Economy

Franklin Templeton Seeks Approval for Bitcoin ETF


Franklin Templeton Files for Spot Bitcoin ETF

Global investment firm Franklin Templeton has submitted a filing for a spot bitcoin exchange traded fund (ETF) with the U.S. Securities and Exchange Commission (SEC). This move puts Franklin Templeton in the company of other major players like BlackRock and Fidelity who are also seeking to launch the first bitcoin ETF.

Key Takeaways:

  • Franklin Templeton, managing $1.45 trillion in assets, has filed for a bitcoin ETF with the SEC for the first time.
  • Coinbase will serve as the custodian for the bitcoin held by the fund, with pricing based on the Chicago Mercantile Exchange (CME) reference rate.
  • Similar applications have been made by BlackRock and Fidelity, reflecting the growing interest in a spot bitcoin ETF.

Details of the Franklin Templeton ETF Filing:

The filing from Franklin Templeton outlines terms similar to recent applications in the finance industry. Coinbase is designated as the custodian for the fund’s bitcoin holdings. The ETF is planned to be traded on Cboe BZX Exchange, with pricing based on the CME’s CF Bitcoin Reference Rate–New York Variant.

Notably, this marks Franklin Templeton’s first foray into creating a bitcoin ETF product, despite managing significant assets. CEO Jenny Johnson’s previous comments on bitcoin and blockchain add further interest to this development.

Spot Bitcoin ETF Approval Outlook

Following BlackRock’s initiation of new spot bitcoin ETF filings, anticipation has grown for potential approvals in the market. BlackRock’s stature and influence in the financial sector have heightened expectations. Fidelity and VanEck have also submitted similar applications, with SEC decisions on these ETFs postponed until October.

Grayscale’s recent legal win in the case involving the Bitcoin Investment Trust (GBTCUSD) adds complexity to the ETF landscape. While the SEC must clarify its stance on transitioning GBTC to an ETF, this ruling does not guarantee approval for other ETFs.

SEC Chair Gary Gensler’s comments indicate ongoing evaluation of bitcoin exchange-traded products. The SEC is reviewing multiple filings and awaiting staff recommendations on the matter.

Leave a Reply

Your email address will not be published. Required fields are marked *

Información básica sobre protección de datos Ver más

  • Responsable: Masha Media News.
  • Finalidad:  Moderar los comentarios.
  • Legitimación:  Por consentimiento del interesado.
  • Destinatarios y encargados de tratamiento:  No se ceden o comunican datos a terceros para prestar este servicio. El Titular ha contratado los servicios de alojamiento web a Banahosting que actúa como encargado de tratamiento.
  • Derechos: Acceder, rectificar y suprimir los datos.
  • Información Adicional: Puede consultar la información detallada en la Política de Privacidad.

You May Also Like

Bitcoin

Bitcoin Market Cap Surpasses $1 Trillion Bitcoin recently achieved a significant milestone by surpassing a $1 trillion market capitalization for the first time since...

Bitcoin

Bitcoin Miner Stocks Outpacing Bitcoin Prices Bitcoin miner stocks are exceeding the price of Bitcoin, reaching their highest levels since 2021 as the cryptocurrency...

News

The Latest in Cryptocurrency News Stay updated with the most recent developments in the world of cryptocurrency with Cryptowire. From market trends to new...

News

The Impact of AI on Crypto Trading Artificial intelligence (AI) is poised to revolutionize the world of crypto trading. Brett Harrison, former President of...

News

The Evolution of Ethereum The Ethereum network has evolved significantly, transitioning from Proof-of-Work to Proof-of-Stake through “The Merge.” This shift has established a native...

News

The Rise of Ethereum Network Transaction Revenue The Ethereum network is currently generating over $1 million daily in transaction revenue, marking a significant 35%...

Technology

GPU Aggregators play a crucial role in the market by consolidating GPU supply, simplifying networking orchestration, and enhancing the overall experience with ML-specific software....

Markets

Key Takeaways Former FTX CEO Sam Bankman-Fried facing trial for fraudulent use of customer and investor funds FTX filed for bankruptcy in November 2022...

Copyright © 2024 COINNEWSBYTE.COM. All rights reserved. This website provides educational content, emphasizing that investing involves risks. Ensure you conduct thorough research before investing and be ready for any potential losses. For those over 18 and interested in gambling: Online gambling laws differ across countries; adhere to your local regulations. By using this site, you agree to our terms, including the presence of affiliate links that do not impact our evaluations. Cryptocurrency offers on this site are not in line with UK financial promotion regulations and are not aimed at UK consumers.

Exit mobile version