Franklin Templeton, a well-known financial services firm, has entered the competition for a spot bitcoin exchange-traded fund (ETF). In its filing with the U.S. Securities and Exchange Commission, Franklin Templeton proposed a Coinbase-custodied ETF that would trade on Cboe BZX Exchange, Inc.
While other major players like BlackRock, WisdomTree, and Fidelity have also expressed interest in a spot bitcoin ETF, they are further along in the regulatory process. The SEC is expected to review these filings by mid-October, although a final decision may not be reached until March 2024, given the regulator’s historical bureaucratic delays.
If approved, a spot bitcoin ETF would allow everyday investors to easily gain exposure to the price of bitcoin alongside traditional investments like stocks and bonds. Franklin Templeton’s entrance into the race is notable as the company is already prominent in structured investment products like mutual funds and ETFs, but this is their first filing specifically for a bitcoin ETF.
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