Franklin Templeton Files Application for Bitcoin Spot ETF

Franklin Templeton, a giant asset manager overseeing trillions of dollars, has joined the race alongside BlackRock, Fidelity, and others by filing an application for a Bitcoin Spot ETF.

Franklin Templeton Files Application for Bitcoin Spot ETF

Late on September 12, 2023, Franklin Templeton, managing nearly $1.5 trillion in assets, submitted an application to the U.S. Securities and Exchange Commission (SEC) to establish a Bitcoin Spot ETF.

According to the filing, the assets of the Franklin Bitcoin ETF will primarily consist of Bitcoin (BTC). If approved, the shares will be listed and traded on the Cboe BZX Exchange, with custody provided by Coinbase Custody.

The crypto space eagerly anticipates the approval of the first Bitcoin Spot ETF. However, the SEC has not officially approved any proposals yet, instead delaying decisions on Bitcoin Spot ETFs for Wall Street giants, including BlackRock, Fidelity, WisdomTree, Valkyrie, VanEck, Invesco, ARK Invest, Wise Origin, and Bitwise.

SEC has 240 days to make a final decision on each application, whether to approve, reject, or further delay. Franklin Templeton's proposal is the latest addition to the long list of Bitcoin Spot ETF applications currently under SEC review.

Franklin Templeton is a multinational corporation engaged in global asset management and investment, headquartered in San Mateo, California. The Franklin Templeton group currently manages assets of approximately $1.53 trillion and has offices across 6 continents, serving clients in over 155 countries.

Franklin Templeton's application comes weeks after Grayscale Investments won its lawsuit against the SEC, prompting the commission to reconsider its Bitcoin ETF proposal.

Bloomberg analysts recently raised the likelihood of Bitcoin Spot ETFs appearing in 2023 to 75% following several positive signals.

On the evening of September 12, Bitcoin prices were recovering in the range of $26,100 to $26,400, following a dip to $25,000 amid speculation about FTX potentially liquidating a large amount of crypto assets.

This move is not Franklin Templeton's first venture into digital asset management. Last September, the company launched a Metaverse ETF for European investors and raised $20 million to establish a blockchain venture capital fund.

Hourly chart of BTC/USDT pair on Binance at 10:00 PM on September 12, 2023