Franklin Templeton lays the groundwork for a Solana ETF

Franklin Templeton, one of the largest asset managers, has registered the “Franklin Solana Trust” in the state of Delaware, signaling a potential move toward launching a Solana ETF. The registration took place on February 10 with the involvement of CSC Delaware Trust Company, which previously worked with Bitwise on cryptocurrency trusts.

Intensified competition

The investment firm joins Grayscale, Bitwise, VanEck, and other companies preparing Solana ETFs. To launch the fund, forms 19b-4 and S-1 must be submitted to the SEC.

Previously, some companies filed applications shortly after registering their trust. If approved, the ETF would track the value of Solana, the fifth-largest cryptocurrency with a market capitalization of approximately $97 billion (CoinGecko).

Exchange prospects and strategic focus

It is still unclear on which exchange the potential ETF would be listed, but Franklin Templeton references Bitcoin Spot and Ethereum funds trading on Cboe BZX. The firm remains optimistic about Solana, citing its high transaction throughput, growing DeFi applications, and the surge in memecoin activity in 2024.