Franklin Templeton Files for Bitcoin ETF
Franklin Templeton, a global investment firm with over $1.4 trillion in assets under management, has filed with the US Securities and Exchange Commission (SEC) for a Bitcoin exchange-traded fund (ETF). The ETF, if approved, would be listed and traded on the Cboe BZX Exchange. Coinbase Custody Trust Company will serve as the custodian for the fund’s Bitcoin holdings, while Bank of New York Mellon will be the cash custodian, administrator, and transfer agent. The fund will use CF Benchmarks Index for Bitcoin prices to prevent price manipulation. Franklin Templeton’s move follows the SEC’s ongoing delay in approving other Bitcoin ETF applications. The approval of a Bitcoin ETF would have a significant impact on the crypto industry.
Bitcoin ETF Race
The filing by Franklin Templeton adds momentum to the push for Bitcoin ETF approvals. The involvement of major asset managers like BlackRock, Fidelity, and Invesco in this race highlights the growing recognition of Bitcoin as a mainstream investment. A Bitcoin ETF would be a game-changer for the industry. The SEC has approved Bitcoin futures trading products but has yet to approve a Bitcoin ETF. Following the announcement, Bitcoin’s price saw a slight surge, increasing 2.6% to $26,294.
Hot Take: Franklin Templeton’s Bitcoin ETF Filing Boosts Momentum for Approval
The filing by Franklin Templeton for a Bitcoin ETF adds new momentum and urgency to the ongoing movement for Bitcoin ETF approvals. The participation of major asset managers in this race, including Franklin Templeton, BlackRock, Fidelity, and Invesco, underscores the growing recognition of Bitcoin as a desirable mainstream investment. If approved, a Bitcoin ETF would have a profound impact on the crypto industry, opening up new opportunities for investors. The SEC’s delay in approving other Bitcoin ETF applications has been a source of frustration for the industry, but the filing by Franklin Templeton signals that the race for approval is far from over. The slight surge in Bitcoin’s price following the announcement reflects the market’s optimism and excitement surrounding the potential approval of a Bitcoin ETF.
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