Franklin Templeton Becomes the Largest Asset Manager to Files for Solana ETF

• Franklin Templeton files 19b-4 for Solana ETF pending SEC approval.
• The filing positions Franklin Templeton as a major player in crypto ETFs.
• Solana’s price sees a 2.5% rise amid growing institutional interest.

Franklin Templeton, one of the world’s largest asset managers, has filed for a Solana-based exchange-traded fund (ETF). The firm submitted a 19b-4 filing with the U.S. Securities and Exchange Commission (SEC) on March 12. This move makes Franklin Templeton the largest asset manager to file for a Solana ETF, with over $1.5 trillion in assets under management.

Franklin Templeton Pushes for Approval of Solana ETF

The 19b-4 filing is part of the two-step process for SEC approval of crypto ETFs. Once the SEC acknowledges the 19b-4 filing, it will publish it in the Federal Register. This publication marks the start of the SEC’s review process for the proposed ETF.

Franklin Templeton had recently registered a trust in Delaware to facilitate the potential launch. The firm aims to create a spot Solana ETF that will track the cryptocurrency’s price. Investors will be able to gain exposure to Solana without directly purchasing the digital asset.

The Franklin Solana Trust was established to support this initiative. It places Franklin Templeton among other asset managers that have filed for SEC approval for Solana ETFs. Other firms in this race include Grayscale, Bitwise, and VanEck which aim to leverage the growing demand for digital assets.

Franklin Templeton’s move follows a similar filing for an XRP ETF which highlights the firm’s ambitious interest in digital currencies. This effort signals the increasing institutional demand for diversified cryptocurrency investment products. The firm’s filings come amid a surge in crypto ETF applications, as regulators and firms explore digital asset options.

Increased Institutional Interest in Solana ETFs 

Moreover, the filing aligns with the growing number of altcoin ETF filings. Bloomberg analysts recently estimated that Solana ETFs have a 70% chance of SEC approval. This estimation places Solana behind only Litecoin and Dogecoin, which have higher approval probabilities.

Franklin Templeton’s entry into the Solana ETF race indicates the growing interest in the cryptocurrency market. Although analyst James Seyffart believes that such filings are expected, a major player like Franklin brings increased credibility to the Solana ETF space. The growing number of filings underscores the increasing institutional recognition of digital assets.

The price of Solana has increased by 2.5% in the past 24 hours, trading at $125.84. This reflects the growing optimism around Solana’s future, especially as more institutional players enter the market. 

The SEC is currently reviewing multiple altcoin ETFs filings. The commission’s response to this and other filings will set the tone for future institutional involvement in digital asset ETFs.