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Franklin Templeton has filed for an exchange-traded fund (ETF) that will track the spot price of Solana, marking a significant move by asset managers to expand beyond Bitcoin in the cryptocurrency market. The filing, submitted on Friday, underscores the growing institutional interest in digital assets as regulatory conditions improve. The proposed ETF will be listed on the Cboe BZX Exchange, providing investors with direct exposure to Solana’s price movements.
The decision aligns with the increasing demand for alternative cryptocurrencies, as investors seek the next major breakout token following Bitcoin’s substantial rally. The move follows a broader trend of financial firms introducing new crypto-based investment products. In January, Grayscale Investments launched a fund tied to Dogecoin, describing the token as having evolved from a “memecoin” into a tool for financial inclusion and an emerging means of payment.
Solana, one of the leading blockchain platforms, has surged more than 60% over the past year, reflecting heightened investor interest and its growing use in decentralized finance (DeFi) and non-fungible token (NFT) applications. Franklin Templeton has selected Coinbase as the custodian for its Solana holdings, further strengthening institutional partnerships within the crypto space. The application comes as the regulatory environment surrounding cryptocurrencies continues to shift.
With a more crypto-friendly stance emerging among policymakers, financial institutions are ramping up efforts to introduce new products that cater to digital asset investors. Franklin Templeton has not provided additional comments regarding the ETF filing. However, the firm’s initiative signals a continued push among traditional asset managers to integrate cryptocurrency offerings into mainstream investment portfolios. – By CryptoWire News Desk.
