Franklin Templeton files for a spot bitcoin ETF

September 13, 2023 01:04 AM AEST | By Invezz
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Franklin Templeton, an asset manager with nearly $1.5 trillion in assets under management, is the latest investment giant to file for a spot bitcoin ETF.

Eric Balchunas, a senior ETF analyst at Bloomberg, shared the news via his X account.

Another spot bitcoin ETF filing

Per the prospectus, the ETF will seek to “generally reflect the performance of the price of Bitcoin” with this done before the Fund’s expenses are paid. Franklin will utilise Coinbase for its bitcoin holdings and BNY Mellon as its cash custodian.

Delaware-based Franklin Templeton’s filing comes just days after the US Securities and Exchange Commission (SEC) delayed a decision on several proposals, including that of $9 trillion investment behemoth BlackRock. Other applications seeking to list spot bitcoin ETFs are from Fidelity Investments, WisdomTree, Ark Invest and Invesco.

Despite the regulatory delays, consensus across the industry is that the SEC is increasingly closing in on a time when it would have no choice but to approve the highly anticipated product. It’s likely along these lines that Franklin Templeton Digital Holdings Trust has applied to list the Shares of Franklin Bitcoin ETF on the Cboe BZX Exchange.

A recent court order quashed the SEC’s denial of Grayscale Investments’ application to convert its Grayscale Bitcoin Trust (GBTC) into a spot bitcoin ETF. The ruling handed Grayscale victory, granting orders for a SEC review of the application after the judge termed the original rejection as “arbitrary and capricious” – with reference to the regulator’s approval of Bitcoin futures ETFs.

Judge Neomi Rao of the Circuit Court of Appeals, noted that the SEC, as other federal agencies, should “treat like cases alike.” The crypto industry expects the agency will soon allow for a spot ETF, with the next key dates to watch being around mid-October.

As Invezz reported, Bitwise withdrew its application last week.

The post Franklin Templeton files for a spot bitcoin ETF appeared first on Invezz.


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