, a strong argument in a world looking for passive cash flow.
But the stock market reality is less flattering. Since its peak in January – boosted by the Trump memecoin, the price of SOL has plummeted. It is now at $137, down almost 60%. The gap between community enthusiasm and institutional dynamics is widening.
CoinShares did not draw a line on Solana out of disinterest. She judged that altcoin ETFs were too fragile in a universe dominated by giants. In short: crypto investors want yield, institutional investors want stability. And for the moment, these two worlds are struggling to agree.
When crypto becomes a margin market
What is at stake here goes beyond Solana. The crypto ETF market is entering an era of consolidation. Juggernauts like Grayscale, Bitwise or BlackRock dictate the pace. To exist, an issuer must offer more than just a well-marketed token.
CoinShares got the message. It is reorienting its strategy towards products with high added value: cross-exposure, thematic sneakers, mixed strategies between crypto and stocks. The goal? Focus on sustainable margins, not just on temporary hype.
Analysts are clear: only critical size or true originality allows us to survive. Otherwise, we become an empty shell in a merciless market. The withdrawal of CoinShares is less an abandonment than a tactical repositioning.
Five numbers to remember
- SOL is trading today around $137.36, far from its highs;
- In November 2025, Solana ETFs attracted $369 million;
- Bitwise ETF raised 223 million on day one;
- CoinShares prepares IPO via SPAC at $1.2 billion;
- No tokens were sold via CoinShares' Solana ETF, zero shares issued.
For those who want to go to the other side of the looking glass, the story is not over. Because Solana ETFs are a hit elsewhere. After 18 consecutive days of entry, these products recorded their first day of release, a breath more than a rejection. A sign that the market remains clinging to the potential of SOL, despite the doubts of the big names
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