CBOE Applies for Rules Change to List Franklin Templeton Solana ETF

Cboe on Wednesday filed for a guidelines change with the U.S. Securities and Trade Fee that may allow the change to checklist shares for a Solana exchange-traded fund proposed by Franklin Templeton.

The submission comes lower than week after the funding supervisor applied for the ETF that may monitor the sixth largest cryptocurrency by market worth and underscores the quickening tempo that these funds are being proposed and regarded and rising curiosity in Solana funds.

As soon as the SEC acknowledges the 19b-4 submission, the regulator has 240 days to resolve on the request.

The SEC has began a interval for public touch upon spot Solana funds proposed by Canary Capital, VanEck, 21Shares and Bitwise. Earlier this month, Grayscale Investments additionally utilized for an ETF, with the SEC’s acknowledgment, positioning it as a possible bellwether for a broader group of proposals.

Franklin Templeton is amongst a number of corporations to use for ETFs monitoring XRP, the third largest crypto by market capitalization. Different issuers have additionally not too long ago proposed funds monitoring Litecoin, Dogecoin and Cardano.

These purposes and associated iniatives within the ETF house have adopted the roaring success of spot bitcoin ETFs, which received approval 14 months in the past after years of SEC resistance. These funds now handle near $100 billion in belongings. Spot Ethereum funds have generated much less curiosity however have nonetheless generated practically $2.5 billion in internet inflows of their roughly eight-month historical past.

The Solana token was not too long ago buying and selling at about $124, roughly flat over the previous 24 hours, though lower than half its all-time excessive set in January–swept up within the wider crypto rout of the previous two months. Solana has been the favored blockchain for builders of meme cash, a few of which have been notably onerous hit over this era.

Franklin Templeton first dipped its toes within the crypto house in 2019, when it began digitizing shares for a cash market fund on the Stellar blockchain.

It then announced a digital asset enterprise fund again in 2021, and now operates Ethereum and Bitcoin ETFs.

Edited by James Rubin