Franklin Templeton Files For Bitcoin Spot ETF

Franklin Templeton – the $1.5 trillion investment giant with an eye for blockchain – has become the latest wealthy entrant in a race to bring a Bitcoin spot ETF to the U.S. market.

• Per an S-1 filing with the Securities and Exchange Commission (SEC) on Tuesday, the Franklin Bitcoin ETF will issue shares “representing fractional undivided beneficial interests in its net assets.”
• Those assets “primarily consist of Bitcoin” held by the fund’s custodian – Coinbase Trust – a common pick for rival ETF applicants including BlackRock and ARK Invest.
• Franklin marks the tenth fund awaiting approval from the SEC to launch a Bitcoin spot ETF. Others include BlackRock, Ark, Fidelity, Invesco, WisdomTree, VanECK, GlobalX, Bitwise, and Valkyrie.
• Grayscale is also waiting on the SEC to review its application which was denied last year. After defeating the SEC in court last month, analysts believe Grayscale and its rivals’ odds of success are far higher.
• Franklin’s S-1 filing did not specify with whom the firm’s exchange, the CBOE BZX exchange, would partner for a surveillance sharing agreement – a major issue for the SEC when reviewing past applications.
• Franklin CEO Jenny Johnson has previously claimed that Bitcoin is a “distraction,” but that its underlying blockchain technology was a true innovation worthy of praise.