Franklin Templeton Submitted S-1 Filing for Spot Solana ETF to the SEC on February 21

Franklin Templeton Submits Spot Solana ETF Application

Franklin Templeton has submitted an S-1 filing for a Spot Solana ETF to the U.S. Securities and Exchange Commission (SEC). As a leading global asset management firm, Franklin Templeton joins the growing competition in the crypto ETF market, becoming the sixth company to submit a Spot Solana ETF application. Previously, Grayscale, Bitwise, VanEck, WisdomTree, and 21Shares had already filed similar applications.

ETF Application Approval Process

After submitting the ETF application, the SEC will evaluate it according to regulations to ensure compliance with the relevant standards. During the review process, the applicant must provide detailed information about investment strategies, risk factors, fee structures, and other key information. The SEC typically provides initial feedback, allowing the applicant to make revisions and additions as required. Once the SEC grants approval, the ETF can begin public trading. This process typically takes several months and may be adjusted according to market and regulatory changes.

Solana to Face Significant Token Unlocking

Solana is a decentralized blockchain platform focused on efficient transaction processing and low-cost transactions. Its native token, SOL, is widely used for transaction payments and incentivization mechanisms within the network. With its high throughput and fast transaction speeds, Solana has attracted significant attention from developers and users alike.

On March 1, 11.2 million SOL tokens from the FTX bankruptcy auction will be unlocked, worth approximately $2.06 billion, accounting for 2.29% of Solanas current circulating supply. These SOL tokens were originally held by FTX and Alameda Research, and as part of the bankruptcy liquidation, FTX sold this batch of locked tokens at a discount. The unlocking of these tokens may have potential market impacts, especially if they are heavily sold, which could trigger price fluctuations.