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Nidhi Kolhapur
Nidhi Kolhapur
Author
Nidhi is a Certified Digital Marketing Executive and Passionate crypto Journalist covering the world of alternative currencies. She shares the latest and trending news on Cryptocurrency and Blockchain.
- Feb 11, 2025 19:09 UTC
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Franklin Templeton Joins Solana ETF Race with New Filing
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SOL $ 115.26 (-3.94%) 
Franklin Templeton has registered the "Franklin Solana Trust" in Delaware, signaling its intent to pursue a Solana spot ETF.
This move follows similar filings from other firms like Canary and Grayscale, indicating growing interest in Solana ETFs.
While the SEC has acknowledged some Solana ETF filings, its potential classification of Solana as a security could pose a challenge.
Franklin Templeton, a global asset management giant and a key player in the Bitcoin ETF space, is now turning its attention to Solana. The firm has officially registered the “Franklin Solana Trust” in Delaware, a move that often signals an upcoming ETF filing. If approved, this could open the doors for mainstream investors to gain exposure to Solana – just like with Bitcoin and Ethereum.
Let’s take a closer look at what this could mean for Solana and the broader crypto market.
Growing Competition in the Solana ETF Race
Franklin Templeton now joins competitors like Canary Fund and Grayscale, both of which have already made progress toward launching Solana ETFs. The SEC has previously confirmed Solana spot ETF filings from Canary and Grayscale, showing increased institutional interest in the asset.
Franklin Templeton was also among the first firms to launch a spot Bitcoin ETF in the U.S. Its move into Solana signals growing confidence in the broader adoption of cryptocurrencies beyond Bitcoin and Ethereum.
Investment Firms Rush to Launch Solana ETFs
The race to launch Solana ETFs is heating up. Grayscale has already submitted a 19b-4 form, requesting a rule change to list its Solana ETF. Other firms, including Canary Solana Trust, Bitwise Solana ETF, 21Shares Core Solana ETF, and VanEck Solana Trust, have also joined the competition.
This surge in filings comes after a shift in crypto regulation following Donald Trump’s election and a leadership change at the SEC. The new acting chairman has taken a more open approach to crypto, raising hopes for ETF approvals.
Franklin Templeton Expands Its Crypto ETF Plans
Beyond Solana, Franklin Templeton is expanding its crypto offerings. It recently submitted an amended S-1 filing with the SEC for its Franklin Templeton Crypto Index ETF. This fund will initially track Bitcoin and Ethereum, with plans to add more altcoins over time.
Will the SEC Approve a Solana ETF?
The SEC has acknowledged Canary Capital’s Solana ETF filing, but its view of Solana as an unregistered security could cause delays. Analysts believe ETFs for Litecoin and Hedera may be approved before Solana and XRP due to fewer regulatory concerns.
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