BREAKING: Holding Managing $1.5 Trillion in Assets Files Application for Spot Bitcoin ETF!

  • A financial institution is preparing to enter the world of cryptocurrencies by filing a Bitcoin Spot ETF (Exchange-Traded Fund) application through the U.S. Securities and Exchange Commission (SEC).
  • With this development, Franklin Templeton has joined the list of companies requesting a Spot Bitcoin ETF. BlackRock and approximately ten major Wall Street players have previously made similar requests.
  • This ETF will issue shares in exchange for physical Bitcoin investments. The filing also indicates that Coinbase will play a leading role in this area.

A massive holding company managing over $1.5 trillion in assets has applied for a spot Bitcoin ETF, joining the ranks of financial giants.

Franklin Templeton Takes Action for Bitcoin ETF

franklin-templeton

Franklin Templeton, a U.S.-based financial institution managing $1.5 trillion in assets, is preparing to step into the world of cryptocurrencies by filing a Bitcoin Spot ETF application through the U.S. Securities and Exchange Commission (SEC).

This move is part of a series of Spot ETF applications submitted by Franklin Templeton, another major traditional financial group with various activities in the crypto world, seeking permission from the SEC to list the investment vehicle on the market.

The financial instrument is quite similar to the wave of Spot ETFs previously launched and submitted for approval by BlackRock. Coinbase will serve as the custodian, most likely being part of a spot market data sharing agreement.

With this development, Franklin Templeton has joined the list of companies requesting a Spot Bitcoin ETF. BlackRock and approximately ten major Wall Street players have previously made similar requests. Franklin Templeton is a company that manages assets totaling over $1.5 trillion and is one of the most recognized names in the international finance industry. This could be a clear sign of how intriguing Bitcoin has become within the traditional financial markets.

This ETF will issue shares in exchange for physical Bitcoin investments. The filing also indicates that Coinbase will play a leading role in this area. Coinbase will act as both the custodian and a collaboration partner for sharing spot market information, a request previously emphasized by Gary Gensler for such products.

What is the likelihood of the ETF being approved?

The chances of this ETF being approved are similar to others. Experts estimate a 70% probability of approval for the product. However, these are mere predictions and not certainties.

This news may or may not have contributed to a slight recovery in prices. Earlier today, Bitcoin managed to rise above $26,000 after facing significant challenges yesterday.

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