Franklin Templeton, one of the world’s largest asset managers, today submitted an application for a spot exchange traded fund Bitcoin (BTC). The multinational, which manages $1.4 trillion in assets, follows major rivals such as BlackRock and Grayscale.
Franklin Templeton begins the fight for a scholarship fund
On Tuesday, September 12, asset manager and investment manager Franklin Resources Inc, better known as Franklin Templeton, filed an application for a Bitcoin exchange fund. The spot exchange traded fund is now being monitored by the US regulator Securities and Exchange Commission (SEC)for approval.
With the application, Franklin Templeton competes with major competitors such as BlackRock and Grayscale. You have previously filed with the SEC. Unfortunately for them and the crypto industry in general, the process requires approval postponed by the SEC. The deadline for approval is now October 17, 45 days after the original deadline.
However, this does not necessarily mean that a judgment will actually be made. The SEC has the bureaucratic option to delay a decision until March 2024. And since Franklin Templeton just filed an ETF application, it’s unlikely they’ll be first in line.
Bitcoin ETF powered by Coinbase
The move toward a Bitcoin spot ETF is a big step for the San Mateo-based asset manager. To date, the company has not taken such a step and organizing it required some work. The ETF, like many other ETFs, is supported by Coinbase. You can invest in the ETF on the Cboe BZX Exchange, Inc.
A Bitcoin spot ETF is a fund that consists of a whole range of Bitcoins that you can invest in. An investor in the fund makes money by increasing the price of Bitcoin. In other words, people invest in Bitcoin but do not have to manage the tokens and instead receive shares.