(Reuters) – Franklin Templeton filed for an exchange-traded fund on Friday that will track the spot price of Solana, reflecting the growing interest among asset managers to profit from the popularity of cryptocurrencies beyond bitcoin.
As regulatory conditions ease and a crypto-friendly president takes office, investors are increasingly diving into digital assets and ramping up their search for the next breakout token, following Bitcoin’s remarkable rally.
Investment managers are rolling out new products to capitalize on this increasing interest.
In January, Grayscale Investments launched a fund tied to Dogecoin, a token the company said has “transitioned from a memecoin … to a tool for global financial inclusion and a viable means of payment”.
Solana has gained more than 60% over the past year. Franklin’s ETF, which tracks this cryptocurrency, will be listed on the Cboe BZX Exchange.
Franklin has chosen Coinbase as the custodian of its Solana holdings. It declined to comment further.
(Reporting by Niket Nishant in Bengaluru and Suzanne McGee in New York; Editing by Mohammed Safi Shamsi)
