Cboe has filed to list Franklin Templeton’s Solana ETF. The Franklin Templon Solana ETF aims to track SOL price. Solana (SOL) hit $129.60 post-filing but fell to $123.71 amid a broader crypto slump.

Cboe BZX Exchange submitted a 19b-4 filing with the US Securities and Exchange Commission (SEC) on Wednesday, March 12, 2025, to enable the listing of a Solana exchange-traded fund (ETF) proposed by Franklin Templeton.

Notably, Franklin Templeton, a global investment giant managing over $1.5 trillion in assets, submitted its initial proposal for the ETF less than a week ago, reflecting the accelerating interest in crypto-based funds among traditional financial institutions.

The proposed Franklin Templeton Solana ETF aims to track the spot price of SOL, the native cryptocurrency of a blockchain known for its high-speed transactions and popularity among meme coin developers.

Franklin Templeton’s push into Solana follows a competitive flurry of similar applications from firms like Grayscale Investments, Canary Capital, Bitwise, 21Shares, and VanEck, all vying to launch spot Solana ETFs.

The SEC has already opened public comment periods for several of these proposals, indicating a cautious but active evaluation process.

The momentum for Solana funds highlights a shift beyond Bitcoin and Ethereum, which have dominated the ETF space with nearly $100 billion and $2.5 billion in assets, respectively. Spot Ethereum ETFs, though less explosive than their Bitcoin counterparts, have still attracted significant inflows since their debut eight months ago, setting a precedent for altcoin funds like Solana.

Unlike direct crypto ownership, ETFs provide a familiar investment vehicle for institutional and retail investors, potentially driving broader adoption.

Cboe’s submission triggers a 240-day review period during which the SEC must decide whether to approve or deny the request. This timeline positions the decision for late 2025, potentially aligning with a broader wave of crypto ETF approvals.

The filing underscores Solana’s growing appeal, despite its recent price hovering around $124—down from its all-time high—amid a two-month crypto market downturn.

Notably, this isn’t Franklin Templeton’s first foray into cryptocurrency. The firm began exploring digital assets in 2019 by digitizing shares of a money market fund on the Stellar blockchain, followed by a digital asset venture fund in 2021. It currently operates Bitcoin and Ethereum ETFs, showcasing its growing expertise in the space.

The proposed Solana ETF could further diversify Templeton’s offerings, tapping into a market eager for regulated exposure to altcoins.

Despite seeing a slight uptick to an intraday high of $129.60 following the Cboe filling, Solana (SOL) soon after pulled back to $123.71 at press time, down 39% over the past month.

Solana price remains well below its January peak, impacted by a wider crypto rout and the fading hype around meme coins built on its blockchain.

The Solana ETF filings, however, suggests confidence in Solana’s long-term potential, particularly as a scalable platform for decentralized applications. If approved, the Solana ETFs could inject fresh capital and stability into the Solana ecosystem, mirroring the transformative effect Bitcoin ETFs had on that market.

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