Franklin Templeton, a major player in asset management and one of the first issuers of a spot Bitcoin ETF, is making moves in the Solana ETF space.
The firm recently filed corporate registration documents for the “Franklin Solana Trust” in Delaware, signaling its entry into the race alongside competitors like Canary Fund and Grayscale.
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This step suggests that a full-fledged Solana ETF filing could be on the horizon, following the same path taken by Bitwise and other ETF providers.
Canary and Grayscale have already had their Solana ETF filings confirmed by the SEC, so Franklin Templeton’s entry adds to the growing interest in bringing Solana-based financial products to the market.
The company’s move is part of a broader push for crypto ETFs. Franklin Templeton was an early adopter of Bitcoin ETFs in the U.S., and its expansion into Solana highlights its confidence in the growing acceptance of digital assets.
Meanwhile, Grayscale is leading the charge by filing a 19b-4 form to propose a rule change that would allow listing its Solana ETF.
Other firms like Canary Solana Trust, Bitwise Solana ETF, 21Shares Core Solana ETF, and VanEck Solana Trust have also jumped into the race.
These filings come amid a shift in crypto regulation, a change that took shape following Donald Trump’s election and new leadership at the SEC. With a revised stance on crypto under the new acting chairman, the SEC is reconsidering its approach to ETF approvals.
Franklin Templeton isn’t stopping at Solana. The firm recently submitted an amended S-1 filing to the SEC for its Franklin Templeton Crypto Index ETF, which initially includes Bitcoin and Ether but could expand to cover more altcoins down the line.
While the SEC has acknowledged Canary Capital’s ETF filing, Solana’s classification as an unregistered security could create hurdles.
Some analysts believe Litecoin and Hedera ETFs are more likely to get approval before Solana or XRP-based funds.
For now, all eyes are on the regulators to see how they handle this next wave of crypto ETF applications.
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