Franklin Templeton Files for Solana ETF as Asset Managers Chase Crypto Popularity

(Reuters) - Franklin Templeton filed for an exchange-traded fund on Friday that will track the spot price of Solana, reflecting the growing interest among asset

Asset managers are filing to launch exchange-traded funds that will track the spot price of Solana, as regulatory conditions ease and a crypto-friendly president takes office.

Solana has gained more than 60% over the past year.

Franklin Templeton filed on Friday for an ETF that will track the spot price of Solana, a token that has rallied sharply in recent months and is now the seventh-largest cryptocurrency by market capitalization.

The new ETF will be listed on the Cboe BZX Exchange and will trade under the ticker “SSO.” Franklin has chosen Coinbase as the custodian of its Solana holdings.

Solana is designed to facilitate decentralized applications and smart contracts. It has become increasingly popular among investors as a potential alternative to bitcoin, which has soared to record highs in recent months.

As a result of this increasing interest, investors are now searching for the next breakout token.

Investment managers are rolling out new products to capitalize on this increasing interest.

In January, Grayscale Investments launched a fund tied to dogecoin, a token that the company said has “transitioned from a memecoin ... to a tool for global financial inclusion and a viable means of payment.”