Franklin Templeton, a global investment firm managing $1.5 trillion in assets, has filed a Form S-1 with the U.S. Securities and Exchange Commission (SEC) to launch a spot Bitcoin ETF. Named Franklin Templeton Digital Asset Trust, the proposed ETF aims to track the performance of Bitcoin and is designed to offer benefits such as improved liquidity and ease of trading, without requiring investors to directly hold the digital asset.
Key TakeawaysThe application for the ETF is currently undergoing a detailed regulatory review by the SEC. This process could take several months and is likely to experience many delays, as the SEC has historically been slow to approve applications of this kind, much to the frustration of Bitcoin enthusiasts.
It appears that Franklin Templeton has been closely following recent developments in the cryptocurrency sector. The firm’s decision to file for a Bitcoin ETF comes on the heels of a lawsuit that Grayscale brought against the SEC over its rejection of Grayscale’s Spot Bitcoin ETF application. After the SEC lost that case, it seems Franklin Templeton saw an opportunity. The firm was likely waiting for their competition to expend all the capital necessary to clear all the regulatory hurdles before jumping in the ring.
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