Franklin Templeton has registered a trust in Delaware, hinting at its potential entry into the race to launch a spot Solana exchange-traded fund (ETF) in the United States. The move aligns Franklin with other asset managers, including Grayscale, Bitwise, VanEck, 21Shares, and Canary Capital, who have also signaled interest in launching Solana ETFs.

A filing with Delaware’s corporate regulator on Feb. 10 reveals that the "Franklin Solana Trust" was formed by the CSC Delaware Trust Company, which has previously registered crypto trust products for several asset managers. 

While the registration itself does not confirm an ETF filing, it is often a preliminary step before seeking approval from the U.S. Securities and Exchange Commission (SEC).

For Franklin Templeton to move forward with a Solana ETF, it would need to submit a Form 19b-4 and a Form S-1 to the SEC. Several asset managers who have taken similar steps in the past proceeded to file with the SEC shortly afterward.

If approved, the ETF would aim to track the price movements of Solana, the fifth-largest cryptocurrency by market capitalization, which currently sits at approximately $95 billion, according to CoinMarketCap. It remains unclear which exchange would list the potential Franklin Solana ETF, but the firm’s existing Bitcoin and Ether ETFs are listed on the Cboe BZX exchange.

The likelihood of SEC approval for a Solana ETF remains uncertain, though Bloomberg analysts James Seyffart and Eric Balchunas have placed the odds at 70% for approval before the end of 2025. However, one potential hurdle is the regulatory classification of Solana—whether it is deemed a security, which would affect how it is treated under existing financial regulations.

The SEC recently acknowledged multiple spot Solana ETF applications from firms such as 21Shares, Bitwise, Canary Capital, and VanEck, following its acknowledgment of Grayscale’s filing earlier in February. This development indicates that regulatory discussions around Solana-based ETFs are gaining momentum.

Meanwhile, analysts from JPMorgan estimate that a spot Solana ETF could attract between $3 billion and $6 billion in net assets within its first year if approved, reinforcing the growing institutional interest in the digital asset market.