- The filing states that the ETF’s shares will be traded on the Cboe BZX Exchange.
- BTC’s owned by Coinbase Custody Trust Company will make up the bulk of the fund’s assets.
One of the biggest investing firms in the world, Franklin Templeton, has applied to the U.S. SEC for a spot Bitcoin ETF. Named the “Franklin Bitcoin ETF,” this innovative investment instrument has the potential to usher in the next phase of institutional involvement in the cryptocurrency market.
Franklin Templeton’s selection of custodian stands out as a significant feature of its ETF proposal. Bitcoins owned by Coinbase Custody Trust Company will make up the bulk of the fund’s assets. Coinbase is well-known for its stringent safety protocols and regulatory conformity.
If the ETF application is accepted by regulators, the filing states that the ETF’s shares will be traded on the Cboe BZX Exchange. This is a significant change because it shows how the crypto industry is complementing the existing conventional financial sector. The Cboe is a frontrunner in the market due to its innovative financial products such as futures contracts on BTC.
All Eyes on U.S SEC
Franklin Templeton is committed to openness and dependability, and this is shown in many ways, including the pricing system it uses. The New York Variant of the Bitcoin Reference Rate maintained by the CME is referenced in the ETF application.
By applying to list a Bitcoin exchange-traded fund, Franklin Templeton follows in the footsteps of other major financial institutions, such as BlackRock.
Given its prominence in related products, Franklin Templeton’s participation in a Bitcoin ETF may not be surprising. However, the fact that the firm has never applied for a Bitcoin ETF before makes its debut into the crypto ETF field noteworthy. All eyes are now on the U.S SEC.
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