Franklin Templeton, a well-known asset manager with $1.4 trillion in assets under management, has filed for a spot Bitcoin exchange-traded fund (ETF).
Franklin Templeton Files for Spot Bitcoin ETF
Franklin Templeton, a well-known asset manager with $1.4 trillion in assets under management, has filed for a spot Bitcoin exchange-traded fund (ETF). On Tuesday, the corporation applied to the Securities and Exchange Commission (SEC) for approval of "The Franklin Bitcoin ETF" as part of the Franklin Templeton Digital Holdings Trust.
The ETF's shares would be listed and traded on the Cboe BZX Exchange, with Coinbase, the largest cryptocurrency exchange in the United States, serving as the fund's custodian, according to the application. Other Bitcoin ETF candidates have also chosen Coinbase as a custodian and surveillance-sharing partner.
Multiple spot Bitcoin ETF applications are now being reviewed by the SEC, including one from BlackRock, the world's largest asset manager. The SEC postponed its decision on numerous Bitcoin ETF proposals, including those from BlackRock and WisdomTree, last month. The agency's next deadline for responding to an application is October 16, however it has the flexibility to postpone its decision even later.
The race to develop a Bitcoin ETF has gotten a lot of attention since it would give a regulated and easy way for institutional and ordinary investors to obtain exposure to Bitcoin price swings without physically holding the cryptocurrency.
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