Crypto: CoinShares drops SOL ETF; KuCoin wins MiCA; BTC dips
Key developments in the digital asset market today include CoinShares withdrawing its U.S. Securities and Exchange Commission (SEC) filing for a staked Solana exchange-traded fund (ETF), KuCoin obtaining a Markets in Crypto-Assets (MiCA) license in Austria to expand across the European Economic Area (EEA), and Bitcoin tracking toward its weakest November performance since 2019.
CoinShares pulls SEC registration for proposed staked Solana ETF
Asset manager CoinShares withdrew its SEC registration for a planned staked Solana (SOL) ETF on Friday. According to the filing, the structuring arrangement and asset purchase underpinning the fund did not conclude, and the registration will not result in any share issuance.
The filing noted that the registration sought to register shares tied to a transaction that ultimately did not occur, and that no shares were or will be sold under that registration.
In the United States, the first staked SOL ETF debuted in June from REX-Osprey, followed by a similar product from Bitwise in October. Bitwise’s fund launched with nearly $223 million in first-day assets, roughly half the value accumulated by the REX-Osprey product, which had already been trading for months, according to ETF analyst Eric Balchunas.
Despite investor interest in staked SOL ETFs, SOL’s price has trended lower since reaching above $250 in September.
Net inflows into Solana ETFs since Nov. 10. Source: CoinGlass
KuCoin gains MiCA authorization in Austria; Malta excluded from coverage
KuCoin’s European entity, KuCoin EU, has secured a MiCA license from Austria’s Financial Market Authority (FMA), the company said on Friday. The authorization enables KuCoin EU to provide crypto-asset services across 29 EEA countries, excluding Malta.
KuCoin CEO BC Wong called the authorization a significant step in the firm’s long-term compliance and trust strategy, adding that the MiCA framework is among the most rigorous regulatory standards globally.
The approval follows a license application submitted in early 2025 and arrives months after several crypto-asset service providers (CASPs), including Austria-based Bitpanda, obtained MiCA authorization in other EU member states.
In a February statement, the exchange said Austria was chosen for its timely implementation of MiCA-aligned legislation, a predictable regulatory environment, and strong local talent.
KuCoin is among six CASPs that secured MiCA licenses from Austria’s FMA. Source: FMA
Alongside KuCoin, the FMA has granted MiCA licenses to Amina Bank, Bitpanda, Bybit, Cryptonow and FIOR Digital.
Bitcoin heads toward weakest November in seven years; some see setup for recovery
Bitcoin is on pace to close November with its steepest monthly decline since at least 2019. LVRG research director Nick Ruck said the drawdown presents an opening for disciplined buyers to re-enter the market.
Ruck added that the market has shed excessive leverage and weaker projects, creating conditions for long-term holders to accumulate ahead of a potentially stronger year.
November has historically been one of Bitcoin’s stronger months, but BTC is down nearly 16.9% since Nov. 1, approaching the 17.3% loss recorded in November 2019 and remaining above its worst November, a 36.5% drop during a previous bear market.
Bitcoin is on track to end November in the red. Source: CoinGlass
Justin d’Anethan, head of research at Arctic Digital, said crypto markets have typically followed a four-year cycle with year-end rallies, but that pattern shifted after spot Bitcoin funds launched in the United States in early 2024. He added that institutional participation has altered the pace and timing of price action.
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