February 21 (Reuters) – Franklin Templeton has filed for an exchange-traded fund (ETF) that will track the spot price of Solana, signaling growing interest from asset managers to capitalize on cryptocurrencies beyond Bitcoin.
As the regulatory environment becomes more favorable and investors seek the next major digital asset, the investment community is increasingly looking beyond Bitcoin, which has seen significant recent gains. Investment managers are responding by rolling out new products to meet this rising demand.
In January, Grayscale Investments introduced a fund tied to Dogecoin, a cryptocurrency that the company described as evolving “from a memecoin … to a tool for global financial inclusion and a viable means of payment.”
Solana has appreciated by more than 60% over the past year. Franklin Templeton’s ETF will be listed on the Cboe BZX Exchange. Coinbase has been selected to serve as the custodian for Franklin Templeton’s Solana holdings. Franklin Templeton declined to offer further comment.
Reporting by Niket Nishant in Bengaluru and Suzanne McGee in New York; Editing by Mohammed Safi Shamsi
