Franklin Templeton has taken a significant step toward launching a spot Solana exchange-traded fund (ETF) in the US. It registered a trust in Delaware, ready to enter the growing market for Solana-based investment products.
According to a 10 February 2025 filing with Delaware’s corporate registry, the Franklin Solana Trust was established by CSC Delaware Trust Company. The firm is known for registering crypto trust products for asset managers such as Bitwise.
To officially bring a Solana ETF to market, Franklin Templeton must submit both a Form 19b-4 and a Form S-1 to the US Securities and Exchange Commission (SEC). Other firms that have previously registered crypto trust products in Delaware, followed up with SEC filings shortly after their trust registrations.
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Franklin Solana Trust Aims To Mirror Spot Bitcoin, Ether ETFs
If approved, the Franklin Solana Trust would track Solana’s (SOL) price movements. It will mirror the structure of existing spot Bitcoin and Ether ETFs. As of now, Solana holds the fifth-largest market cap in crypto at approximately $97 billion, according to CoinGecko.
Franklin Templeton’s ETF ambitions put it in direct competition with Grayscale, Bitwise, VanEck, 21Shares, and Canary Capital. All of the companies have already filed for spot Solana ETFs.
While the filing does not specify which exchange would list the ETF, Franklin Templeton’s spot Bitcoin and Ether ETFs are currently traded on Cboe BZX Exchange.
The asset manager has consistently expressed confidence in Solana. Specifically, its high transaction throughput and ability to navigate technical challenges.
In July 2024, Franklin Templeton highlighted Solana’s advancements as a monolithic blockchain. And in January 2024, it pointed to the growth of Solana’s DeFi ecosystem and memecoin activity as indicators of its strength.
Bloomberg ETF analysts James Seyffart and Eric Balchunas estimate a 70% chance that a spot Solana ETF could be approved before the end of 2025. They also noted that Donald Trump’s election victory significantly boosted approval odds.
Our official alt coin ETF approval odds are out. Litecoin leads w 90% chance, then Doge, followed by Solana and XRP. We are only doing for 33 Act $IBIT-esque filings. But def poss to see futures or Cayman-subsidiary type 40 Act stuff get through as well. https://t.co/JSaNnifjbu
— Eric Balchunas (@EricBalchunas) February 10, 2025
However, Seyffart previously cautioned that the SEC must first determine whether Solana qualifies as a security or a commodity, as spot commodity-based ETFs follow different regulatory frameworks.
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SEC Reviews Multiple Solana ETF Filings
Recently, the SEC acknowledged the Form 19b-4 filings for spot Solana ETFs submitted by 21Shares, Bitwise, Canary Capital, and VanEck.
The agency had also acknowledged Grayscale’s application on February 6, a development that ETF analysts view as significant, given that SEC rejections under former Chair Gary Gensler were common.
Meanwhile, JPMorgan analysts project that an approved spot Solana ETF could attract between $3 billion and $6 billion in net assets during its first year—an estimate Balchunas described as reasonable.
Currently, Solana is trading at $198.5, down 1.5% in the past 24 hours, according to CoinGecko.
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