One of the world’s largest asset managers, Franklin Templeton, has joined the race to launch a Bitcoin exchange-traded fund (ETF).
The company, which oversees $1.4 trillion in assets, filed an application with the US Securities and Exchange Commission (SEC) on Tuesday for “The Franklin Bitcoin ETF”, a spot Bitcoin ETF that would track the price of the leading cryptocurrency.
The ETF would be part of the Franklin Templeton Digital Holdings Trust and would trade on the Cboe BZX Exchange, a popular venue for Bitcoin ETF hopefuls.
The fund’s custodian would be Coinbase, the biggest crypto exchange in the US, which has also partnered with other Bitcoin ETF candidates to provide custody and surveillance services.
A Bitcoin ETF is widely seen as a game-changer for the crypto industry, as it would offer a regulated and convenient way for both institutional and retail investors to gain exposure to Bitcoin’s price movements without having to own or store the digital asset.
However, the SEC has yet to approve any of the dozens of applications it has received, citing concerns over market manipulation, investor protection, and regulatory clarity.