Franklin Templeton, a prominent asset management firm with $1.5 trillion in assets under management, has submitted an application to the United States Securities and Exchange Commission (SEC) seeking approval for the launch of a Bitcoin exchange-traded fund (ETF). This move follows a series of notable developments in the cryptocurrency ETF space, including a court ruling that mandated the SEC to evaluate Grayscale’s application to convert its Bitcoin futures ETF into a spot ETF. In their application, Franklin Templeton outlines the structure of the proposed fund. It would function as a trust, with Coinbase serving as the custodian for Bitcoin holdings and Bank of New York Mellon taking on the roles of cash custodian and administrator. Fund shares are intended to be traded on the Cboe BZX Exchange. The SEC has set its next deadline for making a decision on this application for October 16th. In recognition of the regulatory uncertainties surrounding the digital asset market in the United States, Franklin Templeton explicitly acknowledges the risks in its application. To ensure accurate valuations, Franklin Templeton plans to collaborate with CF Benchmarks, a digital asset index provider regulated in the United Kingdom. CF Benchmarks would provide daily valuations based on data from reputable cryptocurrency exchanges, including Coinbase, Bitstamp, iBit, Kraken, Gemini, and LMAX Digital. These valuations would be updated at 5-minute intervals to reflect the real-time nature of the cryptocurrency market. Franklin Templeton joins other asset management firms like Grayscale that have applied to offer crypto ETFs. The SEC was mandated by the court to evaluate Grayscale’s application to convert its Bitcoin futures ETF into a spot ETF. Franklin Templeton will collaborate with CF Benchmarks to ensure accurate valuation. At the time of writing, the price of Bitcoin was trading at $25,952.26.

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Information	Details
Geography	North America
Countries	🇺🇸 🇬🇧
Sentiment	neutral
Relevance Score	10
People	Invesco, Valkyrie, WisdomTree, Kraken, Bitwise, Grayscale, iBit, Gemini, LMAX Digital., Bitstamp, Coinbase, VanEck, Bank of New York Mellon, Fidelity
Companies	CF Benchmarks, Invesco, Valkyrie, WisdomTree, Kraken, Bitwise, Grayscale, iBit, Gemini, LMAX Digital., Franklin Templeton, Bitstamp, Coinbase, VanEck, Cboe BZX Exchange, Bank of New York Mellon, United States Securities and Exchange Commission (SEC), Fidelity
Currencies	Bitcoin, Ethereum, US Dollar, Euro, British Pound
Securities	None