Asset management firm Franklin Templeton has established the “Franklin Solana Trust” in Delaware, signaling its intention to launch a spot Solana exchange-traded fund (ETF) in the United States. The trust was formed on February 10 by the CSC Delaware Trust Company, which has previously registered crypto trust products for other asset managers, including Bitwise.
To proceed with the ETF, Franklin Templeton must file a Form 19b-4 and a Form S-1 with the Securities and Exchange Commission (SEC). If approved, the Franklin Solana Trust would aim to track the price movements of Solana (SOL), currently the world’s fifth-largest cryptocurrency with a market capitalization of approximately $97 billion.
The filing did not specify which exchange would list the ETF. However, Franklin Templeton’s existing spot Bitcoin (BTC) and Ether (ETH) ETFs are both listed on the Cboe BZX exchange.
Franklin Templeton has previously expressed strong support for the Solana network, highlighting its resilience in overcoming “technological growing pains” and its demonstration of the potential of high-throughput, monolithic blockchain architectures.
Bloomberg ETF analysts James Seyffart and Eric Balchunas have estimated a 70% chance of an approved spot Solana ETF before the end of 2025. They noted that these odds increased significantly following President Donald Trump’s election victory in November.
On February 11, the SEC acknowledged Form 19b-4 filings for spot Solana ETFs submitted by 21Shares, Bitwise, Canary Capital, and VanEck. Earlier, on February 6, the SEC acknowledged Grayscale’s Solana filing, a noteworthy development given the agency’s previous rejections of similar applications under former Chair Gary Gensler.
Financial services firm JPMorgan has projected that an approved spot Solana ETF could attract between $3 billion and $6 billion in net assets within its first year. Analyst Eric Balchunas described this forecast as a “reasonable guess.”
As of now, Solana is trading at $198.5, reflecting a 1.5% decrease over the past 24 hours, according to CoinGecko data.
