Ethereum

Franklin

Cryptocurrency

Bitcoin

<p><strong>Franklin Templeton and Hashdex both filed for an ETF with the SEC joining a rapidly growing club of financial entities.</strong></p> 
<h2 style="text-align: center;" id="franklin-templeton-s-big-move-into-bitcoin">Franklin Templeton’s Big Move into Bitcoin</h2> 
<p>Franklin Templeton, a financial powerhouse managing a staggering $1.45 trillion in assets, is <a href="https://www.investopedia.com/frankling-templeton-files-for-bitcoin-etf-7968500" target="_blank" rel="noopener noreferrer nofollow">stepping into the world of cryptocurrencies</a>. They’ve made a historic move by filing for a spot Bitcoin exchange-traded fund (ETF) with the U.S. Securities and Exchange Commission (SEC). This decision follows the footsteps of other financial giants such as BlackRock and Fidelity, all keen on launching the very first Bitcoin ETF.</p> 
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 <p dir="ltr" lang="en">JUST IN: Franklin has filed for a spot bitcoin ETF h/t <a href="https://twitter.com/NateGeraci?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@NateGeraci</a> <a href="https://t.co/4KHSPjFkBC" rel="noopener noreferrer nofollow">pic.twitter.com/4KHSPjFkBC</a></p> 
 <p>— Eric Balchunas (@EricBalchunas) <a href="https://twitter.com/EricBalchunas/status/1701593011204034641?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">September 12, 2023</a></p> 
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<h2 style="text-align: center;" id="coinbase-s-role-as-custodian">Coinbase’s Role as Custodian</h2> 
<p>In their quest to bring this ETF to life, Franklin Templeton has chosen Coinbase as a pivotal player. Coinbase will serve as the trusted custodian for the Bitcoin held by the ETF. However, when it comes to pricing, they’ve opted to rely on the Chicago Mercantile Exchange (CME).</p> 
<h2 style="text-align: center;" id="franklin-templeton-s-stance-on-bitcoin">Franklin Templeton’s Stance on Bitcoin</h2> 
<p>What makes this move even more intriguing is that it’s Franklin Templeton’s first foray into the Bitcoin ETF space. Even more intriguing is the fact that their CEO, Jenny Johnson, once referred to Bitcoin as a “distraction.” She believed that Bitcoin was diverting attention from the real game-changer: blockchain technology.</p> 
<h2 style="text-align: center;" id="hope-on-the-horizon-for-bitcoin-etfs">Hope on the Horizon for Bitcoin ETFs</h2> 
<p>Franklin Templeton’s filing is part of a broader trend. BlackRock, Fidelity, and VanEck have all submitted similar ETF applications. The excitement surrounding these potential ETFs has been steadily building since BlackRock, a major player in the U.S. financial scene, initiated the wave in June. However, the SEC has delayed decisions on these applications until October, keeping everyone in suspense.</p> 
<h2 style="text-align: center;" id="grayscale-s-recent-triumph">Grayscale’s Recent Triumph</h2> 
<p>While the path to Bitcoin ETFs has been full of twists and turns, Grayscale recently celebrated a significant victory. The SEC initially rejected their Bitcoin Investment Trust (GBTCUSD) ETF transition. However, a court ruling demanded clarity on the decision. It’s worth noting that this victory doesn’t guarantee approval for other ETFs.</p> 
<h2 style="text-align: center;" id="hashdex-s-ethereum-etf-aspiration">Hashdex’s Ethereum ETF Aspiration</h2> 
<p>Not to be outdone, Hashdex is <a href="https://beincrypto.com/hashdex-ethereum-etf-spot-futures-contract/" target="_blank" rel="noopener noreferrer nofollow">seeking approval</a> from the SEC for a distinctive blend of spot and future contracts Ethereum ETF. They’ve submitted their application through Nasdaq.</p> 
<p>This innovative hybrid ETF aims to provide investors with exposure to both Ethereum spot and futures contracts. However, there’s a caveat – the share price may not mirror Ether’s spot price due to the nature of the investment strategy.</p> 
<p>Toroso Investments, the fund manager, has taken steps to mitigate risks. They plan to diversify holdings to reduce the manipulation risk often associated with spot markets. This strategy, they hope, will address the SEC’s concerns regarding spot Ethereum ETFs.</p> 
<p>Hashdex’s application for a spot Ethereum ETF sets it apart. Unlike others relying on Coinbase, they aim to source spot Ethereum directly from established physical exchanges within the CME market. Hashdex is also venturing into Bitcoin futures ETFs, showing their commitment to diversification in the crypto ETF landscape.</p> 
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 <p dir="ltr" lang="en">UPDATE: <a href="https://twitter.com/hashdex?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@hashdex</a> has filed for a Spot <a href="https://twitter.com/hashtag/Ethereum?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Ethereum</a> ETF. Joining <a href="https://twitter.com/ARKInvest?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@ARKInvest</a> /<a href="https://twitter.com/21Shares?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@21Shares</a> and <a href="https://twitter.com/vaneck_us?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@vaneck_us</a>. <a href="https://t.co/fggp7rWUvF" rel="noopener noreferrer nofollow">https://t.co/fggp7rWUvF</a> <a href="https://t.co/ZLLxuhGTtc" rel="noopener noreferrer nofollow">pic.twitter.com/ZLLxuhGTtc</a></p> 
 <p>— James Seyffart (@JSeyff) <a href="https://twitter.com/JSeyff/status/1701612412456280467?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">September 12, 2023</a></p> 
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<h2 style="text-align: center;" id="brazil-leading-the-way">Brazil Leading the Way</h2> 
<p>Samir Kerbage, Chief Investment Officer at Hashdex, believes that Brazil is ahead in the crypto ETF game. Brazil’s early recognition of crypto’s potential and regulatory framework for investor protection have paved the way for successful Bitcoin and Ethereum ETFs.</p> 
<h2 style="text-align: center;" id="sec-s-pending-decision">SEC’s Pending Decision</h2> 
<p>The SEC is also in the spotlight for potentially approving the first Ethereum Futures ETF. Rumors suggest authorization might come in a few weeks. However, it’s uncertain <a href="https://walletinvestor.com/magazine/ark-invest-and-21shares-seek-sec-approval-for-groundbreaking-ether-etf" target="_blank" rel="noopener noreferrer nofollow">which firms will get the green light</a>, if any, and when.</p> 
<p>The fate of Hashdex’s applications, like many others, rests with the SEC and Chairman Gary Gensler. The cryptocurrency community eagerly anticipates their decision, which could potentially usher in a new era of crypto adoption in traditional financial markets. These developments are significant steps in the evolution of cryptocurrencies and their integration into mainstream finance.</p>

Franklin Templeton and Hashdex Seek Approval for Cryptocurrency ETFs

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