Financial giant Franklin Templeton has applied to the SEC for approval to launch a Bitcoin exchange-traded fund (ETF) named the Franklin Bitcoin ETF, with Coinbase as the custodian and trading on the Cboe BZX Exchange.
The Delaware Trust Company will act as the trustee of the spot Ether ETF from Ark Invest and 21Shares, while Coinbase will act as the crypto custodian.
The decision by Genesis Global Trading (GGT) to wind down its business was reportedly voluntary and is currently working with regulators to ensure an orderly closure of services.
Bitcoin, which rose after Grayscale won its SEC case, has fallen to its lowest point since March as the market awaits an ETF decision.
Bernstein analysts believe that diversification presents a significant commercial opportunity for asset managers. It allows them to enter the rapidly growing digital asset market and benefit from increased demand and market growth.
The analysts noted that the SEC may have to approve Grayscale’s ETF proposal and potentially other spot-based Bitcoin ETFs in order to maintain regulatory consistency.
Bitcoin continues to show weakness as the BTC price can move towards $24,000-25,000 as it goes to test the 200-week EMA once again.
With the Bitwise ETF application gone, the crypto community is now awaiting the SEC’s decision on the remaining applications by WisdomTree, Invesco Galaxy, Valkyrie, VanEck, and Fidelity.
The SEC will have an additional 45 days after the publication in the Federal Register to evaluate the suggested rule. The next decision is pending on October 17, next month.
The SEC has 45 days to request a rehearing for the Grayscale’s court verdict. It can either approve the conversion of GBTC into and ETF or reject it for any other reason.
The court ruled that the SEC failed to provide sufficient evidence as to why Grayscale’s application to convert its Bitcoin Trust to a spot ETF was denied while the agency approved a futures ETF.
Grayscale’s victory over the US SEC marks a milestone event which can open up the gates of approval for the spot Bitcoin ETF.
Both companies are also planning to launch three types of Bitcoin Futures ETFs.
Although unknown, many believe the Bitcoin wallet may belong to a major crypto exchange moving money around, or asset manager Blackrock Inc.
The Jacobi FT Wilshere Bitcoin ETF listing marks a significant achievement for the firm and the broader European crypto investment landscape.