Franklin Templeton Latest Wall Street Giant to File for Bitcoin ETF

Franklin Templeton is the latest high-profile fund manager hoping to get a spot Bitcoin ETF approved by the SEC.

Asset manager Franklin Templeton is the latest Wall Street giant to enter the race for a spot Bitcoin ETF.

Franklin Templeton, which is one of the world’s largest asset managers handling around $1.4 trillion, filed the application with the U.S. Securities and Exchange Commission on Tuesday. 

The product would be called “The Franklin Bitcoin ETF” and would be a series within the Franklin Templeton Digital Holdings Trust, according to the application. 

It added that its shares would be listed and traded on the Cboe BZX Exchange, and that America’s largest crypto exchange, Coinbase, would be the fund’s custodian. 

San Francisco-based Coinbase has been chosen by other Bitcoin ETF applicants as the would-be fund’s custodian and surveillance-sharing partner.

This means Coinbase would share information about trading, clearing activity, and customer identification to reduce the risks of market manipulation, as well as take care of the storage of the Bitcoin backing the fund’s shares.

The SEC is currently reviewing a number of spot Bitcoin exchange-traded fund applications—including one from the world’s top asset manager BlackRock.

Last month, the SEC delayed its decision on several Bitcoin ETF applications, including BlackRock’s and one from WisdomTree.

Its next deadline to respond to an application is October 16, but the agency can again choose to delay.

SEC Chair Gary Gensler told lawmakers Tuesday at the Senate Banking Committee that the SEC was “still reviewing” the multiple Bitcoin ETF applications.

By Mat Di Salvo