$1.5 trillion asset management firm Franklin Templeton has officially filed for a spot Bitcoin ETF. The firm now joins traditional finance juggernauts BlackRock and Fidelity in the race to receive the first approval of its kind in the United States from the US Securities and Exchange Commission (SEC).
The asset management firm filed its application on Tuesday, joining the ever-growing list of filers. Moreover, the firm proposed Coinbase as the custodian of the ETF that would trade on the Cboe BZX Exchange. The move could yet again solidify the underlying belief that approval is imminent.
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$1.5 Trillion Asset Manager Franklin Templeton Files for Spot Bitcoin ETF
In the last several months, the race for the first approved spot Bitcoin ETF has been on. Traditional finance entities and digital asset companies alike have sought the nod from the SEC. Now, another heavyweight has just joined the race, according to a filing made today.
Specifically, the $1.5 trillion asset management firm Franklin Templeton has officially filed for a spot Bitcoin ETF with the SEC. Moreover, the company joined asset managers BlackRock and Fidelity, which are all jockeying for approval. Moreover, the move showcases a growing sentiment that approval is on the way.
Also Read: Former SEC Chair Says Spot Bitcoin ETF Approval is ‘Inevitable’
The development of a spot Bitcoin ETF would allow investors a more accessible avenue to the Bitcoin price in brokerage accounts, along with traditional stocks and bonds. Additionally, the vast number of applicants certainly solidifies that the product is desired. Now, it is just a matter of whether the SEC will finally break the pattern and issue an approval.
The first application approved would certainly have a leg up, with Franklin Templeton now joining the fray. The firm is well known for its structured investment offerings in the form of mutual funds and ETFs. Therefore, their presence in this race is certainly not a shock. However, this is still the first filing of its kind for the firm.