Another investment giant has recently submitted an application to the United States Securities and Exchange Commission (SEC) to obtain approval for a Bitcoin ETF in the spot market: Franklin Templeton, a company that manages $1.5 trillion in assets.
According to the application, the fund is designed to operate as a trust. The Nasdaq-listed Coinbase will oversee the management of the acquired Bitcoins, while the Bank of New York Mellon is set to be the custodian and cash manager.
Franklin Templeton joins the list of investment behemoths that have shown concrete interest in this type of Bitcoin ETF.
Similar requests have been submitted by:
- BlackRock,
- Fidelity,
- WisdomTree,
- Invesco,
- Valkyrie,
- Ark,
- VanEck,
- Bitwise,
- Global X,
- Hashdex, and, of course,
- Grayscale, following its recent success in court.
All signs indicate that a decade-long request from cryptocurrency enthusiasts is now very close to becoming a reality. The conditions have matured. How else can we explain all this activity, considering that the SEC has received 33 applications so far, none of which were accepted?
Now, all the major players on Wall Street have, in one way or another, expressed their desire to actively engage with a currency that was of little interest to them just a few years ago. It was considered not only outside their radar but also as an object of curiosity for the peculiar and the marginal.
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