Asset Manager Franklin Templeton Applies for Spot Bitcoin ETF

Franklin Templeton applies for Spot Bitcoin ETF

Asset manager Franklin Templeton filed an application with the SEC on September 12 for a spot Bitcoin exchange-traded fund (ETF). The S-1 registration statement comes after the SEC delayed decisions on spot ETF applications from WisdomTree, Valkyrie, Fidelity, VanEck, BitWise, and Invesco on August 31 and following a court ruling on August 29. The statement suggests that the SEC should consider Grayscale's application and also contemplate converting a Bitcoin futures ETF into a spot ETF. Coinbase will act as the Bitcoin custodian, while Bank of New York Mellon will serve as the administrator. The SEC has until October 16 to make a decision on the application.