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Breaking: Franklin Templeton Files S-1 To Launch Spot Solana ETF with US SEC

Franklin Templeton files S-1 with SEC to launch a spot Solana ETF, following growing institutional interest in digital assets.
Breaking: Franklin Templeton Files S-1 To Launch Spot Solana ETF with US SEC

Highlights

  • Franklin Templeton files for a Solana ETF, targeting SEC approval to offer spot crypto investment.
  • Chosen custodian Coinbase to secure Franklin Templeton's Solana ETF holdings.
  • Potential SEC approval could see Franklin Solana ETF listed on Cboe BZX Exchange.

After registering a trust in Delaware in preparation for a potential Solana (SOL) exchange-traded fund (ETF) in the United States last week, Franklin Templeton has formally filed an S-1 registration statement with the Securities and Exchange Commission (SEC).

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Franklin Templeton Joins Race for Solana ETF Approval

According to the filing, Franklin Templeton aims to launch a spot Solana ETF that tracks the price of Solana, one of the leading cryptocurrencies by market capitalization. The fund seeks to reflect the performance of Solana’s price, allowing investors to gain exposure to the digital asset without directly purchasing the cryptocurrency.

The firm had established the Franklin Solana Trust in Delaware to facilitate the launch of this ETF. This move places Franklin Templeton among a growing list of asset managers seeking SEC approval for Solana-based ETFs, including Grayscale, Bitwise, Canary Capital, 21Shares, and VanEck.

These companies are looking to capitalize on the increasing popularity of digital assets and the growing demand for diversified cryptocurrency investment products.

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Growing Interest in Digital Assets and Cryptocurrency ETFs

Franklin Templeton’s decision to file for a Solana ETF reflects the rising interest among institutional investors in digital assets beyond Bitcoin and Ethereum. The firm’s move follows a trend of asset managers seeking to expand their cryptocurrency offerings amid improving regulatory conditions and increasing investor demand.

Joe DiPasquale, CEO of BitBull Capital, commented, “This move reflects a growing interest among asset managers to offer investment products beyond Bitcoin, especially as regulatory conditions become more favorable.”

This filing comes after the success of Bitcoin and Ethereum ETFs, which have seen substantial inflows from investors looking to diversify their portfolios.

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Coinbase Chosen as Custodian for Solana Holdings

In its filing, Franklin Templeton revealed that it has selected Coinbase as the custodian for its Solana holdings. Coinbase, a leading cryptocurrency exchange, will be responsible for safeguarding the fund’s digital assets.

Franklin Templeton declined to provide further details about the partnership or the timeline for the ETF’s launch.

Choosing Coinbase as the custodian aligns with a broader trend among asset managers who are partnering with established cryptocurrency exchanges to ensure secure storage and management of digital assets. This strategic choice highlights Franklin Templeton’s commitment to leveraging trusted platforms to support its cryptocurrency investment products.

Uncertain Approval Timeline Amid Regulatory Review

While Franklin Templeton’s filing marks a significant step towards launching a spot Solana ETF, approval from the SEC is not guaranteed.

The regulatory body is currently reviewing multiple filings for Solana ETFs, with analysts estimating a 70% chance of approval this year. However, the timing remains uncertain due to ongoing enforcement actions and public comments on the filings.

Bloomberg Senior ETF Analyst Eric Balchunas noted, “Right now, the only thing that’s happened is they didn’t get a phone call telling them to go away,” suggesting cautious optimism among market analysts about the prospects of Solana ETFs.

Despite the uncertainty, Franklin Templeton’s move underscores the growing confidence among asset managers in the cryptocurrency market. If approved, the Franklin Solana ETF will be listed on the Cboe BZX Exchange, offering investors another avenue to participate in the digital asset market.

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Kelvin Munene Murithi

Kelvin Munene is a crypto and finance journalist with over 5 years of experience, offering in-depth market analysis and expert commentary . With a Bachelor's degree in Journalism and Actuarial Science from Mount Kenya University, Kelvin is known for his meticulous research and strong writing skills, particularly in cryptocurrency, blockchain, and financial markets. His work has been featured across top industry publications such as Coingape, Cryptobasic, MetaNews, Cryptotimes, Coinedition, TheCoinrepublic, Cryptotale, and Analytics Insight among others, where he consistently provides timely updates and insightful content. Kelvin’s focus lies in uncovering emerging trends in the crypto space, delivering factual and data-driven analyses that help readers make informed decisions. His expertise extends across market cycles, technological innovations, and regulatory shifts that shape the crypto landscape. Beyond his professional achievements, Kelvin has a passion for chess, traveling, and exploring new adventures.

Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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