Solana Spot ETF Approval Timing: Franklin Templeton Files Application With SEC

• Bitwise, VanEck, 21Shares, Canary Capital, Grayscale, and now Franklin Templeton have filed for spot Solana ETF applications.
• Litecoin (LTC), Ripple (XRP), Hedera (HBAR), and other altcoin exchange-traded products are being proposed.
• Solana (SOL) has been trading up 0.06% in the past 24 hours and down over 36% this month.

Franklin Templeton, an asset manager with over $1.5 trillion in assets, has filed to launch a spot Solana (SOL) exchange-traded funds (ETFs) with the U.S. Securities and Exchange Commission (SEC).

The filing comes as the SEC delays decisions on spot ETFs for Solana, Ripple (XRP), and Dogecoin (DOGE), citing the pending confirmation of Donald Trump’s pick for chair, Paul Atkins.

Latest Development

The Cboe exchange has filed for a rules change with its 19b-4 form with the U.S. SEC that would allow Franklin Templeton to issue a spot SOL ETF on the exchange, making it the sixth fund to table an application in recent months.

In late February 2025, the firm filed the S-1 form with the SEC, which details the proposed structure of the Franklin Solana ETF. Notably, it will be listed on the Cboe BZX Exchange, with Coinbase serving as custodian.

Under SEC procedures, the public will have 45 days to submit comments on the proposal. The agency will then decide whether to approve or reject the application or initiate further proceedings to consider its disapproval.

Franklin Templeton currently manages a spot Bitcoin ETF and a spot Ethereum ETF. At present, the firm’s BTC ETF has seen $244.91 million in cumulative net inflows and commands $405.69 million in net assets. Its ETH ETF has recorded $36.22 million and $21.77 million, respectively.

Earlier Applications

In January, Bloomberg analyst James Seyffart noted that the Cboe BZX exchange has filed four 19b-4 applications with the SEC on behalf of spot Solana ETF hopefuls Canary Capital, Bitwise, VanEck, and 21Shares.

This officially restarts the formal review clock for the SEC, which will have 45 days to provide its initial response, which is now expected in mid-March.

Even if the SEC rejects the applications, which it did several times with Bitcoin and Ethereum ETFs, funds still have plenty of options to tweak their filings to appease the SEC’s regulatory concerns.

Initial Filings

Grayscale, Bitwise, VanEck, 21 Shares, and Canary Capital all submitted their spot Solana ETF applications in late 2024.

A flurry of applications hit the SEC’s desk following news that crypto’s least-favorite regulator, SEC Chairman Gary Gensler, would be stepping down from his role on Jan. 20.

As per a “Solana ETF Approved in 2025?” contract on crypto betting marketplace Polymarket, bettors believe there’s an 89% chance they’ll be approved this year.

The SEC initially faced a Jan. 25, 2025, deadline to provide a majority of SOL ETF applicants with a response to their filings. However, it was revealed that all five had withdrawn their applications.

Undeterred, Grayscale has reapplied in quick succession, seeking approval to convert the $134.2 million Grayscale Solana Trust into a spot ETF on the New York Stock Exchange.

Solana ETF Launch Conditions

The road to a spot SOL ETF will be bumpy. First, the SEC would have to reverse its lawsuits against Coinbase , Kraken ,  and Binance , which it named Solana as one of the many unregistered securities sold by crypto exchanges.

So far, under Donald Trump’s administration, the SEC has agreed to drop its case against Coinbase “in principle”—setting a positive precedent for U.S. crypto developments.

Furthermore, no SOL-based futures products are trading on U.S. stock exchanges. Typically, a futures commodity needs to trade for 18 to 24 months before the SEC considers approving it as a spot product.

Presently, there are a few Solana-based exchange-traded products (ETPs) trading. These include the Grayscale Solana Trust (GSOL ), the VanEck Solana exchange-traded note (ETN), and the 21Shares Solana (ETP).

Eyes on Solana

As highlighted by Matrixport co-founder Daniel Yan , SOL could follow both BTC and ETH, positing that Solana is a better investment. Furthermore, SOL is undeniably popular among crypto users.

Seemingly, there’s plenty of appetite for a SOL ETF.

However, as former SEC chair noted, Gensler highlighted , crypto ETFs, such as Ethereum, have to go through rigorous processes to be approved, and given the timeline, Solana ETFs could still be years out:

“Ethereum had been traded on the Chicago Mercantile Exchange futures for three-plus years. And the staff looked at that closely, and that was approved.”

Gensler said that the SEC’s role is to ensure that investors are protected with legally required disclosures and that exchanges are adequately regulated to prevent fraud, market manipulation, and other nefarious activities.

Spot SOL ETF Filings

Grayscale

According to the first filing from the New York Stock Exchange (NYSE), Arca, Grayscale has joined Bitwise, VanEck, and others in lining up to have their spot Solana ETF applications approved.

The latest filing with the SEC seems to be the same as the first and would see Grayscale convert its existing Solana Trust, GSOL, into a spot ETF on NYSE Arca.

With some $134 million in assets under management (AUM), it would be a modest conversion compared to its Bitcoin (BTC) Trust, which carried around $30 billion in AUM at the time of conversion.

This has since dwindled to $21.22 billion as Grayscale’s spot BTC ETF has suffered almost endless outflows.

Hopefully, this won’t be the same for its Solana ETF.

Bitwise

Asset management firm Bitwise initially filed to set up a statutory trust entity in Delaware for its Solana ETF application.

Having withdrawn this application, the fund, alongside others, has refiled its 19b-4 filing to establish the Bitwise Solana ETF on the Cboe BZX exchange.

Canary Capital

Digital asset manager Canary Capital filed twice for a Solana ETF with the SEC.

As per the initial S-1 filing, Canary’s spot SOL ETF seeks to track SOL’s performance via the CF Solana Index. Canary Capital has not yet disclosed its chosen custodian or ticker symbol.

Its latest 19b-4 filing would see the firm launch the Canary Capital Solana Trust on the Cboe BZX.

Canary Capital also filed for a spot Ripple (XRP) ETF and a spot Litecoin (LTC) ETF.

VanEck

VanEck was the first fund to file for a SOL ETF. It did so way back in June 2024. Per the S-1 filing, the VanEck Solana Trust will directly hold SOL and list the ETF on the Cboe BZX exchange.

21Shares

21Shares, which already offers a Solana Staking ETP, follows alongside the likes of VanEck and is seeking to establish a 21Shares Core Solana ETF and list it on the Cboe BZX exchange.

Franklin Templeton

Franklin Templeton has filed the S-1 and 19b-4 forms necessary to officially begin the review process with the SEC. It intends to launch the Franklin Solana ETF on the Cboe BZX exchange.

Leveraged ETFs

The Depository Trust & Clearing Corporation (DTCC) has listed the Volatility Shares Solana ETF (SOLZ) and the Volatility Shares 2x Solana ETF (SOLT) on its fund list.

They offer exposure to both standard and leveraged Solana futures contracts. The firm had initially filed for three SOL ETFs, but the -1x leveraged fund was dropped.

It’s a significant leap forward for any ETF as a DTCC futures listing is a key step toward obtaining the coveted spot ETF status.

Notably, the DTCC is an SEC-registered clearing corporation . It provides “post-trade clearance, settlement, custody, and information services,” amongst other critical economic services in U.S. and global markets.