Traditional finance (TradFi) interest in the cryptocurrency industry continues to grow as Franklin Templeton, one of the world’s largest asset managers, joins the race to launch a spot Bitcoin ETF. application and U.S. Securities and Exchange Commission (U.S. Securities and Exchange Commission).
Templeton joins ETF race
templeton became twelfth Financial institution applies to offer spot Bitcoin ETF, joining other asset managers black stone, Ark Investment, Grayscaleand wisdom Tree.
Like other firms, Templeton, which has more than $1.4 trillion in assets under management (AuM), is looking to offer institutional investors the opportunity to invest directly in the flagship cryptocurrency Bitcoin.
According to the company’s filing, if approved, the “Franklin Bitcoin ETF” (the fund has not yet been assigned a ticker as it was not mentioned in the filing) will be listed and traded on the Cboe BZX exchange. Meanwhile, cryptocurrency exchange Coinbase will serve as custodian for the fund’s Bitcoin holdings. This is consistent with some applicants also choosing the largest U.S. cryptocurrency exchange as their cryptocurrency custodian.
Unlike other applicants, however, Templeton’s application still has a long way to go in the SEC’s bureaucratic process, as the commission first must endorse it by listing it in the Federal Register before it can keep going. The entire review process has 240 days for regulators to approve or deny the application.
Most applicants have already passed the first 45-day deadline, with the committee choosing to delay a decision on ETF applications BlackRock, WisdomTree, Invesco, Fidelity, Valkyrie, VanEck and Bitwise. The SEC’s next deadline for these applications is October 16, when it must make a decision on Bitwise’s application. However, the committee could choose to postpone the decision again.
BTC price jumps above $26,000 | Source: BTCUSD on Tradingview.com
Bitcoin is not a scam
According to Templeton’s filing, ETF Store President Nate Geraci, point out Unlike many who think Bitcoin is a scam, some of the world’s largest asset managers “think it’s worth their time.”
He suggested that the interest from these institutions should be a cause for concern and curiosity, rather than continued doubts about whether cryptocurrencies are here to stay.
He noted that his statement was not about the impact such institutional interest could have on Bitcoin prices. Instead, one should wonder why these asset managers are involved.
Meanwhile, Arthur Hayes, the former CEO and co-founder of cryptocurrency exchange BitMEX, seems to have an answer as to why these asset managers are getting involved in Bitcoin.he It was previously mentioned that these companies want to become “cryptocurrency gatekeepers” When cryptocurrencies gain mainstream adoption, they can take complete control of the industry.
Featured images from Cryptopolitan, charts from Tradingview.com
