Franklin Templeton applied for a spot Bitcoin (BTC) exchange-traded filing with the U.S. Securities and Exchange Commission on September 12.
In the filing, the global investment firm said the fund’s assets would be held at Coinbase and traded on Cboe BZX Exchange, Inc. The filing did not include the proposed ticker for the ETF.
Bloomberg analyst James Seyffart noted that Franklin’s application for an ETF aligns with the company’s previous interests, as the company has “been dancing with crypto and Bitcoin for a long time.”
Franklin Templeton is one of the largest investment firms in the world. According to his websitethe total value of assets under its management as of April 30 was $1.4 trillion.
The SEC has rejected spot Bitcoin ETF applications in the past, often citing concerns about the potential for fraud and market manipulation in the largely unregulated crypto market. However, in June it received an avalanche of applications from several traditional financial institutions, including BlackRock.
Industry experts believe that there is a 75% chance that the financial regulator will succumb to mounting pressure from various quarters to approve a Bitcoin spot ETF this year. In their view, Grayscale’s recent historic victory against the SEC has made more denials politically untenable.
The SEC recently postponed decisions on several spot BTC ETF proposals.
Bitcoin’s price has been further boosted by news of the application, rising more than 4% in the past 24 hours to $26,153 at the time of writing, according to Crypto Slates facts.
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