Ethereum

Franklin

Franklin Templeton has become the latest Wall Street firm to apply for a spot Ether (<a href="https://cointelegraph.com/ethereum-price">ETH</a>) exchange-traded fund in the United States.
The $1.5 trillion dollar asset management firm <a href="https://www.sec.gov/Archives/edgar/data/2011535/000113743924000573/fets1022024.htm" target="_blank" rel="noopener nofollow">submitted</a> the S-1 filing with the United States Securities Exchange Commission on Feb. 12. If approved, it would be listed as “Franklin Ethereum ETF” on the Chicago Board Options Exchange.
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 <img src="https://s3.cointelegraph.com/uploads/2024-02/0ef2b7cf-a41a-4000-a6ea-57ecb188b92c.png" alt="" title="">
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 Franklin Templeton’s S-1 application for a spot Ether ETF. Source: SEC
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Interestingly, Franklin signaled its intention to stake a portion of the ETF’s Ether to produce additional income, similar to ARK 21Shares’ <a href="https://cointelegraph.com/news/ark-21shares-refiles-ethereum-etf-cash-creates-staking">revised S-1 filing</a>&nbsp;last week.
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 “The Sponsor may, from time to time, stake a portion of the Fund’s assets through one or more trusted staking providers, which may include an affiliate of the Sponsor.”
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Franklin said it would expect to stake Ether from the trust’s cold storage wallets and that the trust would receive staking rewards, treated as income, as a result.
BlackRock, VanEck, Fidelity, Invesco Galaxy, Grayscale and Hashdex are the other spot Ether ETF applicants vying for SEC approval.
<blockquote class="twitter-tweet">
 Here’s the most recent table of other filers that I have <a href="https://t.co/xCRRMwK76r">pic.twitter.com/xCRRMwK76r</a>— James Seyffart (@JSeyff) <a href="https://twitter.com/JSeyff/status/1757143748335530495?ref_src=twsrc%5Etfw">February 12, 2024</a>
</blockquote> 
The SEC must decide on VanEck’s application by May 23, ARK 21Shares by May 24, Hashdex by May 30, Grayscale by June 18 and Invesco by July 5.
Fidelity and BlackRock’s applications must be decided by Aug. 3 and Aug. 7.
Related:<a href="https://cointelegraph.com/news/ethereum-short-term-price-action-may-take-traders-by-surprise-heres-why"> Ethereum’s short-term price action ‘may take traders by surprise’ — Here’s why</a>
However, Bloomberg ETF analyst James Seyffart expects a decision to be made on all applicants by May 23 — similar to how the U.S. securities regulator <a href="https://cointelegraph.com/news/sec-spot-bitcoin-etf-approvals">made a decision</a> on all spot Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>) ETFs on Jan. 10.
Seyffart’s fellow Bloomberg ETF analyst Eric Balchunas recently&nbsp;<a href="https://x.com/JSeyff/status/1752080210269221146" target="_blank" rel="noopener nofollow">lowered</a> the odds of a spot Ether ETF approval in 2024 from 70% to 60% on Jan. 30.
&nbsp;Franklin was one of the 10 ETF issuers that <a href="https://cointelegraph.com/news/bitcoin-etfs-hit-10b-milestone-just-month-after-approval">launched a spot Bitcoin ETF</a> in the U.S. last month.
While Franklin was late to the spot Ether ETF race, it recently praised the <a href="https://cointelegraph.com/news/franklin-templeton-raises-hope-spot-solana-etf-lauds-network">network fundamentals of Ethereum, Solana</a> and other blockchains, which sparked the proposition that the ETF issuer may look to expand beyond Bitcoin.
<blockquote class="twitter-tweet">
 We are excited about ETH and its ecosystem. Despite the midlife crisis it's recently experienced, we see a bright future with many strong tailwinds to push the Ethereum ecosystem forward -EIP 4844 -Alt DA -Community Revitalization -Restaking— Franklin Templeton (@FTI_US) <a href="https://twitter.com/FTI_US/status/1747715395614867735?ref_src=twsrc%5Etfw">January 17, 2024</a>
</blockquote> 
Magazine: ‘<a href="https://cointelegraph.com/magazine/account-abstraction-supercharges-ethereum-wallets-dummies-guide/">Account abstraction’ supercharges Ethereum wallets: Dummies guide</a>

Franklin Templeton joins the spot Ethereum ETF race

Cointelegraph

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