Sep 12, 2023

Exploring the Crypto Bitcoin ETF Filing by Franklin Templeton

Crypto Bitcoin Exchange Franklin Templeton Files for Spot Bitcoin ETF
Franklin Templeton files for spot Bitcoin ETF

Franklin Templeton Launches Bitcoin ETF

On Sept. 12, asset manager Franklin Templeton submitted an application to the United States Securities and Exchange Commission (SEC) to launch a Bitcoin exchange-traded fund (ETF). This follows the SEC’s delay in decisions on ETF applications from WisdomTree, Valkyrie, Fidelity, VanEck, Bitwise, Invesco, and a court ruling requiring the SEC to consider Grayscale’s application to convert its Bitcoin (BTC) futures ETF into a spot ETF.

The proposed fund will be structured as a trust, with Coinbase as the custodian of the BTC and Bank of New York Mellon as the cash custodian and administrator. The fund’s shares will be listed on the Cboe BZX Exchange. The SEC’s deadline for making a decision on the application is Oct. 16.

Franklin Templeton’s application acknowledges the risk of regulatory uncertainty in the crypto space, such as Gemini crypto exchange, fidelity crypto, and other web 3.0 applications like the Apple Health application.

Franklin Templeton has $1.5 trillion in assets under management. At the time of writing, the price of BTC was up 4.11% and rising quickly, with crypto exchanges like Gemini and Fidelity offering crypto trading. AI writing is also becoming an increasingly popular feature of Web 3.0 applications, such as the Apple Health application.

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