Asset Manager Seeks Approval for Ethereum Spot ETF
Franklin Templeton, a prominent asset manager on Wall Street, has applied for an Ethereum Spot Exchange-Traded Fund (ETF) following their unsuccessful attempt to gain approval for a Bitcoin Spot ETF earlier this year. This move reflects a growing interest among asset managers in offering crypto investment products to institutional and individual investors.
Franklin Templeton Joins Other Companies in Filing for Ethereum ETFs
Franklin Templeton is the eighth company to file an application for an Ethereum ETF with the SEC. Other asset managers that have filed similar applications include Hashdex, BlackRock, Fidelity, Ark and 21Shares, Grayscale, VanEck, Invesco, and Galaxy. The proposed Franklin Ethereum Trust aims to provide investors with regulated access to ETH by allowing them to store it directly through a custodian. The trust also plans to stake a portion of its assets through trusted staking providers to earn additional income from staking rewards.
ETH Price Rises Amidst Franklin Templeton’s Application
The price of ETH has experienced an increase while Franklin Templeton filed its spot Ethereum ETF application. However, there is no concrete evidence linking the price surge to this development. As of press time, ETH is trading at $2,661 with a market capitalization and trading volume that have both seen significant increases.
Hot Take: Growing Interest in Crypto Investment Products
The recent filing by Franklin Templeton for an Ethereum Spot ETF demonstrates the increasing demand for crypto investment products among asset managers. As more companies apply for these financial instruments, it becomes clear that cryptocurrencies like ETH are gaining traction in traditional financial markets. If approved, the Ethereum ETFs could provide investors with regulated access to ETH and potentially contribute to the further adoption and growth of the cryptocurrency industry.
By
By
By
By