Franklin Templeton Solana ETF has been given the green light to start trading in the market. This gives the product approval to join other SOL funds already seeing daily inflows from investors.
NYSE Arca Approves Franklin Solana ETF For Trading
A new filing with the SEC confirmed that NYSE Arca has officially approved the listing of the Solana ETF proposed by Franklin Templeton. This is the last procedural step before the fund begins trading.
Source: SECThe decision places the asset manager among the latest firms to launch an SOL fund in the market.
This comes after Franklin Templeton submitted its final paperwork last week. Usually, the filings mean that an ETF is ready to begin trading within days. The approval comes shortly after the firm also successfully launched its XRP ETF on the NYSE.
When launched, the company’s fund will join six other SOL funds available to US investors. The fund will list under the ticker SOEZ on NYSE Arca and will be a passive vehicle designed to track the CF Benchmarks Solana Index.
This launch comes amid growing market activity in Solana ETFs this week. CoinGape reported yesterday that the asset class saw its largest daily net outflow of $13.55 million. Much of that reduction was led by a $32.54 million withdrawal from the 21Shares TSOL fund.
The firm recently added Solana and more digital assets to its crypto index ETF. This change is possible because of new listing standards from Cboe which the SEC approved earlier this year.
Roger Bayston, Franklin’s Head of Digital Assets shared the outlook of the firm on its advancements.
Institutional Activity of Solana Grows in the Market
The institutional involvement in Solana extends beyond just ETFs. Yesterday, Forward Industries announced a major partnership with Sanctum to issue the fwdSOL. It’s a liquid staking token that will enable the company to generate natively staked rewards while leveraging DeFi strategies.
Under the deal, Forward Industries will turn 1.7 million SOL into fwdSOL. The company would use the token as collateral on DeFi platforms to earn more yield.
This comes after the company started a Solana treasury. They bought $1.6 billion worth of SOL at the time. Additionally, Upexi announced that it completed a private placement of about $10 million. They plan to use this money for their SOL strategy.
Source: https://coingape.com/franklin-solana-etf-set-to-begin-trading-amid-nyse-arca-listing-approval/
