Franklin Templeton has been added to the list asset managers that are seeking approval of exchange traded funds (ETFs) tracking Solana’s price.
On Friday afternoon, the issuer filed with Securities and Exchange Commission an S-1 Registration Statement for its upcoming IPO. Franklin Solana ETF.
“The Fund seeks to reflect generally the performance of the price of Solana,” In its filing, the company said:
Franklin, based in San Mateo (California), has joined the ranks of other giants. Seeking an SEC Nomination Funds based on Solana Grayscale Bitwise Canary 21Shares VanEck and Bitwise have filed ETFs to track the market performance of Bitcoin, the sixth largest cryptocurrency by capitalization.
Bloomberg Senior ETF Analyst Eric Balchunas has Pencil in He would say that there is a 70% probability of Solana’s ETFs being approved this year. However, he wouldn’t predict when. The issuers still have to deal with the regulatory review process, enforcement actions and public comments on their filings.
Solana’s price dip
According to CoinGecko, a crypto market data provider, Solana recently traded at $168. This is a slight decrease over the last 24 hours. Over the last week, the token for the blockchain smart contracts has fallen by more than 16 percent due to its link with the Libra scandal and the slowdown of other meme coin projects which have been favored by the network.
Investor demand for crypto assets is still strong. This is the result of the dramatic rise in spot Bitcoin funds. Over the last year, the 11 Bitcoin funds have attracted more than $400 billion in net investments. This led to the approval of ETFs that track the Ethereum price in July.
The Thursday before Thanksgiving is a holiday. The issuer made its debut Templeton Crypto Index ETFs (EZPZ) track market movements of two major cryptocurrencies based upon CF Benchmarks Institutional Digital Asset Index.
Farside Investors in UK, a UK-based asset management company, says that the Franklin Bitcoin ETF EZBC’s $442 millions in net inflows only ranks eighth among Bitcoin funds. The Franklin Ethereum ETF (EZET) has $34 million in AUM to rank sixth among eight funds in that group.
“This move reflects a growing interest among asset managers to offer investment products beyond Bitcoin, especially as regulatory conditions become more favorable,” Joe DiPasquale is the CEO of BitBull Capital. Decrypt. “I am optimistic about the approval prospects for these ETFs, both because of the crypto-friendly regulatory environment and the recent success of Bitcoin ETFs.”
Franklin Templeton didn’t immediately reply to an inquiry for comment.
Andrew Hayward edited the book
