In a latest development, Franklin Templeton, a global asset management company and spot Bitcoin exchange-traded fund (ETF) issuer, has filed corporate registration documents for the “Franklin Solana Trust” in Delaware, USA.
This indicates that it joins competitors like Canary Fund and Grayscale in pursuing a Solana ETF. This signals that a spot ETF filing may be coming, as this was the process followed by Bitwise and other ETF filings. Previously, the Solana spot ETF filings from Canary and Grayscale have been confirmed by the SEC.
Notably, Franklin Templeton was among the first firms to launch a spot Bitcoin ETF in the United States, and its expansion into Solana underscores its confidence in broader crypto adoption.
Several investment firms are moving towards launching Solana ETFs, with Grayscale leading the way by filing a 19b-4 form to request a rule change for listing its product. Other firms, including Canary Solana Trust, Bitwise Solana ETF, 21Shares Core Solana ETF, and VanEck Solana Trust, have since joined the race.These filings follow a major shift in crypto regulation, which occurred after the election of Donald Trump and a leadership change at the SEC. Under the new acting chairman, the SEC has revised its stance on crypto.
Franklin Templeton recently submitted an amended S-1 filing with the SEC, aiming for approval of its Franklin Templeton Crypto Index ETF. The fund will initially track Bitcoin and Ether, but plans to expand to include other altcoins in the future.
The SEC has acknowledged Canary Capital’s ETF filing, but its stance on Solana as an unregistered security could delay approval. Analysts think ETFs for Litecoin and Hedera are more likely to be approved before those for Solana and XRP.
