Franklin Templeton files with SEC for spot bitcoin ETF

Companies • September 12, 2023, 10:08AM EDT

Published 1 minute earlier on

Quick Take

Franklin Templeton became the latest asset manager to file with the Securities and Exchange Commission for a spot bitcoin ETF.

Franklin Templeton became the latest asset manager to file with the Securities and Exchange Commission for a spot bitcoin ETF.

Dubbed the Franklin Bitcoin BTC -1.99% ETF, the fund's assets would consist primarily of bitcoin held in custody by Coinbase Custody Trust Company, according to an S-1 form filed Tuesday.

If approved, shares will be listed and traded on the Cboe BZX Exchange. For bitcoin pricing, the filing mentions use of CME's CF Bitcoin Reference Rate – New York Variant.

Decision delays

Although the industry is eagerly anticipating the first spot crypto ETF, the SEC has yet to approve one. The regulator last month moved to delay decisions on the existing proposals for spot bitcoin ETFs as it wades through a wave of recent applications.

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Bitcoin's price gained on Tuesday, rising 2.6% to $26,294 at 10:03 a.m. ET, according to CoinGecko.

About Author

Nathan Crooks is the U.S managing editor at The Block, based in Miami. He was previously at Bloomberg News for 12 years, where he helmed coverage of South Florida after roles as a breaking news editor and bureau chief in Caracas, Venezuela. He's interviewed presidents, government ministers and CEOs, and, besides crypto, has covered major news events on the ground from earthquakes to hurricanes to the Chilean mine rescue in 2018. Nathan, a native of Clarion, Pennsylvania, holds a bachelor's degree from the University of Toronto, where he completed a specialist in political science, and an MBA from American University in Washington, D.C.