Investment management giant Franklin Templeton, boasting over $1.5 trillion in assets under its control, has emerged as the most substantial financial institution to date to seek regulatory approval for a Solana exchange-traded fund (ETF).
On Wednesday, the firm, operating through the Cboe BZX Exchange, formally submitted a 19b-4 application to the U.S. Securities and Exchange Commission (SEC), signaling their intention to list and trade shares of a proposed Franklin Solana ETF.
Franklin Templeton Seeks Green Light for Solana ETF
This 19b-4 filing represents the latter stage in a two-part regulatory procedure required for companies aiming to introduce cryptocurrency-based ETFs to the market for SEC evaluation.
Upon official acknowledgment from the SEC, the filing is scheduled to be published in the Federal Register, at which point the formal SEC review and potential approval process commences.
Broader Trend of Altcoin ETF Filings
Interestingly, this move into Solana territory follows closely on the heels of Franklin Templeton’s S-1 filing just the day before, which was related to launching a spot XRP ETF product.
James Seyffart, a Bloomberg Intelligence analyst, downplayed the significance of Franklin Templeton’s latest filing in a statement to The Block.
He remarked that given the numerous Solana ETF applications already in the pipeline, this development is “mostly to be expected” and “not particularly newsworthy or noteworthy.”
However, Seyffart conceded that while not entirely unexpected, the involvement of a major player like Franklin Templeton in the Solana ETF space does carry a degree of importance.
In the market’s reaction, Solana’s price experienced a modest uplift. According to data from The Block’s SOL price index, the cryptocurrency has appreciated by 2.5% in value over the preceding 24-hour period, reaching a trading price of $125.84.
Also Read: Major Asset Manager Franklin Seeks to Launch XRP ETF
