A well-known financial firm, Franklin Templeton, has applied to the U.S. Securities and Exchange Commission (SEC) to launch a spot Bitcoin exchange-traded fund (ETF). If approved, this fund would make it easy for regular people to invest in Bitcoin, similar to how they invest in stocks or bonds.
As per the application, the fund would be in the form of a trust. Coinbase would be custodian for BTC, while the Bank of New York Mellon would handle cash custody and administration. The trading of fund shares would take place on the Cboe BZX Exchange. The SEC is expected to make a decision regarding the application by October 16th.
This isn’t the first time a big company has tried to do this. BlackRock and others are also attempting to launch similar funds. However, it’s worth noting that Franklin Templeton might not be the first to get approval. Companies like BlackRock, WisdomTree, and Fidelity are further along in the approval process.
The SEC will review these applications in October, but a final decision might not come until March 2024. Franklin Templeton, known for its investment products, is stepping into the world of digital assets with this move.
Franklin Templeton’s bid to launch a Bitcoin investment fund reflects growing interest in crypto, but competition from other financial giants could mean a longer wait for approval from the SEC.
Also Read: Europe ETP Inflows Surge Post BlackRock Bitcoin Filing
