CBOE Applies for Rules Change to List Franklin Templeton Solana ETF – Decrypt

Wednesday's CBOE Submit A change with the Securities and Exchange Commission that allows Franklin Templeton to list shares of the Solana Exchange Trade Fund proposed on the exchange due to the rules.

The submission highlights that less than a week after the investment manager applied for the ETF, it tracks the sixth largest cryptocurrency by market value, and that these funds have been proposed and considered, highlighting the growing interest in the Solana Fund.

Once the SEC grants a filing of a 19B-4, it will take 240 days for the regulator to decide on the request.

The SEC has launched a period of public comments for the Solana Funds proposed by Canary capital, Vaneck, 21 shares and Bitwise. Earlier this month, Grayscale Investments was also applied to ETFs, and SEC was understandpositions it as a potential precursor to a broader proposal group.

Franklin Templeton is one of several companies applying for an ETF to track XRP, the third largest cryptocurrency by market capitalization. Other publishers recently proposed funds to track Litecoin, Dogecoin and Cardano.

These applications and related initiatives in the ETF space followed the success of the Spot Bitcoin ETF's roaring, gaining years of resistance 14 months ago. These funds currently manage nearly $100 billion in assets. The Spot Ethereum Funds' profits have been reduced, but it has generated nearly $2.5 billion in net inflows over its approximately eight months of history.

The Solana Token recently traded for around $124 for around $124 in the last 24 hours, but it's less than half of January's all-time set, and was caught up in a wider crypto loss in the last two months. Solana was the preferred blockchain for Memecoin developers, but some of it was hit particularly hard during this period.

Franklin Templeton first immersed his toes in Crypto space in 2019 when he began digitizing stocks in the stellar blockchain money market fund.

Later, in 2021, they announced a digital asset venture fund, and currently operates Ethereum and Bitcoin ETFs.

Edited by James Rubin