Franklin Templeton Latest Firm to File for Spot Ethereum ETF
Investment firm Franklin Templeton is the latest asset manager to file a spot Ethereum exchange-traded fund (ETF) application with the Securities and Exchange Commission (SEC) in the United States.
The filing was submitted on Monday. Coinbase Custody will be the Ether custodian and Bank of New York Mellon the cash custodian, administrator, and transfer agent for the Franklin Templeton Spot Ethereum ETF.
Franklin Templeton joins a long list of asset managers such as BlackRock, Fidelity, Grayscale, VanEck, Invesco and Galaxy, as well as Cathy Wood’s Ark Invests and 21Shares, all have submitted applications for a spot Ethereum ETF.
Franklin Templeton just joined the spot #Ethereum ETF race. pic.twitter.com/zJvk9seXe3
— James Seyffart (@JSeyff) February 12, 2024
Earlier this month, Ark Invest and 12Shares refiled their joint application for a spot market Ethereum ETF to address cash creation and redemption. The amendments bring it in line with spot Bitcoin ETFs recently approved by the US Securities and Exchange Commission.
In January, the SEC approved eleven spot bitcoin ETFs and one of them included the Franklin Bitcoin ETF trading under the ticker symbol “EZBC.”
Franklin Templeton remains optimistic about the future of its spot Bitcoin ETF despite not yet achieving significant trading volumes compared to industry giants like BlackRock, Fidelity, and Grayscale. These major players account for about 90% of total trading volume in the spot Bitcoin ETF space, Franklin Templeton believes its product will gain traction, reports Fredrik Vold from Cryptonews.
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