CoinShares pulls Solana ETF bid

Today in crypto: CoinShares withdrew its Securities and Exchange Commission application for a staked Solana fund. KuCoin has secured a MiCA license in Austria as it steps up its European expansion, and Bitcoin is on track for its worst November since 2019, a slump that some analysts say could position it for a rebound in 2026.

CoinShares withdraws SEC filing for staked Solana ETF

Asset manager CoinShares withdrew its Securities and Exchange Commission (SEC) application for a staked Solana exchange-traded fund (ETF) on Friday.

The structuring deal and asset purchase behind the proposed fund were never completed, according to the SEC filing, which states:

“The Registration Statement sought to register shares to be issued in connection with a transaction that was ultimately not effectuated. No shares were sold, or will be sold, pursuant to the above-mentioned Registration Statement.”

The first staked Solana (SOL) ETF, issued by REX-Osprey, debuted in the United States in June, followed by investment company Bitwise’s staked SOL ETF in October.

Bitwise’s ETF launched with nearly $223 million in assets on its first day of trading, managing to rack up about half the value accrued in the REX-Osprey ETF, which had been trading for months at that point, according to ETF analyst Eric Balchunas.

Despite the launch of staked Solana ETFs and investor demand for these products, the price of SOL has not kept pace and has been in a downtrend since its high of over $250 per coin in September.

KuCoin’s EU arm secures MiCA license in Austria, Malta excluded

Major cryptocurrency exchange KuCoin is the latest company to secure a license under the European Union’s MiCA framework.

KuCoin’s European arm, KuCoin EU, secured a MiCA license from the Financial Market Authority of Austria, the company said in a statement shared with Cointelegraph on Friday.

The authorization allows KuCoin EU to offer crypto asset services across 29 countries in the European Economic Area (EEA), excluding Malta, according to the exchange’s representatives.

“Securing the MiCA license with our local entity in Austria is a defining milestone in KuCoin’s long-term trust and compliance strategy,” KuCoin CEO BC Wong said, adding that the regulatory framework is “one of the highest regulatory standards worldwide.”

KuCoin’s MiCA approval follows its license application filed in early 2025, arriving months after several crypto asset providers (CASPs), including Austria-based Bitpanda, had already secured MiCA authorization in other EU member states.

“The decision to choose Austria was primarily driven by the timely implementation of the MiCA accompanying laws, the stable and foreseeable regulatory environment as well as the huge talent pool,” the exchange said in a statement in February.

Alongside KuCoin, Austria’s FMA has issued MiCA licenses to five more CASPs: crypto-friendly Amina Bank, Bitpanda, Bybit, Cryptonow and FIOR Digital.

Bitcoin set for “promising new year” as it faces worst November in seven years

Bitcoin is likely to close November at its worst loss since at least 2019, but LVRG research director Nick Ruck told Cointelegraph that it “signals an opportunity for smart investors to start buying back in.”

“Overleveraged participants and unsustainable projects have been largely cleared out, which gives way for new long-term holders to scale in ahead of a promising new year,” he said.

November is historically one of the strongest months for Bitcoin (BTC), but it’s down nearly 16.9% so far since Nov. 1, nearing losses from November 2019, when it lost almost 17.3%, but above its worst-ever November, when it dumped 36.5% during a brutal bear market.

Arctic Digital head of research Justin d’Anethan told Cointelegraph that crypto is used to a four-year cycle that’s seen year-end rallies, but that was disrupted by spot Bitcoin funds launching in the US in early 2024.

“I see this as positive, though: it hints at the ever so dangerous ‘this time is different’ as institutions finally came in a meaningful way, changing the pace, breadth and timing of crypto price action,” he said.