The US-based asset management firm, Franklin Templeton entered the race to obtain approval for the first US exchange-traded fund (ETF) that directly invests in Bitcoin. Franklin Templeton filed an application with the US Securities and Exchange Commission (SEC) today (Tuesday), joining the ranks of other asset managers like Fidelity and BlackRock.

If the SEC gives the green light, Franklin Templeton intends to rely on Coinbase Global as the custodian for the ETF’s Bitcoin holdings, while Bank of New York Mellon will handle the cash component of the fund.

Growing Interest in ETFs Fuels Bitcoin

The rise in the price of Bitcoin throughout the year can be partially attributed to the growing optimism that the largest asset management firms, including BlackRock and now Franklin Templeton, are showing an interest in spot Bitcoin ETFs. This interest has sparked hopes that the SEC will be more inclined to approve such a fund despite previously rejecting such applications.

The supporters of spot Bitcoin ETFs argue that their introduction would open digital currencies to a broader base of investors, potentially driving the value of Bitcoin up. However, the SEC has raised concerns about the potential fraud and market manipulation in the past when rejecting similar applications.

The path toward spot Bitcoin ETF approval took a significant turn in August when Grayscale Investments secured a victory over the SEC, Finance Magnates reported. A federal appeals court overturned the SEC’s rejection of Grayscale’s application to transform its Bitcoin trust into a spot Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term ETF. The court dismissed the objection by the SEC as arbitrary and capricious, citing a lack of clear explanation.

Franklin Templeton has been making notable strides in the blockchain and cryptocurrency space. In 2021, the company launched a money market fund that leverages blockchain technology to record share ownership. The Franklin Onchain US Government Money Fund is currently valued at USD $295 million.

Shift to Ethereum ETFs

About a week ago, the Chicago Board Options Exchange (CBOE) submitted two applications to the SEC, seeking approval for the creation of the VanEck Ethereum ETF and the ARK 21Shares Ethereum ETF. If the applications are approved, these ETFs will be listed on the CBOE’s BZX exchange.

The shift towards Ethereum Ethereum Ethereum is an open source, blockchain-based distributed computing platform and operating system featuring smart contract functionality. Created in 2014, Ethereum now stands as the second largest cryptocurrency by market cap at the time of writing.As a decentralized cryptocurrency network and software platform, Ethereum represents the most prominent altcoin. Ethereum also enables the creation Distributed Applications, or dapps. Understanding EthereumEthereum boasts its own programming language, Ethereum is an open source, blockchain-based distributed computing platform and operating system featuring smart contract functionality. Created in 2014, Ethereum now stands as the second largest cryptocurrency by market cap at the time of writing.As a decentralized cryptocurrency network and software platform, Ethereum represents the most prominent altcoin. Ethereum also enables the creation Distributed Applications, or dapps. Understanding EthereumEthereum boasts its own programming language, Read this Term followed yet another delay by the SEC in rendering a verdict on spot Bitcoin ETFs. The SEC moved the decision for applications from Invesco, WisdomTree, and Valkyrie to mid-October.

Meanwhile, the London-based Jacobi Asset Management unveiled Europe’s first spot Bitcoin exchange-traded fund (ETF) on Euronext Amsterdam last month. Although approval was obtained in 2021, the launch was postponed due to evolving conditions in the digital asset space.