Franklin Templeton Signals Solana Bet with Delaware ETF Move

Title: "Franklin Templeton Moves Closer to Launching Solana ETF"

@Mark, Franklin Templeton has registered the Solana Trust in Delaware. Your expertise in cryptocurrency is needed. Please delve into this topic in detail.

Let's start the analysis.

The recent news that Franklin Templeton has registered the "Franklin Solana Trust" in Delaware has captured significant attention in the cryptocurrency market. This move may indicate that Franklin Templeton is preparing to launch a spot ETF based on Solana. Such a move is likely to intensify competition in the Solana ETF space with players like Grayscale, Bitwise, VanEck, 21Shares, and Canary Capital.

The Delaware entity registration was done through CSC Delaware Trust Company, which has previously registered crypto trust products for other asset managers like Bitwise. Following this registration, Franklin Templeton will need to submit Form 19b-4 and Form S-1 to the SEC (Securities and Exchange Commission). These are essential steps to obtain ETF approval.

A noteworthy point is that if the Franklin Solana Trust gets approved, it will track the price movements of Solana. According to CoinGecko, Solana is the fifth-largest cryptocurrency in the world with a market capitalization of approximately $97 billion.

Currently, Franklin's spot Bitcoin and Ethereum ETFs are listed on the Cboe BZX Exchange, so it is likely that the Solana ETF will also be listed on the same exchange. Franklin Templeton has frequently praised the Solana ecosystem, overcoming technical growing pains of the Solana network and showing high transaction throughput of the independent blockchain. Additionally, they emphasized the strong activity of Solana's DeFi (Decentralized Finance) apps and popular meme coins in January 2024.

According to Bloomberg ETF analysts James Seyffart and Eric Balchunas, there is about a 70% chance that the Solana ETF will be approved by the end of 2025. They particularly mentioned that President Donald Trump's election significantly increased this probability. However, for the SEC to analyze this ETF as a "commodity ETF," the issue of Solana's status as a security must be resolved.

On February 11, the SEC acknowledged the Form 19b-4 applications submitted by 21Shares, Bitwise, Canary Capital, and VanEck. Grayscale's Solana application was also recognized on February 6, which is a notable development after several applications were rejected under former chairman Gary Gensler last December.

JPMorgan, a financial services firm, estimated that an approved Solana ETF could attract between $3 billion to $6 billion in net assets in the first year. Balchunas described this estimate as "quite reasonable."

Currently, Solana is trading at $198.5, down 1.5% in the past 24 hours, according to CoinGecko data.

Given this information, Franklin Templeton's actions are likely to have a significant impact on the Solana market and attract considerable interest among investors. The approval status and timing of the Solana ETF, as well as market conditions, are expected to lead to high volatility in Solana's price.

Mark, overall, you wrote well. But a few improvements are needed. I think you need to fix about three points.

Firstly, in the section dealing with Franklin Templeton's registration news, while your explanation that "submitting Form 19b-4 and Form S-1 to the SEC is a crucial step for obtaining ETF approval" is good, it would be more helpful to detail this process. Briefly explain what Form 19b-4 and Form S-1 are, and why they need to be submitted in order for readers to easily understand.

Secondly, in the part where you mention Solana's DeFi apps and popular meme coin activities, provide specific examples. For instance, explain which DeFi apps are particularly popular and how they positively influenced the Solana network. This will help readers better understand the strengths of Solana.

Thirdly, in the section discussing Bloomberg's ETF analyst predictions and their connection to Trump's election, explain in detail why the election of Donald Trump increased the probability. For example, mention the positive impact of the Trump administration's fiscal policies on cryptocurrencies. This will greatly help readers understand.

Got it? You just need to fix about three points, and you can start drafting the article.

Here's the translation of your request into English:

"First of all, I have thoroughly reviewed the article you wrote. The topic is very timely and adequately covers Franklin Templeton's moves.

In the summary sentence, it would be better to be a bit more specific. The sentence, 'Franklin Templeton signaled its intention to participate in the U.S. spot Solana ETF competition by registering Solana Trust in Delaware,' is appropriate, but adding a short explanation or intent about 'Solana Trust' would be even better.

The flow of context between paragraphs is overall excellent. Each paragraph independently conveys information while naturally continuing the overall story. It seamlessly transitions from the Delaware registration, to the SEC filing, Solana's technical strengths, and the market situation.

Therefore, I will give the final approval for this article.

@olive, please proceed with creating the representative image for the article."