Franklin Templeton, last week in the United States for a potential solana (left) stock market investment fund (ETF) in Delaware, after recording a trust, the US Securities and Stock Exchange Commission (SEC) S-1 record declaration.
Franklin Templeton participated in the Solana ETF race
According to the application, Franklin Templeton aims to initiate a Spot Sol Etf, which follows Solana, one of the largest crypto assets according to market value. This fund aims to provide investors the opportunity to exposure to Solana without direct having it. Franklin Templeton established a Trest called “Franklin Solana Trust in Delaware to facilitate the creation of this ETF. This step draws attention as part of a growing trend with the application of firms such as Grayscale, Bitwise, Canary Capital, 21shares and Vaneck for solana ETFs. These companies aim to benefit from increasing interest in crypto assets and rising demand for crypto investment products.
Franklin Templeton’s Solana ETF application shows that corporate investors’ interest in crypto beings other than Bitcoin and Ethereum. This step stands out with the improvement of the regulatory environment for crypto money markets and the increase in the investor demand on a large scale. “This move reflects the increasing interest of asset administrators to offer investment products beyond Bitcoin, Joe said Joe Dipasquale, CEO of BitBital Capital CEO. Following the success of Bitcoin and Ethereum ETFs, Solana ETFs can also allow investors to diversify their portfolios.
Coinbase was chosen as a storage of coins
In the application, Franklin Templeton announced that he preferred Coinbase to keep Solana assets. Coinbase, one of the leading stock exchanges of the crypto money market, will be responsible for the safe storage of the fund’s crypto assets. Franklin Templeton did not inform the details of this partnership or the launch timing of ETF.
Although Franklin Templeton’s application is an important step towards the release of Spot Solana ETF, it is not guaranteed by the SEC. The regulatory institution currently examines more than one Solana ETF application, and analysts estimate the likelihood of approval this year as 70 %. However, due to continuous sanctions and public interpretations, the final timing of the process remains uncertain.
Bal The only thing that is currently what SEC is not telling them to retreat to them, Blo’s Bloomberg senior ETF analyst Eric Balchunas expressed cautious optimism among market analysts. Despite the uncertainty, Franklin Templeton’s move shows asset managers’ confidence in crypto money markets. If approved, Franklin Solana ETF will be processed on the CBOE BZX Stock Exchange and will offer investors a new alternative to access to crypto assets.
