Cboe BZX files Solana ETF application on behalf of Franklin Templeton

The Chicago Board Options BZX Exchange (Cboe) has submitted an application on behalf of asset manager Franklin Templeton to list a Solana (SOL) exchange-traded fund (ETF) in the United States.

According to the March 12 filing, Franklin Templeton’s proposed ETF will hold spot SOL, and the filing encouraged the Securities and Exchange Commission to allow the fund to stake its underlying crypto for additional rewards.

“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.

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.

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.

The Solana ETF application filed on behalf of Franklin Templeton. Source: Cboe

Related: Franklin Templeton launches US gov’t money fund on Solana

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.

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.

The financial regulator said it needed more time to evaluate the rule change approving the proposals.

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.

The analyst added that the final approval deadline for these altcoin ETFs wasn’t until October 2025.

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.

“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.

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