While the crypto market eagerly awaits a historic approval for spot altcoin ETFs, a turnaround has surprised investors. CoinShares removed its Solana Staking ETF from the SEC’s list, without any fanfare. No spectacular statement, just an official withdrawal, sober but full of meaning. In a boiling crypto industry, this strategic withdrawal raises many questions.
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 went through. Strange timing. The company is simultaneously preparing its Nasdaq entry via a SPAC merger valued at 1.2 billion dollars.
CoinShares did not just withdraw Solana . It also canceled its XRP and Litecoin projects. Even its leveraged Bitcoin ETF was abandoned. The 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: solo altcoin ETFs are costly. Distribution, liquidity, management… everything weighs heavily. Especially against Bitcoin and Ethereum, which cannibalize attention and capital. In this context, CoinShares prefers to reorganize before exposing itself to the US stock market.
On the surface, Solana seems to shine. The REX-Osprey and Bitwise ETFs captured 369 million dollars in November. Bitwise alone cashed in 223 million on launch day. The appetite is real. Staking promises between 5% and 7% yield, a strong argument in a world seeking passive cash-flow.
But the stock market reality is less flattering. Since its January peak – fueled by the Trump memecoin, the SOL price has plunged. It now caps at 137 dollars, down nearly 60%. The gap between community enthusiasm and institutional momentum is widening.
CoinShares did not write off Solana out of disinterest. It judged that altcoin ETFs were too fragile in a universe dominated by giants. Simply put: crypto investors want yield, institutional investors want stability. And for now, these two worlds struggle to agree.
What is at stake here goes beyond Solana. The crypto ETF market is entering an era of consolidation. Giants like Grayscale, Bitwise , or BlackRock set the pace. To exist, an issuer must offer more than just a well-marketed token.
CoinShares understood the message. It is redirecting its strategy toward high value-added products: cross exposures, thematic baskets, mixed strategies between crypto and stocks. The goal? Bet on sustainable margins, not just on transient hype.
Analysts are clear: only a critical size or true originality allows survival. Failing that, you become an empty shell in a ruthless market. CoinShares’ withdrawal is less a surrender than a tactical repositioning.
For those who want to step to the other side of the mirror, the story is not over. Because Solana ETFs are booming elsewhere. After 18 consecutive days of inflows, these products recorded their first outflow day , more of a breather than a rejection. A sign that the market remains hooked on SOL’s potential despite doubts from big names.