Asset management company Franklin Templeton applied An agreement was reached with the U.S. Securities and Exchange Commission on September 12th to launch a Spot Bitcoin Exchange Traded Fund (ETF).
The S-1 registration statement indicates that the SEC delayed decisions on spot ETF applications from WisdomTree, Valkyrie, Fidelity, VanEck, Bitwise, and Invesco on August 31st, and on August 29th, the SEC delayed decisions on spot ETF applications from WisdomTree, Valkyrie, Fidelity, VanEck, Bitwise, and Invesco. The announcement was made after a court ruled that the matter must be considered concealed. Convert Bitcoin (BTC) futures ETF to spot ETF.
The fund would be structured as a trust, according to the application. Coinbase will store the BTC and Bank of New York Mellon will be the custodian and administrator of the cash. The Fund’s shares will be traded on the Cboe BZX exchange. The next deadline for the SEC to decide on the application is October 16th.
#bitcoin Spot ETF Application:
– BlackRock ($10 trillion in assets under management)
– Fidelity ($4.5 trillion)
– Franklin Templeton ($15 trillion)
– Invesco Galaxy ($1.5 trillion)
– Wisdom Tree ($87 billion)
– Van Eck ($61 billion)
– GlobalX ($40 billion)
– ARK Investment ($14 billion)
– in bits (billion dollars)
– Valkyrie ($1 billion)Total: $17.7 trillion
Probably nothing…
— Bitcoin for Freedom (@BTC_for_Freedom) September 12, 2023
Related: Will BlackRock’s ETF drive Bitcoin prices higher?
Mr. Franklin Templeton pointed to the risks of regulatory uncertainty in its application.
“The U.S. digital asset market is subject to regulatory uncertainty, and adverse legislative or regulatory developments could result in the use of Bitcoin by imposing adverse conditions or prohibitions, such as prohibiting, restricting, or imposing restrictions on the use of Bitcoin. , may materially impair the value of Bitcoin or stocks, mining activities, digital wallets, provision of services related to the trading and storage of Bitcoin, the operation of the Bitcoin network, or the digital asset market generally.”
CF Benchmarks, a UK regulated digital asset index provider, provides daily valuations based on Coinbase, Bitstamp, iBit, Kraken, Gemini, and LMAX Digital exchanges. Trades are indexed at 5 minute intervals.
Franklin Templeton has $1.5 trillion in assets under management. At the time of writing, BTC price had increased by over 4%.
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