Franklin Templeton Files for Solana ETF on Cboe BZX, Including Staking Rewards Amid SEC Case Dismissal Against Coinbase

Franklin Templeton, a major asset manager with over $1.5 trillion in assets under management (AUM), has filed for a spot Solana exchange-traded fund (ETF) that aims to track the price of Solana (SOL) cryptocurrency. The filing reflects a growing interest among traditional financial institutions to engage with cryptocurrencies beyond Bitcoin, with Solana gaining over 60% in value over the past year. The ETF will be structured as the Franklin Solana Trust, a statutory trust based in Delaware, and listed on the Cboe BZX Exchange.

The proposed ETF introduces a novel feature by potentially including staking rewards, which could appeal to investors looking for additional income from their investments in Solana. Franklin Templeton has been actively involved with Solana, highlighting its flourishing AI sector and deploying a tokenized money market fund (FOBXX) on the network. The firm joins other traditional finance players like VanEck, Grayscale, 21Shares, Bitwise, and Canary Funds in the race to list Solana ETFs.

In a related development, the SEC has agreed to dismiss its case against Coinbase, a popular crypto exchange, which had argued that several of its listed assets, including $SOL, were unregistered securities. This dismissal could eliminate potential obstacles to Solana ETF approval, with Coinbase Custody Trust Company, LLC, named as the trusted custodian for Franklin Templeton's proposed fund.

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