Franklin Templeton Files for Ethereum ETF Amidst Growing Interest from Traditional Financial Institutions
Franklin Templeton, with $1.4 trillion in assets under management, has made a significant move in the cryptocurrency market by filing for an Ethereum exchange-traded fund (ETF). This highlights the increasing interest of traditional financial institutions in digital assets. The proposed “Franklin Ethereum Trust” aims to expose investors to Ethereum (ETH), the second-largest cryptocurrency by market capitalization. Coinbase Custody will serve as the custodian for the ether held in the ETF, as well as for BlackRock’s Ethereum ETF.
Competition in the Crypto ETF Space
Franklin Templeton’s move comes as other players enter the race to introduce Ethereum ETFs. The SEC’s recent approval of 11 spot bitcoin ETFs has sparked this increased activity. However, challenges remain as the SEC has delayed decisions on applications from Grayscale Investments and BlackRock. VanEck, the first to file for a spot Ethereum ETF, awaits the SEC’s decision by May 23.
Market Dynamics and Outlook
While Franklin’s spot Bitcoin ETF has had a slower start, experts are optimistic about the potential for Ethereum ETFs, with some predicting SEC approval by May. Franklin Templeton’s move into the crypto space indicates its commitment to adapt and meet changing investor demands under CEO Jenny Johnson’s leadership.
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