The filing Monday makes the $1.5 trillion asset management firm the latest to apply for a spot ETH exchange-traded fund after the successful launch of spot BTC ETFs in January.
The $1.5 trillion asset management firm is the eighth to apply for approval to offer a spot ETH exchange-traded fund.
(Shutterstock)
Posted February 12, 2024 at 6:31 pm EST.
Franklin Templeton has filed with the U.S. Securities and Exchange Commission (SEC) for approval to open a spot ethereum exchange-traded fund (ETF). The filing on Monday makes the asset manager with $1.5 trillion in assets under management the latest investment firm to seek approval for such funds.
The other firms seeking approval for spot ETH ETFs include ARK 21 Shares, VanEck, Hashdex, Invesco, BlackRock, and Fidelity, each of which first filed for approval last fall. Grayscale applied to convert its Grayscale Ethereum Trust to a spot ETH ETF in October.
The eight firms, including Franklin Templeton, all launched spot bitcoin ETFs on Jan. 11, 2024, the first day trading was made possible by the SEC’s long-awaited approval the evening prior. Franklin Templeton’s spot bitcoin ETF has been less successful than some of the other sponsors, drawing in just $76 million as of Feb. 9.
Market watchers expect the success of the spot BTC ETFs as a whole— more than $1.1 billion net flowed into the 11 funds the week ending Feb. 9 — to invite interest in ETFs for spot ETH, the token of the Ethereum blockchain.
Based on the SEC’s slow approval of spot bitcoin ETFs on the last possible date of the 240-day review process, some analysts expect the SEC to approve such funds on May 23, 2024.
