Key Takeaways:
Cboe BZX Exchange has submitted a Solana ETF application on behalf of Franklin Templeton.
The filing urges the SEC to allow SOL staking for additional yield, comparing it to dividend collection in equity ETFs.
Franklin Templeton joins Grayscale, Bitwise, VanEck, 21Shares, and Canary Capital in pursuing Solana-based investment products.
The SEC has delayed decisions on multiple altcoin ETFs, including Solana, XRP, Dogecoin, and Litecoin, with final rulings expected by October 2025.
Franklin Templeton Expands Crypto ETF Push with Solana Fund
In a March 12 filing, Cboe BZX Exchange submitted an application on behalf of Franklin Templeton to list a spot Solana (SOL) exchange-traded fund (ETF). The fund aims to hold physical SOL, and notably, the filing encourages the U.S. Securities and Exchange Commission (SEC) to permit staking rewards, arguing that prohibiting staking would be akin to an equity ETF declining dividend payouts.
“Not staking the Fund’s SOL would amount to waiving the Fund’s right to free additional SOL, an act analogous to an equity ETP refusing dividends from the companies it holds,” the filing stated.
The investment giant, which manages $1.5 trillion in assets, first registered a Solana trust on February 10. It joins Grayscale, Bitwise, VanEck, 21Shares, and Canary Capital, all of whom have submitted Solana ETF applications in anticipation of regulatory shifts under President Donald Trump’s pro-crypto administration.
SEC Delays Crypto ETF Decisions Amid Regulatory Transition
Despite optimism, the SEC announced on March 11 that it was delaying decisions on multiple altcoin ETFs, including those for Solana (SOL), XRP, Dogecoin (DOGE), and Litecoin (LTC). The financial regulator cited the need for additional evaluation time, a standard procedure often seen in ETF approvals.
Bloomberg ETF analyst James Seyffart reassured investors that the delays do not reduce the probability of eventual approval, with a final decision deadline for these altcoin ETFs extending to October 2025.
Franklin Templeton CEO Bets on Blockchain Integration
Franklin Templeton CEO Jenny Johnson remains confident in President Trump’s pro-crypto stance and expects the integration of traditional finance and blockchain technology to accelerate.
“I do think that it’s likely that ETFs and mutual funds will ultimately be built on blockchain just because it’s an incredibly efficient technology,” Johnson told Bloomberg in a Jan. 21 interview.
With major financial players pushing for crypto ETFs, a Solana ETF approval—particularly with staking enabled—could serve as a major catalyst for institutional adoption and price appreciation in the SOL ecosystem.
