In an astonishing development, Franklin Templeton has joined the Solana ETF rally, submitting documents in the US state of Delaware. By registering the Franklin Solana Trust entity, the asset manager has initiated procedures for its spot Solana ETF launch. Notably, the move comes following the Securities and Exchange Commission’s (SEC) acknowledgment of Canary Capital’s Solana ETF application. While many investment firms are vying to launch altcoin ETFs, the community keenly awaits the SEC’s potential moves. Franklin Templeton Registers Solana ETF in Delaware In a recent filing , Franklin Templeton, a US-based global investments firm, submitted documents in the US state of Delaware to launch its Solana ETF. As an initial step towards the ETF launch, the asset manager registered the Franklin Solana Trust entity in Delaware, joining the rally of Solana ETFs. While Franklin Templeton follows the footsteps of several other investment firms, including Grayscale and Canary Capital, this shows the increasing institutional demand for Solana. Commenting on Solana’s growing adoption, FOMO HUNTER, a prominent crypto voice on X, stated, Solana ETF filings are heating up. Franklin joining the race adds momentum, but remember, regulatory approval is just the start. What is Franklin Templeton’s Crypto Index ETF? Recently, Franklin Templeton submitted an amended S-1 filing to the SEC, seeking regulatory approval for its Franklin Templeton Crypto Index ETF. Although the fund initially plans to track its Bitcoin and Ether ETFs, it will eventually expand to include other altcoins. The platform stated in the filing, “The fund currently may not hold any digital asset other than bitcoin and ether. It is uncertain whether any digital assets other than bitcoin and ether may in the future be added to the Underlying Index.” However, Franklin Templeton could add new cryptocurrencies to the Crypto Index ETF only after the SEC approved a similar ETP or fund for that asset. Asset Managers Await SEC Approval for Solana ETFs Notably, VanEck was the first platform to apply for a Solana ETF back in June 2024. Since then, several platforms, including Grayscale, Canary Capital, Bitwise, and 21Shares joined the rally, filing for spot Solana ETFs. Last month, the SEC officially acknowledged Grayscale’s 19b-4 filing to list and trade its Solana Trust on NYSE Arca. With this, the SEC has opened a 21-day public comment period on a $102.8 million Solana-based fund. After the comment period, the SEC will decide whether to approve, reject, or further review the application. In the latest update, the SEC acknowledged Canary Capital’s filing, signaling the regulator’s potential approval of the ETF. However, the SEC’s classification of Solana as an unregistered security casts shadow over the move. According to Bloomberg analysts Eric Balchunas and James Seyffart, ETFs for Litecoin and Hedera are more likely to receive SEC approval ahead of those for Solana and XRP. Solana Price Dips Despite Increasing Institutional Interest Despite growing institutional interest in Solana, the price continues to dip , currently trading at $196.57. The token has marked notable declines of 3.34% and 9.99% over the last day and last week, respectively. Boasting a market cap of $95.94 billion, Solana is ranked 5 th on CoinMarketCap. However, its 24-hour trading volume contrasts with the increasing institutional demand. Currently, Solana’s volume is recorded at $3.81 billion, down by 14.03%. The post Franklin Templeton Enters Solana ETF Race with Delaware Filing appeared first on CoinGape .
