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Franklin, one of the world’s largest investment managers, has filed for a spot Bitcoin Exchange Traded Fund (ETF) with the United States Securities and Exchange Commission (SEC).
Highlight of Franklin BTC ETF
Titled the “Franklin Bitcoin ETF,” this remarkable investment vehicle could pave the way for a new era of institutional participation in the crypto market.
One of the key highlights of Franklin’s ETF proposal is its choice of custody provider. The fund’s assets are set to consist primarily of Bitcoin held in custody by Coinbase Custody Trust Company. This choice carries immense significance. Coinbase, a renowned crypto exchange, has established a reputation for its robust security measures and regulatory compliance.
According to the filing, if the ETF proposal secures regulatory approval, its shares will be listed and traded on the Cboe BZX Exchange. This is a noteworthy development, as it highlights the increasing synergy between traditional financial markets and the crypto space. The Cboe, known for pioneering financial products like futures contracts on BTC, is a respected player in the industry.
The choice of pricing mechanism is another aspect that underscores Franklin’s dedication to transparency and reliability. The ETF filing mentions the use of the CME’s CF Bitcoin Reference Rate, the New York Variant for Bitcoin pricing.
Franklin Trailing Mainstream Banks
Franklin’s recent filing for a Bitcoin ETF aligns it with a growing trend among financial giants like BlackRock, who have positioned themselves for a future where the SEC may approve spot Bitcoin ETFs.
While Franklin’s interest in a Bitcoin ETF may not come as a surprise given its standing as a top name in structured investment products like mutual funds and ETFs, the fact that the company has not previously filed for one makes its entry into the crypto ETF space all the more notable.
Franklin’s foray into digital space doesn’t stop at Bitcoin. The company has also shown a willingness to embrace blockchain technology and explore innovative funds that blend this technology with tokenized treasury bonds.
This highlights its commitment to staying at the forefront of financial innovation and adapting to the changing landscape of investment opportunities.
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