{"id":60098,"date":"2023-09-12T14:04:31","date_gmt":"2023-09-12T18:04:31","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/traditional-finance-giant-franklin-templeton-files-spot-bitcoin-etf-with-the-sec\/"},"modified":"2023-09-12T14:04:33","modified_gmt":"2023-09-12T18:04:33","slug":"traditional-finance-giant-franklin-templeton-files-spot-bitcoin-etf-with-the-sec","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=60098","title":{"rendered":"Traditional Finance Giant Franklin Templeton Files Spot Bitcoin ETF With the SEC"},"content":{"rendered":"
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San Mateo-based Franklin Templeton, one of the world’s largest global investment managers, has joined the spot Bitcoin exchange-traded fund (ETF) frenzy, filing an application with the US Securities and Exchange Commission (SEC) on Tuesday.<\/p>\n

Dubbed the \u201cFranklin Bitcoin ETF,\u201d the fund consists primarily of Bitcoin (BTC) \u201cheld by a custodian on behalf of the fund.\u201d<\/p>\n

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In this case, Coinbase Custody Trust Company will be the custodian for the fund\u2019s BTC holdings and Bank of New York Mellon will be the cash custodian, administrator and transfer agent, the filing read.<\/p>\n

The company noted that the shares will be listed and traded on the Cboe BZX Exchange. However, it has not proposed a ticker for the product yet.<\/p>\n

Furthermore, Franklin Templeton would use CF Benchmarks Index, a leading provider of cryptocurrency benchmark indices, for BTC prices and to prevent any potential price manipulation.<\/p>\n

Franklin Templeton, which oversees some $1.4 trillion in assets under management, filed a blockchain equity fund with the SEC in May, targeting institutional investors.<\/p>\n

The company has also been involved in other crypto-related products, including its money-market fund that runs on the Stellar blockchain. In April, the investment firm launched a tokenized mutual fund on Polygon.<\/p>\n

Bitcoin ETF Race<\/h2>\n

The company\u2019s spot Bitcoin ETF filing follows a prolonged delay from the SEC on several similar spot ETF applications from WisdomTree, Valkyrie, Fidelity, VanEck, Bitwise and Invesco, in August.<\/p>\n

It isn\u2019t clear when a Bitcoin-linked ETF will go live, even though the agency approved a number of Bitcoin futures trading products. But it is clear that once approved, it would be a game-changer for the crypto industry.<\/p>\n

\u201cFranklin Templeton’s move to file for a bitcoin ETF adds new momentum and urgency to the ongoing movement for bitcoin ETF approvals,\u201d says Alex Adelman, CEO and co-founder of Bitcoin rewards app, Lolli.<\/p>\n

Adelman told Cryptonews that the filing \u201camplifies Grayscale\u2019s recent victory against the SEC.\u201d<\/p>\n

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\u201cThe fact that four of the top ten asset managers, with Franklin Templeton alongside industry giants like BlackRock, Fidelity, and Invesco, have joined this race only further underscores the growing recognition of bitcoin as a desirable mainstream investment with strong global demand.\u201d<\/p>\n<\/blockquote>\n

Following the announcement, Bitcoin price saw a slight surge, up 2.6% to $26,294 at 10:03 a.m. ET, CoinGecko data notes.<\/p>\n<\/p><\/div>\n