February 21 (Reuters) – Franklin Templeton has filed for an exchange-traded fund (ETF) that will track the spot price of Solana, signaling a growing trend among asset managers to capitalize on the expanding popularity of cryptocurrencies beyond Bitcoin. This move reflects the increasing interest as regulatory conditions ease and after the election of a crypto-friendly president.
As investors continue to seek the next major digital asset following Bitcoin’s recent gains, investment managers are creating new products to capture this growing interest.
In January, Grayscale Investments introduced a fund dedicated to Dogecoin, a token which the company describes as “transitioned from a memecoin … to a tool for global financial inclusion and a viable means of payment”.
Solana has seen considerable growth, up over 60% in the past year. Franklin Templeton’s ETF, which will track this cryptocurrency, is slated to be listed on the Cboe BZX Exchange.
Franklin Templeton has selected Coinbase as the custodian for its Solana holdings. The company has declined any further comment on the subject.
