# EDGAR Filing Document

**Accession Number:** 0002057388
**File Stem:** 0000000000-25-009928
**Filing Date:** 2025-9
**Character Count:** 4386
**Document Hash:** 67e6e6dd8e5f63dbb93001f8d3881fec
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000000000-25-009928.hdr.sgml**: 20260407

**ACCESSION NUMBER**: 0000000000-25-009928

**CONFORMED SUBMISSION TYPE**: UPLOAD

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20250912

**FILED FOR**: 

**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:** UPLOAD
- **SEC FILE NUMBER:** 333-285121

**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
**PUBLIC REFERENCE ACCESSION NUMBER**: 0001137439-25-000111

## Text-Extract

```

                                                              September 12,
2025

David Mann
President and Chief Executive Officer
Franklin Solana Trust
c/o Franklin Holdings, LLC
One Franklin Parkway
San Mateo, CA 94403-1906

       Re: Franklin Solana Trust
           Amendment No. 3 to Registration Statement on Form S-1
           Filed August 29, 2025
           File No. 333-285121
Dear David Mann:

     We have reviewed your amended registration statement and have the
following
comments.

        Please respond to this letter by amending your registration statement
and providing
the requested information. If you do not believe a comment applies to your
facts and
circumstances or do not believe an amendment is appropriate, please tell us why
in your
response.

       After reviewing any amendment to your registration statement and the
information
you provide in response to this letter, we may have additional comments. Unless
we note
otherwise, any references to prior comments are to comments in our August 15,
2025 letter.

Amendment No. 3 to Registration Statement on Form S-1
General

1.     We note your response to prior comment 1. Please revise your disclosure,
consistent
       with your response, to clarify that your liquidity risk policies and
procedures for your
       staking program are consistent with the exchange's proposed generic
listing standards.
Prospectus Summary
Solana Staking Activities, page 4

2.     You state here that the Sponsor generally seeks to stake as much of the
Fund's Solana
       as is practicable (i.e., up to 100%). Please revise to quantify the
specific percentage of
       the Trust's SOL you intend to stake under normal circumstances, or tell
us why you
 September 12, 2025
Page 2

      are unable to do so. Please also tell us, with a view towards revised
disclosure,
      whether a current percentage of the Trust's SOL being staked will be made
publicly
      available to investors on a regular basis, including on your website or
otherwise.
Liquidity Risk Management, page 5

3.    You state here that the Sponsor has adopted a liquidity risk management
policy (the
      "Policy") related to the management of the Fund's staking program and
related
      liquidity risks. Please revise to clarify whether or not the disclosure
in this section is a
      description of the Policy. Please also clarify which part of the Policy
addresses
      whether the investment strategy is appropriate for effective and
efficient arbitrage.
The Index Administrator and Secondary Index Provider, page 141

4.    We note your response to prior comment 2 and re-issue the comment. Please
file the
      Index Administrator Agreement as an exhibit to the registration statement
pursuant to
      Item 601(b)(10) of Regulation S-K.
       Please contact Rolf Sundwall at 202-551-3105 or Mark Brunhofer at
202-551-3638 if
you have questions regarding comments on the financial statements and related
matters. Please contact Irene Paik at 202-551-6553 or Justin Dobbie at
202-551-3469 with
any other questions.

                                                              Sincerely,

                                                              Division of
Corporation Finance
                                                              Office of Crypto
Assets
cc:   J. Stephen Feinour, Jr.

```

### Attached PDF Documents

**Attachment 1:** `filename1`

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