Franklin Templeton Joins Bitcoin ETF Race

The financial services heavyweight joins its brethren BlackRock, Fidelity and others in vying for a spot bitcoin ETF.

Jenny Johnson, President and CEO, Franklin Templeton and Michael Casey, Chief Content Officer, Coindesk

Franklin Templeton filed for a spot bitcoin exchange-traded fund (ETF) Tuesday, becoming the latest traditional asset management firm to join the crowded race.

In a filing with the U.S. Securities and Exchange Commission, Franklin Templeton proposed a Coinbase-custodied ETF that would trade on Cboe BZX Exchange, Inc. It has not yet proposed a ticker for the product.

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Franklin Templeton follows Blackrock and other financial heavyweights who have bet that the SEC may soon allow – or perhaps even be forced by the courts to allow – a spot bitcoin ETF to hit the public markets. Such a product would give everyday investors an easy means to gain exposure to the price of bitcoin in their brokerage accounts, alongside stocks and bonds.

The San Mateo-based company is already a top name for structured investments products like mutual funds and ETFs, and so its interest in a bitcoin ETF should come as no surprise. But it has never previously filed for one, making this entrance all the more notable.

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Even so, the company has come around to digital assets and even toyed with novel funds that blend blockchain technology with a tokenized treasury bond.