Franklin Templeton filed an utility with the Securities and Trade Fee (SEC) and launched the Franklin Solana ETF, a brand new trade gross sales fund designed to trace the costs of cryptocurrency Solana (SOL).
Franklin Templeton seeks SEC approval for Solana ETF
The submitting, filed on March 12, 2025, illustrates the newest efforts by main monetary firms to supply traders with publicity to digital belongings by regulated funding automobiles. The proposed ETF, constructed as a commodity-based belief, will conduct lists and trades on the CBOE BZX trade underneath Rule 14.11(e)(4). The fund held instantly Solana (SoL), with Coinbase Custody Belief Firm, LLC serving as supervisor of digital belongings.
In line with the submission, ETFs should not registered underneath the Funding Firms Act of 1940 and don’t additionally function a product pool underneath the Product Trade Act. Franklin Templeton’s submitting argues that the Solana (SOL) market is resisting manipulation, citing the decentralized nature of cryptocurrencies, 24/7 buying and selling, and the presence of arbitrators throughout a number of buying and selling platforms.
The corporate additionally highlighted the rising curiosity of traders in Solana, and we’re uncovered to cryptocurrency publicity, reaching billions of {dollars} by over-the-counter (OTC) funds and digital asset buying and selling platforms. The ETF makes use of the New York variant, the reference charge of CME CF Solana-Greenback, because the benchmark index. It aggregates buying and selling actions from main Solana buying and selling platforms reminiscent of Coinbase, Kraken, and Gemini.
The fund’s internet asset worth (NAV) is calculated each day, and the intraday indicator worth is expanded each 15 seconds throughout buying and selling hours. Franklin Templeton’s proposal got here amid a wider push by monetary establishments to supply cryptocurrency-based funding merchandise. The SEC has beforehand authorised Bitcoin and ether-based ETFs, and Franklin Templeton’s submitting means that comparable regulatory requirements ought to apply to Solana.
The corporate additional emphasised that ETFs supply US traders a regulated, clear approach to acquire publicity to Solana, doubtlessly decreasing the dangers related to direct custody of cryptocurrencies. The most recent information comes sooner or later after the monetary big utilized for the XRP ETF.
The SEC will contemplate the proposal and a choice is anticipated inside 45-90 days. If authorised, Franklin Solana ETF will be a part of the rising record of crypto-centric funding merchandise out there to mainstream traders. The submitting highlights the rising integration of digital belongings into the standard finance (TRADFI) market as firms like Franklin Templeton search to bridge the hole between crypto and conventional funding automobiles.
