This is coming shortly after Grayscale’s court victory against the U.S. Securities and Exchange Commission (SEC) and adds its name to a growing list of financial heavyweights seeking to launch similar products.
Franklin Templeton is a global investment management firm that offers a wide range of financial products and services. It manages investment portfolios for individuals, institutions, and financial advisors.
Franklin Templeton is known for its expertise in mutual funds and other investment strategies, with a global presence and a history dating back to 1947. It focuses on delivering investment solutions to help clients achieve their financial goals.
A Bitcoin ETF, or exchange-traded fund, is an investment vehicle designed to track the value of Bitcoin or Bitcoin futures contracts, providing investors with access to Bitcoin without owning it.
Bitcoin ETFs are traded on traditional exchanges instead of cryptocurrency exchanges, making them more accessible to retail investors and those who are not comfortable investing in cryptocurrencies.
According to Templeton’s filing with the SEC, it outlined its plans to introduce a Coinbase-custody ETF tradeable on the Cboe BZX Exchange, Inc. which will provide its investors access to participate in the most valuable cryptocurrency.
Industry analysts are optimistic about the approval of a Bitcoin ETF in the U.S. as Franklin Templeton faces competition from BlackRock, WisdomTree, and Fidelity, who are further along in the SEC’s regulatory process.
Also, the SEC has set October as the next review date for the spot Bitcoin ETF applications sent in from late last year into 2023. Details also reveal that a final decision from the US authority may linger till March 2024.
While Bitcoin ETF applications are common in the news, Ether ETFs have also entered the stage with Volatility Shares, Bitwise, Roundhill, VanEck, Proshares, and Grayscale, leading the way.
Will Ether ETFs be approved before Bitcoin ETFs? What will be the effect of this approval?