The latest development in the Bitcoin ETF saga comes from Franklin Templeton, a prominent asset manager. On November 29, Franklin Templeton submitted an updated proposal for its spot Bitcoin ETF.
It signalled a significant move in the pursuit of regulatory approval after its deadline was earlier than others, still a month ahead.
Who updated their ETF applications?
This update follows a sequence of events in the broader context of ETF applications. ARK Investment Management’s recently amended its proposal adding to the momentum.
ARK’s commitment to a spot Bitcoin ETF, ARKB on the Chicago Board Options Exchange’s BZX Exchange, is currently awaiting approval from the U.S. Securities and Exchange Commission (SEC).
The SEC’s decision on ARK’s application is due for January 1, 2024, after a setback in September 2023 when the SEC delayed its ruling. Interestingly they got an earlier deadline than other
Franklin Templeton’s updated filing, coming hot on the heels of 11, is a noteworthy development. The asset manager officially filed its application for a spot Bitcoin ETF on September 13. They aimed to provide investors exposure to Bitcoin through the proposed Franklin Bitcoin ETF.
The ETF plans to secure its Bitcoin assets using the custody services of Coinbase Custody Trust Company. If granted approval by the SEC, the ETF’s shares will be listed and traded on the Cboe BZX Exchange. This will potentially expand investors’ access to Bitcoin investment opportunities.
As of mid-November, Franklin Templeton and Global X stood out as the only two out of 12 firms that had not amended their S-1 filings. Now, with Franklin Templeton’s latest filing, the industry is witnessing a collective effort among ETF applicants to refine their proposals, addressing concerns and meeting corporate finance requirements.
