Franklin Templeton, one of the world's largest asset management companies, has filed a proposal with the US Securities and Exchange Commission (SEC) to issue the Solana ETF (Exchange-Traded Fund). Asset Managers join several other applicants in the race to provide Sol-based investment products to US investors.
Franklin Templeton offers staking with Spot Solana ETF
Franklin Templeton on Friday, February 21st Submit For products traded on exchanges that track spot prices for the fifth largest cryptocurrency Solana. Franklin Templeton's Solana ETF will be listed in the Coinbase Custody Trust Company, Cboe BZX Exchange, custodian by LLC.
The company's registration statement read as follows:
The Franklin Solana Trust (“trust”) is organized as a statutory trust in the state of Delaware. The Franklin Solana ETF Series of the Trust (“Fund”) issues shares (“Stocks”) that represent unsubsidized profits on net assets. The fund's assets are primarily composed of solana held by custodians on behalf of the fund. The fund generally seeks to reflect Solana's price performance. The fund is trying to reflect such performance before paying for the fund.
In filing with the SEC, Franklin Templeton revealed that there is a possibility of occasional betting on some of the ETF's assets through one or more trusted staking providers. According to the company, “funds” are received as Solana tokens (also treated as “income to the fund”) in order to engage in staking activities.
Source: Sec.gov
This spot Solana ETF will take part in the exchange sales funding of Bitcoin and Ethereum on Franklin Templeton's US crypto products growth list. Earlier this week, the asset manager began a combination of ETH and BTC ETFs after receiving SEC approval in December 2024.
Franklin Templeton's proposal to offer staking options in the Solana ETF is not precisely novel as multiple publishers are considering this with other crypto products. For example, the New York Stock Exchange has applied to staking Grayscale's Ethereum ETF, while Cboe BZX Exchange is about to offer staking for the Ethereum Fund of 21 Shares.
With the improved regulatory environment for digital assets in the US, it is not surprising to see traditional corporate files for new crypto-based financial products. The expanded clarity in the US crypto space has highlighted the SEC's decision to stop litigation against Coinbase.
Solana price overview
Sol's prices responded little to the news of Franklin Templeton's spot Solana ETF filing. At the time of this writing, Solana priced around $170, reflecting a 2% decline over the past 24 hours.
The price of SOL on the daily timeframe | Source: SOLUSDT chart on TradingView
Featured Images of Aivaras Sakurovas | DreamStime.com, TradingView Chart
