Asset manager and issuer of spot Bitcoin and Ethereum ETFs, Franklin Templeton, has mentioned Solana as one of the “other exciting and major developments” poised to advance the industry.
Besides Bitcoin and Ethereum, there are other exciting and major developments that we believe will drive the crypto space forward. Solana has shown major adoption and continues to mature, overcoming technological growing pains and highlighting the potential of high-throughput,…
— Franklin Templeton Digital Assets (@FTI_DA) July 23, 2024
“Solana has shown major adoption. The cryptocurrency continues to develop, overcoming technological growing pains and highlighting the potential of high-performance monolithic architectures,” the statement reads.
On July 23, Franklin Templeton changed its cover image on X, marking the launch of Ethereum-based exchange-traded funds.
On July 8, Cboe BZX filed form 19b-4 for 21Shares Core Solana ETF and VanEck Solana Trust.
According to the rules, the agency will have 240 days to decide whether to approve the rule changes necessary to list the products on the platform.
Bloomberg analyst Eric Balchunas believes the SEC could register the instrument by mid-March 2025.
Previously, Matthew Sigel, head of digital asset research at VanEck, reached similar conclusions.
Before this, Matrixport co-founder Daniel Yan suggested the asset could become the basis for the next ETF. Jeffrey Kendrick, head of research at Standard Chartered, also predicted the emergence of a SOL-based fund in 2025.
Similar views are shared by Ripple CEO Brad Garlinghouse and Galaxy Digital CEO Mike Novogratz.
Back in June, digital asset manager 3iQ filed an application to register the first Solana ETF in Canada with a staking reward option.
Earlier, market maker GSR positively assessed Solana’s growth potential in the event of an ETF launch. Analysts believe the cryptocurrency could increase in value by 1.4 to 8.9 times.