The crypto world is buzzing with excitement as the Chicago Board Options BZX Exchange (Cboe) has taken a bold step forward. They’ve filed an application on behalf of Franklin Templeton to list a Solana (SOL) exchange-traded fund (ETF) in the United States. This move could be a game-changer for Solana enthusiasts and crypto investors alike.
In a filing dated March 12, Franklin Templeton’s proposed ETF plans to hold spot SOL. But here’s where it gets juicy: they’re pushing for the Securities and Exchange Commission (SEC) to allow the fund to stake its underlying crypto for additional rewards. Imagine that! Not staking would be like refusing dividends from stocks you own—it’s just leaving money on the table.
Franklin Templeton isn’t new to the Solana scene. They registered a Solana trust back on February 10, joining the ranks of big names like Grayscale, Bitwise, VanEck, 21Shares, and Canary Capital. These players are all eyeing Solana-based investment vehicles, signaling a growing interest in this blockchain powerhouse.
Solana even caught the attention of former US President Donald Trump, who initially considered it for inclusion in the US crypto stockpile. However, he later decided to focus solely on tokens seized through enforcement actions. Still, Solana’s name being mentioned in such high circles is a testament to its rising prominence.
Now, let’s talk about the regulatory landscape. Former SEC Chair Gary Gensler’s resignation in January 2025 opened the floodgates for crypto ETF filings. Asset managers, sensing a more relaxed regulatory climate, rushed to submit their applications. But hold your horses! On March 11, the SEC announced a delay in deciding on several altcoin ETFs, including Solana, Litecoin (LTC), Dogecoin (DOGE), and XRP products.
The SEC says it needs more time to evaluate the rule change approving these proposals. Bloomberg ETF analyst James Seyffart assures us that this is standard procedure and doesn’t diminish the likelihood of approval. The final decision deadline for these altcoin ETFs isn’t until October 2025, so there’s still time for things to unfold.
Franklin Templeton CEO Jenny Johnson remains optimistic about the future. She believes that the Trump administration will stick to its pro-crypto agenda and integrate traditional financial systems with blockchain technology. In a January interview with Bloomberg, she expressed confidence that ETFs and mutual funds will eventually be built on blockchain due to its efficiency.
So, what’s next for Solana and its potential ETF? The crypto community eagerly awaits the SEC’s decision, hoping for a green light that could pave the way for more mainstream adoption of Solana and other altcoins. Stay tuned as this story unfolds—it’s bound to be an exciting ride!
