Asset Manager Seeking Approval for $1.6 Trillion Ethereum Exchange-Traded Fund (ETF) on Spot Market

By Daisy Hodley Feb 14, 202444Views

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Franklin Templeton Applies for Ethereum Exchange-Traded Fund (ETF)

Global investment firm Franklin Templeton has filed an application with the U.S. Securities and Exchange Commission (SEC) for an Ethereum (ETH) exchange-traded fund (ETF) in the spot market. This comes after the company received approval last month to launch a Bitcoin ETF. If approved, the Bank of New York Mellon will act as custodian for the fund’s cash holdings, while Coinbase Custody will serve as custodian for the ETF’s Ethereum holdings.

Convenient Access to ETH Investment

The ETF aims to provide investors with a convenient way to gain exposure to Ethereum. By offering an investment that reflects the price of Ether owned by the Fund at a given time, minus expenses, Franklin Templeton aims to remove complexities and operational burdens associated with direct investments in Ether. The Fund is designed as a passive investment vehicle and does not actively manage the Ether held by it.

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