Franklin Templeton Enters Solana ETF Race

Franklin Templeton, a prominent global asset management firm and pioneer in spot Bitcoin exchange-traded fund (ETF) issuance, has filed corporate registration documents for the "Franklin Solana Trust" in Delaware, USA. This move signals the company's entry into the race to launch a Solana ETF, joining competitors such as Canary Fund and Grayscale.

The filing suggests that a spot ETF filing may be forthcoming, as this has been the process followed by Bitwise and other ETF filings. Previously, the Solana spot ETF filings from CANARY and Grayscale have been confirmed by the SEC. Franklin Templeton's expansion into Solana underscores its confidence in broader crypto adoption, as the firm was among the first to launch a spot Bitcoin ETF in the United States.

Several investment firms are moving towards launching Solana ETFs, with Grayscale leading the way by filing a 19b-4 form to request a rule change for listing its product. Other firms, including Canary Solana Trust, Bitwise Solana ETF, 21Shares Core Solana ETF, and VanEck Solana Trust, have since joined the race. These filings follow a significant shift in crypto regulation, which occurred after the election of Donald Trump and a leadership change at the SEC. Under the new acting chairman, the SEC has revised its stance on crypto.