Franklin Templeton seeks approval for Bitcoin, Ether crypto index ETF
Key receivers
Franklin Templeton's new crypto index tracks Ether and Bitcoin. The index may result in future ETFs and investment products.
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Global investment firm Franklin Templeton has filed an S-1 registration form with the US Securities and Exchange Commission (SEC), a crypto index ETF that tracks the performance of Bitcoin and Ethereum.
In the year According to a filing on Aug. 16, the fund, called the Franklin Crypto Index ETF, aims to give investors access to the world of digital assets by leveraging a variety of Franklin's prominent institutional backings.
The ETF will only focus on the two largest digital assets, according to the filing. However, if other digital assets are added to the index in the future, Franklin will adjust the fund's structure accordingly, subject to regulatory approval.
Coinbase Custodial Trust Company has been appointed as the custodian of the Fund's digital assets. The Bank of New York Mellon holds the funds and serves as the fund's manager and transfer agent.
If approved, the fund will be listed on the Cboe BZX exchange and traded under the symbol “EZPZ”. The filing indicated that Cboe is currently awaiting regulatory approval to create in-kind and issue shares using digital assets.
Franklin Templeton is not the only firm seeking approval to offer a crypto index ETF for Bitcoin and Ethereum. In June, Hashdex applied to form the Hashdex Nasdaq Crypto Index US. ETF, which It aims to be the first dual Bitcoin and Ethereum ETF in the US.
Earlier this month, the SEC announced that it would extend the deadline for Hashdex's proposed ETF to September 30.
Growing institutional appetite
Franklin Templeton's latest move comes amid growing institutional interest in digital assets, particularly Bitcoin and Ethereum.
Although the price of Bitcoin has struggled recently, the growing adoption of crypto ETFs reflects a broader trend of traditional financial institutions recognizing digital assets as part of a diversified portfolio.
Franklin Templeton has been actively involved in the crypto space. The company launched its Bitcoin ETF position in the US on January 10, along with other major asset managers.
Following the approval of the Ethereum ETF in May, Franklin Templeton has announced plans to invest in a new crypto fund targeting a broad range of digital assets and tokens other than Bitcoin and Ether.
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