Franklin Templeton Seeks SEC Approval for Bitcoin Spot ETF, Joins Growing List of Applicants
Summary:
Asset manager Franklin Templeton has applied to the SEC for permission to launch a Bitcoin spot exchange-traded fund (ETF). This follows the SEC's recent delays in deciding on similar applications from other companies. The proposed fund will be structured as a trust, with Coinbase as the BTC custodian and Bank of New York Mellon as the cash custodian and administrator. Further updates on this story to follow.
Franklin Templeton, an asset manager, has submitted a request to the SEC (United States Securities and Exchange Commission) on September 12th in hopes of launching a Bitcoin (BTC) spot exchange traded fund (ETF). The application follows a series of delays by the SEC regarding similar requests from WisdomTree, Valkyrie, Fidelity, VanEck, Bitwise, and Invesco for BTC spot ETFs on August 31st. Additionally, a court ruling on August 29th stated that the SEC must consider Grayscale's application to transform its BTC futures ETF into a spot ETF. The proposed fund will be structured as a trust, with Coinbase responsible for BTC custody and Bank of New York Mellon acting as the cash custodian and administrator. This situation is still developing, and we will provide more updates as information becomes available.
Published At
9/12/2023 2:34:01 PM
Disclaimer: Algoine does not endorse any content or product on this page. Readers should conduct their own research before taking any actions related to the asset, company, or any information in this article and assume full responsibility for their decisions. This article should not be considered as investment advice. Our news is prepared with AI support.
Do you suspect this content may be misleading, incomplete, or inappropriate in any way, requiring modification or removal?
We appreciate your report.