Franklin Templeton, a renowned global asset manager with $1.4 trillion in assets under management, has applied to the Securities and Exchange Commission (SEC) for approval of “The Franklin Bitcoin ETF.” This move adds them to the growing list of companies seeking to launch a Bitcoin ETF.
The recent significant development in the crypto space is the Court of Appeals ruling in favor of Grayscale in its lawsuit against the SEC. Grayscale had previously been denied permission to convert its Grayscale Bitcoin Trust (GBTC) into an ETF by the SEC.
Now, the SEC has 45 days to appeal this ruling, and if they fail to do so, it could open the door for companies like Franklin Templeton awaiting SEC approval.
Notably, the SEC is currently reviewing applications from prominent investment firms like WisdomTree, BlackRock, and Fidelity Investments. These established financial giants are entering the crypto space, signaling growing interest from traditional finance players.
The race to launch a Bitcoin ETF is gaining attention because it would provide a regulated and structured way for both retail and institutional investors to gain exposure to Bitcoin’s price movements without owning the cryptocurrency itself.
The SEC’s delay in making a decision on these applications until October 16 has led some to believe that authorities may be postponing the inevitable.
Franklin Templeton’s application specifies that the Franklin Bitcoin ETF’s shares would be listed and traded on the Cboe BZX Exchange. Coinbase Global, Inc. has been chosen as the custodian for several Bitcoin ETF candidates.
Despite a projected earnings growth rate of -34.4% for the current year, Franklin Templeton anticipates growth of 10.5% in 2024.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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