Franklin Templeton Files for a Spot Solana (SOL) Exchange-Traded Fund with the US Securities and Exchange Commission (SEC)

Franklin Templeton, a trillion-dollar asset management giant, has filed for a Spot Solana exchange-traded fund with the US Securities and Exchange Commission (SEC)

Asset management firm Franklin Templeton has filed for a Spot Solana exchange-traded fund with the US Securities and Exchange Commission (SEC) on Monday, March 12.

This move comes just a day after the firm filed for a spot XRP ETF, as it is making an aggressive push into the altcoin ETF space.

The proposed Franklin Solana Trust will aim to provide institutional investors with a regulated avenue to invest in Solana (SOL), a blockchain known for its rapid transactions and expanding ecosystem. The ETF will be listed on the Cboe EZX Exchange and may engage in staking activities, enabling the fund to collect rewards from its SOL tokens. This unique approach underscores Franklin Templeton's dedication to incorporating digital assets into traditional investment vehicles.

Earlier this week, March 11, saw Franklin Templeton submit documents for the Franklin XRP Trust ETF, which will closely follow the spot price movements of XRP. According to the application, the crypto assets will be held by Coinbase Custody and will be bought and sold on the Cboe BZX Exchange.

Analysts estimate that if approved, this ETF could witness significant investment, potentially attracting up to $800 million in the first week alone. Both applications come amid heightened regulatory scrutiny, with the SEC delaying decisions on several cryptocurrency ETFs, including those for XRP and Solana, until May 12. This delay reflects the ongoing uncertainties in the regulatory landscape as the SEC prioritizes investor protection.

After the news broke, the price of the SOL token rose by 4.8% in the past 24 hours and the token is trading at $124.65 per token at the time of writing.

These filings highlight the broader trend of major institutions showing increased interest in cryptocurrencies beyond Bitcoin and Ethereum. As these asset managers develop new products and submit them to the SEC, the potential approval could pave the way for mainstream investors to easily invest in the cryptocurrency market.