Franklin Templeton Aims to Launch Solana ETF, Files With SEC

Franklin Templeton has filed an application with the U.S. Securities and Exchange Commission (SEC) to launch the Franklin Solana ETF, a new exchange-traded fund designed to track the price of the cryptocurrency Solana (SOL).

Franklin Templeton Seeks SEC Approval for Solana ETF

The filing, submitted on March 12, 2025, marks the latest effort by a major financial firm to offer investors exposure to digital assets through regulated investment vehicles. The proposed ETF, structured as a commodity-based trust, would list and trade on the Cboe BZX Exchange under Rule 14.11(e)(4). The fund would hold solana (SOL) directly, with Coinbase Custody Trust Company, LLC serving as the custodian for the digital assets.

According to the filing, the ETF would not be registered under the Investment Company Act of 1940, nor would it operate as a commodity pool under the Commodity Exchange Act. Franklin Templeton’s filing argues that the solana (SOL) market is resistant to manipulation, citing the cryptocurrency’s decentralized nature, 24/7 trading, and the presence of arbitrageurs across multiple trading platforms.

The firm also highlighted the growing investor interest in solana, with U.S. exposure to the cryptocurrency reaching billions of dollars through over-the-counter (OTC) funds and digital asset trading platforms. The ETF would use the CME CF Solana-Dollar Reference Rate – New York Variant as its benchmark index, which aggregates trading activity from major solana trading platforms like Coinbase, Kraken, and Gemini.

The fund’s net asset value (NAV) would be calculated daily, and intraday indicative values would be disseminated every 15 seconds during trading hours. Franklin Templeton’s proposal comes amid a broader push by financial institutions to offer cryptocurrency-based investment products. The SEC has previously approved bitcoin and ether-based ETFs, and Franklin Templeton’s filing suggests that similar regulatory standards should apply to solana.

The firm further emphasized that the ETF would provide U.S. investors with a regulated and transparent way to gain exposure to solana, potentially reducing risks associated with direct custody of the cryptocurrency. The latest news comes one day after the financial giant filed for an XRP ETF.

The SEC will now review the proposal, with a decision expected within 45 to 90 days. If approved, the Franklin Solana ETF would join a growing list of crypto-focused investment products available to mainstream investors. The filing highlights the increasing integration of digital assets into traditional financial (TradFi) markets, as firms like Franklin Templeton seek to bridge the gap between crypto and conventional investment vehicles.

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