On Feb 21, Franklin Templeton applied for an exchange-traded fund that will monitor the spot price of Solana, showing an increasing interest among asset managers to capitalize on cryptocurrencies beyond bitcoin.

As regulations become more lenient and a crypto-friendly president assumes office, investors are delving deeper into digital assets in search of the next promising token, spurred by Bitcoin's impressive rally.

In response to this growing interest, investment managers are introducing new products. In January, Grayscale Investments linked to Dogecoin, calling it a tool for global financial inclusion and a viable method of payment.

Solana has surged by over 60% in the last year. Franklin's ETF, tracking this cryptocurrency, will be available on the Cboe BZX Exchange.

Franklin has selected Coinbase to safeguard its Solana holdings and declined to provide further comments.