There is a new development in the cryptocurrency world. Accordingly, Franklin Templeton has joined the Bitcoin ETF race. The SEC received the spot ETF application. Let’s see what’s in the details.
Proposal for Bitcoin Spot ETF from Franklin Templeton
According to a recent development, traditional finance giant Franklin Templeton has entered the race for a Bitcoin Spot ETF (Exchange Traded Fund). The offer is important. Because the company manages 1.53 trillion dollars. The Securities and Exchange Commission (SEC) received the investment firm’s application. It also marks another significant move in the growing interest of established financial players in the cryptocurrency space.
There are similarities with the involvement of BlackRock and Coinbase. Accordingly, Franklin Templeton’s approach is similar to that of BlackRock and other firms seeking SEC approval for Spot Bitcoin ETFs. Coinbase, a famous cryptocurrency exchange, will serve as the custodian for the proposed ETF. This partnership is in line with the Spot market information sharing agreement.
Franklin Templeton joins esteemed list of Bitcoin ETF applicants
Franklin Templeton is one of the leading names in the world of international finance with $1.53 trillion in assets under management. Its entry into the Bitcoin Spot ETF arena underscores Bitcoin’s growing appeal in traditional financial markets. However, there is also a different situation on the agenda. So what sets this ETF apart from others? The question arises.
The proposed ETF is classified as a Bitcoin Spot ETF that aims to issue shares based on actual Bitcoin holdings. Coinbase has a role as a custodian and provider of spot market information. It is also consistent with the SEC’s previous evaluations for such products.
Any chance of approval?
Experts estimate that this product has a 70% chance of being approved. However, these estimates are speculative and not definitive. The final decision will rest with the SEC. However, it will of course have positive effects for Bitcoin. Franklin Templeton’s application marks an important milestone for Bitcoin. It also reaffirms its position in the spotlight despite market challenges.
Bitcoin BTC’s recent price recovery above $26,000 may have been partially influenced by this news. The cryptocurrency community is eagerly awaiting the SEC’s decision in mid-October, which will also apply to other Bitcoin Spot ETFs. Bitcoin’s presence in the upper echelons of New York finance is notable. On the other hand, when we look at it as cryptokoin.com, it points to a remarkable transformation even compared to just a few months ago.
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