The Chicago Board Options BZX Exchange (Cboe), in a move that could only be described as audacious, has filed an application on behalf of Franklin Templeton to list a Solana (SOL) exchange-traded fund (ETF) in the United States. Because, of course, what the world needs now is another crypto ETF. 🚀
According to the March 12 filing, Franklin Templeton’s proposed ETF will hold spot SOL, and the filing cheekily encouraged the Securities and Exchange Commission to allow the fund to stake its underlying crypto for additional rewards. Because why settle for just holding when you can also gamble? 🎲
“Not staking the Fund’s SOL would amount to waiving the Fund’s right to free additional SOL, an act analogous to an equity ETP refusing dividends from the companies it holds,” the filing read. A bold statement, indeed, and one that reeks of desperation. 😅
Franklin Templeton registered a Solana trust on Feb. 10, joining the ranks of Grayscale, Bitwise, VanEck, 21Shares and Canary Capital, who have all applied to list Solana-based investment vehicles. Because nothing says innovation like following the herd. 🐑
Solana was one of the digital assets US President Donald Trump named for inclusion in the US crypto stockpile before pulling back to include only tokens seized through enforcement actions. Because, of course, Trump knows best. 🙄
Former SEC Chair Gary Gensler’s resignation in January 2025 sparked a torrent of crypto ETF filings, including several Solana-based products from asset managers anticipating a more relaxed regulatory climate. Because nothing says stability like a regulatory vacuum. 🌪️
However, on March 11, the SEC announced it had delayed the decision on several altcoin ETFs, including applications for Solana, Litecoin (LTC), Dogecoin (DOGE) and XRP (XRP) products. Because why make a decision today when you can procrastinate until tomorrow? 🕰️
The financial regulator said it needed more time to evaluate the rule change approving the proposals. Because, of course, they’ve only had years to think about it. 🤔
According to Bloomberg ETF analyst James Seyffart, this extended deliberation was standard procedure, and he argued that this doesn’t affect the high likelihood of the ETF applications being approved. Because, of course, analysts are always right. 📊
The analyst added that the final approval deadline for these altcoin ETFs wasn’t until October 2025. Because why rush when you can take your sweet time? 🐢
Franklin Templeton CEO Jenny Johnson believes the Trump administration will follow through on the president’s pro-crypto agenda and integrate traditional financial systems with crypto. Because, of course, Trump is known for his follow-through. 🙃
“I do think that it’s likely that ETFs and mutual funds will ultimately be built on blockchain just because it’s an incredibly efficient technology,” Johnson told Bloomberg in a Jan. 21 interview. Because, of course, blockchain is the answer to everything. 🌐
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2025-03-12 21:46