Asset manager Franklin Templeton has registered the “Franklin Solana Trust” in Delaware, indicating its plans to launch a Solana exchange-traded fund (ETF) in the US. The trust was formed on February 10 by the CSC Delaware Trust Company, which has previously registered crypto trust products for other asset managers such as Bitwise. To compete with Grayscale, Bitwise, VanEck, 21Shares, and Canary Capital in offering a Solana (SOL) ETF, Franklin will need to file a Form 19b-4 and a Form S-1 with the Securities and Exchange Commission. The proposed Franklin Solana Trust aims to track the price movement of the fifth-largest cryptocurrency, which has a market cap of $97 billion according to CoinGecko. The filing did not mention which exchange would list the ETF, but Franklin’s spot Bitcoin and Ether ETFs are listed on the Cboe BZX exchange. Franklin has previously praised the Solana network and ecosystem, highlighting its ability to overcome technological challenges and its high-transaction throughput. Bloomberg ETF analysts have estimated a 70% chance of an approved Solana ETF by the end of 2025, and the SEC has recently acknowledged several Solana ETF applications filed by other asset managers. JPMorgan estimates that an approved Solana ETF could attract between $3 billion and $6 billion in net assets in its first year. Currently, Solana is trading at $198.5, with a 1.5% decrease in the last 24 hours according to CoinGecko data.
Franklin Templeton registers Solana Trust in the state of Delaware