Solana News Today: CoinShares Exits Solana ETF Race Amid Market Saturation, Pivots to Thematic Strategies

CoinShares, a major asset manager in the cryptocurrency space, has withdrawn its application for a staked Solana (SOL) exchange-traded fund (ETF) from the U.S. Securities and Exchange Commission (SEC), according to a filing dated November 2025. The decision follows the revelation that the underlying structuring deal and asset purchase for the proposed fund were never completed, as stated in the SEC filing. This move aligns with a broader strategy by CoinShares to pivot away from competing in the increasingly crowded U.S. crypto ETF market, where institutional giants like BlackRock and Bitwise dominate inflows. The company's CEO, Jean-Marie Mognetti, cited the dominance of traditional finance players as a key factor in the decision, emphasizing the need to innovate with alternative products such as thematic crypto baskets and active strategies.

The withdrawal of the Solana ETF application comes amid mixed performance in the crypto market. While Solana-based ETFs have attracted significant capital inflows—exceeding $613 million in cumulative net flows as of November 2025—SOL's price has remained under pressure, trading well below its peak of over $250 per coin in September. Despite the launch of the first staked Solana ETF by REX-Osprey in June and Bitwise's BSOL ETF in October, which secured $223 million in assets on its debut day, the token has struggled to rebound. Analysts had previously projected SOL reaching $400 due to ETF inflows but have since revised expectations downward, with some now cautioning that the token faces challenges in reclaiming $150.

The divergence in performance between Solana and Bitcoin (BTC) ETFs has been stark. While Bitcoin ETFs recorded outflows of nearly $900 million in a single day in mid-November and $3.79 billion in total outflows for the month, Solana ETFs logged 21 consecutive days of inflows before a brief pullback on November 26. This resilience has been attributed to the 5-7% staking yields offered by Solana-based products and their lower fees compared to Bitcoin alternatives. Franklin Templeton, a major asset manager with $1.7 trillion in assets under management, has further signaled institutional confidence by submitting final paperwork for its Solana ETF, which will trade under the ticker SOEZ on NYSE Arca. The fund, which charges a 0.19% fee and waives fees on the first $5 billion in assets until May 2026, follows the successful launch of Franklin's XRP ETF, which attracted $70 million in inflows within its first two days.

CoinShares' decision to withdraw its Solana ETF application reflects a strategic recalibration in a market where smaller issuers face significant headwinds. With over 90% of crypto ETF inflows captured by top firms like BlackRock and Bitwise, the company is shifting focus to differentiate its offerings in a landscape increasingly dominated by institutional players. Meanwhile, the ongoing influx into Solana ETFs underscores the token's appeal as a yield-bearing asset, even as its price remains volatile. As Franklin Templeton and other firms prepare to launch new Solana products, the market will likely continue to test the balance between institutional demand and broader macroeconomic pressures.