Asset manager Franklin Templeton has submitted an application to the SEC for a Bitcoin spot exchange traded fund (ETF).
On September 12, Franklin Templeton made a formal request to the US Securities and Exchange Commission (SEC) to launch a Bitcoin spot ETF. This move comes after the SEC delayed decisions on several other ETF applications, including those from WisdomTree, Valkyrie, Fidelity, VanEck, Bitwise, and Invesco, on August 31. Additionally, on August 29, a court ruled that the SEC must consider Grayscale's application to convert its BTC futures ETF into a spot ETF.
About the Fund
The proposed fund will be structured as a trust. Coinbase, a well-known cryptocurrency exchange, will hold custody over the Bitcoin assets, while Bank of New York Mellon will serve as the cash custodian and the administrator of the fund.
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This is a developing story, and we will provide more information as it becomes available.
