Franklin Templeton investments logo in front of their local headquarters in Toronto, Ontario. Source: Jerome - stock.adobe.com

Key Takeaways:

Franklin Templeton has registered the “Franklin Solana Trust” in Delaware, hinting at a possible spot Solana ETF filing.
Approval odds for a Solana ETF stand at 70% by the end of 2025, though SEC classification of Solana remains a key hurdle.
The firm has highlighted Solana’s strong network performance and DeFi growth as reasons for its investment interest.

Franklin Templeton has registered the “Franklin Solana Trust” in Delaware, signaling a potential move toward filing for a spot Solana exchange-traded fund (ETF) in the U.S.

The trust was established on February 10 by CSC Delaware Trust Company, which has previously handled crypto trust registrations for firms like Bitwise.

JUST IN: A Franklin Templeton Solana $SOL ETF has been filed in Delaware 👀

Waiting on confirmation 🚨 pic.twitter.com/56MLx8S1SC
— BlockNews (@blocknewsdotcom) February 11, 2025

This step positions Franklin Templeton to compete with Grayscale, Bitwise, VanEck, and other asset managers in launching a Solana ETF.

To proceed, Franklin Templeton would need to submit regulatory filings (Form 19b-4 and Form S-1) with the SEC.

Historically, firms that registered crypto trusts in Delaware have quickly followed up with these filings, fueling speculation that Franklin may soon take the next step.

If approved, the ETF would track the price of Solana (SOL), the fifth-largest cryptocurrency with a market cap of $97 billion.

The filing does not specify which exchange would list the ETF, though Franklin’s Bitcoin and Ethereum ETFs trade on Cboe BZX.

The firm has praised Solana’s high-speed blockchain and DeFi growth.

Bloomberg analysts estimate a 70% chance of approval by 2025, though regulatory uncertainty remains, especially regarding whether the SEC will classify Solana as a security.