# EDGAR Filing Document

**Accession Number:** 0002057388
**File Stem:** 0002071844-25-000518
**Filing Date:** 2025-11
**Character Count:** 4533
**Document Hash:** 1571e682f5abb1e64842a8503e44e8a2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002071844-25-000518.hdr.sgml**: 20260407

**ACCESSION NUMBER**: 0002071844-25-000518

**CONFORMED SUBMISSION TYPE**: CORRESP

**PUBLIC DOCUMENT COUNT**: 5

**FILED AS OF DATE**: 20251121

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Franklin Solana Trust
- **CENTRAL INDEX KEY:** 0002057388
- **STANDARD INDUSTRIAL CLASSIFICATION:** [6221]
- **ORGANIZATION NAME:** 09 Crypto Assets
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** CORRESP

**BUSINESS ADDRESS:**
- **STREET 1:** ONE FRANKLIN PARKWAY
- **CITY:** SAN MATEO
- **STATE:** CA
- **ZIP:** 94403
- **BUSINESS PHONE:** (650) 312-2000

**MAIL ADDRESS:**
- **STREET 1:** ONE FRANKLIN PARKWAY
- **CITY:** SAN MATEO
- **STATE:** CA
- **ZIP:** 94403

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November 21, 2025

<u>Filed via EDGAR</u>

Rolf Sundwall, Mark Brunhofer, Irene Paik and Justin Dobbie

U.S. Securities and Exchange Commission

Division of Corporation Finance – Office of Crypto Assets

100 F Street, NE

Washington, DC 20549

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| Subject: | **Franklin Solana Trust (the "Trust")**<br> **Amendment No. 4 to Registration Statement on Form S-1**<br> **Filed September 26, 2025**<br> **<u>(File No. 333-285121)</u>** |

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Dear Mr. Sundwall, Mr. Brunhofer, Ms. Paik and Mr. Dobbie:

On behalf of the Trust, submitted herewith via the EDGAR system are the responses to the comments of the staff (the "Staff") of the U.S. Securities and Exchange Commission (the "Commission") provided via written correspondence dated November 18, 2025 with regard to the Trust's pre-effective Amendment No. 4 to its Registration Statement on Form S-1 (the "Registration Statement") with respect to the Franklin Solana ETF series of the Trust (the "Fund"), which was filed with the Commission on September 26, 2025 under the Securities Act of 1933 (the "1933 Act"). The Staff's comments are summarized below, followed by the Trust's responses thereto. Terms not defined herein have the meaning set forth for that term in the Registration Statement.

<u>Amendment No. 4 to Registration Statement on Form S-1</u>

<u>General</u>

1. <u>Comment</u>: We note your disclosure on the cover page and elsewhere in the prospectus that the Sponsor may seek to use or hold liquid staking tokens in the future. Please confirm your understanding, and revise your disclosure to clarify, that the Fund is not currently permitted to hold liquid staking tokens under the Exchange's generic listing standard.

<u>Response</u>: The Trust confirms its understanding that the Fund is not currently permitted to hold liquid staking tokens under the Exchange's generic listing standards. The Trust has revised the disclosure throughout the Reigstration Statement to clarify this, as requested.

<u>Prospectus Summary</u>

<u>Solana Staking Activities, page 4</u>

2. <u>Comment</u>: You state here that the Fund will receive a portion of the Staking Rewards earned through Staking Activities and the remaining portion of the Staking Rewards will be retained by the Staking Provider. Please revise to quantify the percentages of the Staking Rewards that will be retained by each of the Fund and the Staking Provider.

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Response: As requested, the Trust has revised the disclosure in the Registration Statement to state the percentage of the gross Staking Rewards that will be paid to the Staking Provider and the other specified parties (referred to as the Staking Expenses), with the Fund retaining the remainder of the Staking Rewards after payment of such Staking Expenses.

Attached as Exhibit A hereto please find the proposed fact sheet for the Fund.

Please do not hesitate to contact J. Stephen Feinour, Jr. at (215) 564-8521 if you have any questions or wish to discuss any of the above responses presented above.

Very truly yours,

<u>/s/ Julie Patel&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

<br> Julie Patel

Vice President and Secretary of Franklin

Holdings, LLC, Sponsor of the Trust

cc: Navid J. Tofigh, Franklin Templeton

&nbsp;&nbsp;&nbsp;&nbsp; J. Stephen Feinour, Jr., Stradley Ronon Stevens & Young, LLP

Miranda Sturgis, Stradley Ronon Stevens & Young, LLP

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#### Exhibit A
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