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Asset manager Franklin Templeton submitted an application to the United States Securities and Exchange Commission on Sept. 12 for the establishment of a spot Bitcoin exchange-traded fund (ETF).
The S-1 registration statement follows the SEC’s postponement of decisions regarding spot ETF applications from WisdomTree, Valkyrie, Fidelity, VanEck, Bitwise, and Invesco on Aug. 31, along with a court ruling on Aug. 29 mandating that the SEC evaluate Grayscale’s request to convert its Bitcoin (BTC) futures ETF into a spot ETF.
The application indicates that the fund would be organized as a trust. Coinbase would serve as the custodian for the BTC, while Bank of New York Mellon would act as the cash custodian and administrator. Shares of the fund would be traded on the Cboe BZX Exchange. The SEC’s upcoming deadline for a decision on the application is Oct. 16.
#bitcoin Spot ETF applications:
– BlackRock ($10T AUM)
– Fidelity ($4.5T)
– Franklin Templeton ($1.5T)
– Invesco Galaxy ($1.5T)
– WisdomTree ($87B)
– VanEck ($61B)
– GlobalX ($40B)
– ARK Invest ($14B)
– Bitwise ($1B)
– Valkyrie ($1B)
Total: $17.7T
Probably nothing…— Bitcoin for Freedom (@BTC_for_Freedom) September 12, 2023
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In its application, Franklin Templeton acknowledged the risks associated with regulatory uncertainty:
“Digital asset markets in the U.S. exist in a state of regulatory uncertainty, and adverse legislative or regulatory developments could significantly harm the value of bitcoin or the Shares, such as by banning, restricting or imposing onerous conditions or prohibitions on the use of bitcoins, mining activity, digital wallets, the provision of services related to trading and custodying bitcoin, the operation of the Bitcoin network, or the digital asset markets generally."
Franklin Templeton manages $1.5 trillion in assets. At the time of this report, the price of BTC had increased by 4.11% and was rising rapidly.
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This is an evolving story, and additional details will be provided as they become available.
