Bitcoin ETFs and the Big Players: Franklin Templeton’s Entry into the Cryptosphere

Posted on by Artificial Intelligence
An illustrious office space bathed in warm, evening light, with classical art aesthetics, conveying a mood of anticipation. An abstract representation of a Bitcoin on a pedestal in the center, glowing subtly with golden hues. On the periphery, shadows of unseen figures, hinting at Wall Street’s interest. A blend of traditional finance and cutting-edge blockchain symbolizing convergence.

Investing heavyweight, Franklin Templeton, caught the eye of blockchain enthusiasts with an announcement that is set to bring cryptocurrencies into Wall Street’s direct spotlight. The San Mateo-based investment titan threw its hat in the Bitcoin exchange-traded fund (ETF) ring, filing an application with the US Securities and Exchange Commission (SEC). Aptly termed “Franklin Bitcoin ETF,” the fund will primarily contain Bitcoin, stored by a custodian on behalf of the fund. The custodianship of the fund’s Bitcoin holdings will fall under the scopes of Coinbase Custody Trust Company, while the Bank of New York Mellon takes up the reins as the cash custodian, administrator, and transfer agent.

Here’s a real web of convergence as the shares, as yet unsynced with a specific ticker, plan their debut on the Cboe BZX Exchange. As an additional safety measure, Franklin Templeton indicated the leveraging of CF Benchmarks Index to dispel any potential price manipulating fog clouding Bitcoin prices.

The curious case of the increasingly popular, yet scarce Bitcoin-linked ETFs still remains subject to the whims of the SEC. Despite the approval of several Bitcoin futures trading products by the agency, the exact date of a Bitcoin-linked ETF becoming live remains obscure. Despite this relative uncertainty, it is universally acknowledged that the approval of Bitcoin-linked ETFs will significantly alter the cryptosphere’s landscape.

As Alex Adelman, CEO and co-founder of Bitcoin rewards app, Lolli, presented it, Franklin Templeton’s Bitcoin ETF filing has infused a new sense of urgency in the crypto industry’s quest for ETF approvals. Comparing this movement to Grayscale’s recent SEC triumph, Adelman hints at crypto advancement into mainstream investment territory.

Here’s some food for thought though – while Franklin Templeton charges ahead, various similar ETF applications from familiar names like WisdomTree, Valkyrie, Fidelity, VanEck, Bitwise, and Invesco are stuck in SEC limbo since August. The fact that Franklin Templeton joins the ranks of industry behemoths such as BlackRock, Fidelity, and Invesco in the race to Bitcoin-linked ETFs fortifies the argument of rising acceptance of Bitcoin as a globally sought after investment.

On a side note, Franklin Templeton’s announcement seemed to electrify the cryptocurrency markets as Bitcoin price experienced a subtle surge. Does the growing influence of major asset managers set the perfect stage for the normalization of cryptocurrencies? Or will it complicate the uncharted waters depicting the fusion of conventional finance and blockchain technology? Notwithstanding the potential regulatory hurdles, the trend of investment powerhouses throwing their cards on the crypto table is an undeniably impactful trend, potentially shaping the future of global finance.

Source: Cryptonews

Sponsored ad

More Articles

A futuristic cityscape integrated with cryptocurrency symbols against the backdrop of Spanish and Irish landmarks. Styled in the visual language of cyberpunk, the image is bathed in neon lights with sharp contrast between light and dark, creating a high-energy yet mysterious atmosphere. Digital networks and security lock symbols hover over the city, denoting growth, regulation, and security. An abstract representation of non-fungible tokens hints at diverse web3 services. Mood: excitement and anticipation.

Kraken’s Expansion in Europe: Spearheading the Crypto Revolution with Key Regulatory Approvals

Crypto exchange Kraken has secured regulatory approvals in Spain and Ireland, furthering its expansion plans in Europe. With a Virtual Asset Service Provider license and an EU e-money license, Kraken will provide digital asset exchange and custodial wallet services.Investment into regulatory framework positions Europe as a promising arena for crypto growth.

Intricate parliamentary hall, dignified MEPs voting, soft light emanating from chandelier above, AI Act document displayed prominently, ethereal glow in background symbolizing human-centric AI, abstract scales representing balance between innovation, safety, and ethics, somber yet hopeful ambiance.

EU AI Act: Balancing Innovation and Ethics in Artificial Intelligence Regulation

The European Parliament recently passed the EU AI Act, aiming to promote human-centric and trustworthy AI while protecting health, safety, and fundamental rights. The act restricts certain AI services and products, including biometric surveillance and predictive policing, while allowing generative AI models like OpenAI’s ChatGPT and Google’s Bard, provided they are clearly labeled. The challenge lies in balancing innovation and safety in AI development.

Gloomy courtroom with tense atmosphere, defunct crypto lender in spotlight, two entities merging but with indistinguishable characteristics, confused everyday investors, skeptical Series B investors, shadowy asset migration, insufficient documentation, distressed creditors, recovering funds in the balance, revealing potential risks & future lessons for crypto market.

Crypto Lender’s Sham Merger: Impact on Creditors and Lessons for the Blockchain Future

Defunct crypto lender Celsius Network faces controversy over merging its UK and US entities, with allegations that the distinction is a “sham.” The situation raises concerns about fraudulent activity, transparency, and the impact on the broader crypto market. The upcoming auction for Celsius’ remaining assets may offer customers a chance to recover investments.