Franklin Templeton has filed documents in Delaware to launch the Franklin Solana Trust, marking the firm's first step toward creating a Solana-based ETF. This follows the SEC's acknowledgment of Canary Capital's Solana ETF application.
The Beginning of the Solana ETF Race
Franklin Templeton filed documents in Delaware to establish the Franklin Solana Trust as part of their initial venture into the Solana-based ETF arena. This came after the SEC acknowledged an application from Canary Capital, along with efforts by companies like Grayscale.
Regulatory Challenges and Prospects
The U.S. SEC is currently reviewing various applications for Solana ETFs. Approval of such funds is expected to attract investments into cryptocurrencies, but this is merely the first step in a complex regulatory process.
State and Trends of Solana in the Market
Despite increasing interest from institutional investors, Solana's price is in a downward trend, currently trading at $196.57. Solana's market cap reaches $95.94 billion, ranking fifth on CoinMarketCap.
The filing for the creation of Solana ETFs marks a new phase in the development of the cryptocurrency market, signaling growing institutional interest in digital assets and Solana in particular.
