Several prominent financial institutions have filed for a spot Bitcoin product in recent months.
Asset manager Franklin Templeton applied to the United States Securities and Exchange Commission (SEC) on Sept. 12 to launch a Bitcoin (BTC) spot exchange traded fund (ETF). The application comes after the SEC delayed decisions on applications from WisdomTree, Valkyrie, Fidelity, VanEck, Bitwise and Invesco BTC spot ETF applications on Aug. 31 and a court ruling Aug. 29 that the SEC must consider Grayscale’s application to covert its BTC futures ETF into a spot ETF.
According to the application, the fund is structured as a trust. Coinbase will custody the BTC and Bank of New York Mellon will be the cash custodian and the administrator.
This is a developing story, and further information will be added as it becomes available.