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$1.5 Trillion Asset Manager Franklin Templeton Files for Bitcoin Spot ETF


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Brian Kirubai

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The global investment giant Franklin Templeton submitted a regulatory Form S-1 with the U.S. Securities and Exchange Commission (SEC) on Monday, requesting clearance for a spot bitcoin ETF. This action further legitimizes bitcoin in institutional finance. 

The race for bitcoin spot ETF intensifies as several companies, including established players like Fidelity, BlockRock, and upstarts like the Grayscale Bitcoin Trust (GBTC), are vying to be the first U.S.-listed bitcoin ETF. 

Related reading : BlackRock, Valkyrie And Others Petition SEC For Bitcoin ETF Approval

The Franklin Templeton bitcoin spot ETF will be launched in technical cooperation with Coinbase Custody Trust, according to the recently published prospectus. The new ETF product will be operated with cash custody provided by the Bank of New York Mellon. The public has not yet been informed of the proposed ETF’s ticker. 

It seems like the general mood around bitcoin ETF is changing. Grayscale recently hailed a victory over the SEC in the D.C. Circuit Court of Appeals, criticizing the SEC’s justification for earlier denials

Previously, the SEC extended the review period for each of the six bitcoin spot ETF applications that were being considered. The regulatory agency has now set a new deadline for a judgment on October 17, 2023, but has not given any details as to why it was postponed. 

Related reading : SEC Delays Bitcoin ETF Filings

In recent years, bitcoin has drawn interests as a store of wealth and an inflation hedge, prompting institutions to diversify their portfolios. 

Franklin Templeton emphasized the advantages of a bitcoin ETF in their petition, including increased liquidity and convenience of trading for investors without the need for them to possess and manage digital assets directly. This strategy is anticipated to be more appealing to cautious investors who are still wary about the difficulties associated with bitcoin custody and security.

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