(Reuters) - Franklin Templeton filed for an exchange-traded fund on Friday that will track the spot price of Solana
Franklin Templeton filed for an exchange-traded fund on Friday that will track the spot price of Solana (CRYPTO:SOL), reflecting the growing interest among asset managers to profit from the popularity of cryptocurrencies beyond bitcoin.
As regulatory conditions ease and a crypto-friendly president takes office, investors are increasingly diving into digital assets and ramping up their search for the next breakout token, following bitcoin’s (CRYPTO:BTC) remarkable rally.
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 the company said has "transitioned from a memecoin ... to a tool for global financial inclusion and a viable means of payment".
Solana has gained more than 60% over the past year. Franklin's ETF, which tracks this cryptocurrency, will be listed on the Cboe BZX Exchange.
Franklin has chosen Coinbase (NASDAQ:COIN) as the custodian of its Solana holdings. It declined to comment further.
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