Franklin Templeton has taken a significant step forward by filing for a Solana spot exchange-traded fund further expanding the burgeoning crypto ETF landscape. On February 11 the $1.5 trillion asset manager registered the Franklin Solana Trust in Delaware setting the stage for a potential Solana ETF in the U.S. market. This move aligns Franklin Templeton with major players such as Canary Grayscale 21Shares VanEck and Bitwise all competing to pioneer Solana ETFs.

The Delaware filing is a precursor to an official ETF application a strategy previously employed by other issuers to navigate regulatory paths. Franklin Templeton’s bullish stance on Solana which was first noted in July 2024 emphasizes the asset manager’s belief in Solana’s potential alongside other leading cryptocurrencies like Bitcoin and Ethereum. Analysts view this as a sign of Solana’s maturation and readiness for broader market adoption.

Recent SEC nods to Bitcoin and Ethereum spot ETFs in 2024 and formal recognitions for Litecoin and Solana ETF applications signal a growing acceptance of crypto products in the regulatory framework. Bloomberg experts suggest a high likelihood of approval for a Litecoin ETF a development that could pave the way for Solana’s inclusion in the ETF market soon.