Asset management company Franklin Templeton has filed an application with the U.S. Securities and Exchange Commission (SEC) to launch a spot bitcoin exchange-traded fund (ETF). The California-based firm, which manages over $1.4 trillion in assets, aims to become the first major investment firm in the United States to offer a bitcoin ETF. If approved, Franklin Templeton plans to use Coinbase as the custodian for the fund’s bitcoin holdings and Bank of New York Mellon for cash. Other major investment firms, including Fidelity and Blackrock, have also applied for bitcoin ETFs.
The SEC has previously approved ETFs that hold bitcoin futures but has yet to give the green light to a spot bitcoin ETF. The regulatory body recently postponed decisions on seven applications from companies such as Invesco Galaxy, Wisdomtree, and Bitwise, citing the need for more time to assess the proposals. However, with the recent court ruling in favor of Grayscale Investments, overturning the SEC’s refusal to allow the conversion of its bitcoin trust into an ETF, experts believe that the SEC may eventually approve multiple spot bitcoin ETFs at once. The growing interest in bitcoin ETFs from major asset managers and the SEC’s willingness to review applications from established market players have provided a sense of optimism in the crypto space this year.
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