Bitcoin rallies as Franklin Templeton joins BTC ETF race.
Franklin Templeton, a global investment firm with a diverse portfolio, has announced its interest in a spot Bitcoin exchange-traded fund (ETF), which is one of the most sought-after financial products in the digital currency realm. This move highlights the company's progressive stance on digital assets and reflects the growing mainstream acceptance of cryptocurrencies, particularly Bitcoin. As a result, BTC has surged 4.2% in the past day, breaking above $26,000 at the time of writing. Bitcoin rallies as Franklin Templeton joins BTC ETF race.
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Bitcoin rallies as Franklin Templeton joins BTC ETF race. Details Of The Franklin Spot BTC ETF
Based on recent filings, the proposed offering is named the "Franklin Bitcoin ETF." This ETF will primarily consist of Bitcoin as its assets. Coinbase Custody Trust Company, a subsidiary of a leading cryptocurrency exchange platform, will act as the custodian for these assets. This collaboration with Coinbase brings an added layer of credibility and security to the proposed fund, given Coinbase's reputable standing in the crypto space.
Another important consideration is the chosen trading platform. If approved by the Securities and Exchange Commission (SEC), Franklin Templeton's Bitcoin ETF will have its shares traded on the Cboe BZX Exchange. The filing also indicates that the pricing of Bitcoin will rely on the Chicago Mercantile Exchange (CME) CF Bitcoin Reference Rate, specifically the New York Variant. Bitcoin rallies as Franklin Templeton joins BTC ETF race.
Bitcoin rallies as Franklin Templeton joins BTC ETF race. Bitcoin Begins Rally After Bouncing Off $24,900
After the disclosure of the Franklin Templeton spot Bitcoin ETF filing, Bitcoin has shown signs of recovery. The cryptocurrency experienced a slight surge, breaking the downward trend that had been dominating the market in recent weeks. In the past 24 hours, Bitcoin has surged by almost 3%, and is currently trading at $26,185. It's worth noting that the asset broke away from the stagnant price zone of around $25,000 that was observed over the past week.
Bitcoin's trading volume has seen a significant increase, rising from $1.7 billion to $18.4 billion in the past 24 hours. The financial industry is eagerly anticipating the launch of the first-ever spot crypto ETF, with Franklin Templeton's recent announcement generating excitement. However, the SEC has been hesitant to endorse any spot crypto ETFs, delaying their decision on proposals over the past month. This is due to the influx of recent applications in this category, as there has yet to be a single spot crypto ETF that has secured the SEC's approval.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.