Franklin Templeton Joins Growing Pile of Solana ETF Applicants

Add Franklin Templeton to the list of asset managers who seek approval for listed funds that follow the continuous price of Solana.

The issue has one on Friday afternoon S-1 registration statement with the Securities and Exchange Commission for one Franklin Solana ETF.

“The fund is generally trying to display the performance of the Solana price,” the company said in its submission.

San Mateo, Franklin, based in California, follows several other issues Looking for a sec nod For Solana -based funds. Grayscale, Bitwise, Canary, 21Shares and Vaneck have all submitted archives for ETFs based on the performance of the sixth largest crypto through market capitalization.

Bloomberg Senior ETF analyst Eric Balchunas has bought in A 70% chance that Solana ETFs receive green light this year, although he would not predict the timing. Publishing issues still have to fight with regulatory assessment, continuous enforcement actions and public commentary on the archives.

Solana’s price dip

Solana was recently traded at around $ 168, according to the data provider Coingecko from Copto Markets somewhat somewhat. The sign of the Smart Contracts Blockchain has fallen more than 16% in the past week after the association with a scandal in which the Libra is involved, and a broader delay of meme coin projects that have favored the network.

Nevertheless, the demand for investors for crypto-oriented assets remains strong, the continuous after-effects of the dramatic success of Spot Bitcoin Funds. The 11 Bitcoin funds have gathered more than $ 40 billion in the net entry in the past year, so that the subsequent approval of ETFs that follows the price of Ethereum last July.

On Thursday The issuer debuted The Templeton Crypto Index ETF (EZPZ) to follow price movements for the two top cryptocurrencies per market value based on the institutional digital assets index of CF Benchmark.

The Franklin Bitcoin ETFs (EZBC) $ 442 million in net influx rank only the eighth of the Bitcoin funds, according to the British asset manager Farside Investors. The Franklin Ethereum ETF (Ezet) has $ 34 million in AUM to rank sixth among eight funds in that group.

“This step reflects a growing interest in asset managers to offer investment products that go beyond Bitcoin, especially the more favorable conditions,” said Joe Dipasquale, CEO of Crypto Fund Manager Bitbull Capital, said Decrypt. “I am optimistic about the approval perspectives for these ETFs, both because of the crypto-friendly regulatory environment and the recent success of Bitcoin ETFs.”

Franklin Templeton did not immediately respond to a request for comments.

Published by Andrew Hayward