Franklin Templeton supports Solana following the launch of the Ethereum ETF

Franklin Templeton says Solana has shown mainstream adoption and continues to mature. The asset manager has agreed to launch its second digital asset-backed ETF, the Franklin Ethereum ETF (EZET). 10 billion dollars in funding

Franklin Templeton expressed his confidence in the development of crypto exchange-traded funds (ETFs), saying there are other exciting and major developments that will drive the crypto industry forward.

In X's post, the asset manager wrote: “In addition to Bitcoin and Ethereum, there are other exciting and major developments that we believe will drive the crypto space forward.”

Expressing his enthusiasm for the Solana ETF, Franklin Templeton added:

“Solana has seen massive adoption and continues to grow, overcoming growing pains with technology and demonstrating the potential of high-performance, monolithic architectures.”

Launch of Ethereum ETF

Franklin Templeton's announcement comes after the asset manager launched its second digital asset-backed ETF, the Franklin Ethereum ETF (EZET), on the Chicago Board Options Exchange (Cboe).

Speaking about the launch, Patrick O'Connor, Head of Global ETFs at Franklin Templeton, said: “Following the success of our niche bitcoin ETF (EZBC) launched in January, we are proud to add EZET to our growing portfolio of digital asset ETFs. He said.

O'Connor added that the company is “thrilled” to provide its clients with greater access to the digital asset industry by offering a “seamlessly integrated fund structure within traditional portfolios”.

As part of the launch, Franklin Templeton has agreed to completely waive fees on its first $10 billion of fund assets through January 2025.

Earlier this week, Cboe announced the divestment of five Ether ETFs following US Securities and Exchange Commission (SEC) approval. Franklin Templeton was one of them, the others being 21Shares Core Ethereum ETF, Fidelity Ethereum Fund, Invesco Galaxy Ethereum ETF and VanEck Ethereum ETF.

Data shows that on the first day of availability, investors traded more than $1 billion worth of shares from Ether ETF issuers, netting $106.7 million.

Solana ETFs

In July, Cboe also filed two applications to list Solana ETFs on the platform: 21Shares and VanEck. Filing two Form 19b-4 filings on July 8, the SEC has until March 2025 to make a decision.

According to Cboe, Solana ETF (Solana ETF) is similar to bitcoin and ethereum funds, adding that “like bitcoin and ETH, the exchange believes that SOL is resistant to price manipulation and has “methods to prevent other fraudulent and fraudulent activities and practices” with the required monitoring sharing agreement. It's there to make sure it gets paid.”