Franklin Templeton has joined the list of asset managers waiting for Solana ETF approval, filing an S-1 form with the SEC.
Application for Solana ETF
The company registered a Solana trust in Delaware on February 11th. This trust will form the basis for the ETF. According to the S-1, the ETF would be listed on the Cboe BZX Exchange. Franklin Templeton may stake some of the SOL in the fund, with the staking reward being treated as fund income.
Other Firms Awaiting
Franklin Templeton follows the path of firms like Grayscale, Bitwise, VanEck, 21Shares, and Canary Capital. These companies had forms 19b-4 filed on their behalf by the exchanges. The SEC must approve both forms before launching the ETF. Franklin Templeton's filing came after launching its EZPZ crypto ETF.
ETF Applications Surge
The SEC faces a wave of cryptocurrency ETF applications in recent weeks. Bloomberg analysts identified a list of asset managers wanting to launch ETFs based on various altcoins. Solana takes the lead with six applications and a 70% approval chance.
Franklin Templeton's Solana ETF is subject to SEC approval. The surge in such applications reflects the growing interest in the crypto market.
