Franklin Templeton registers for spot Ethereum ETF amid growing competition
Ethereum Exchange-Traded Fund (ETF), becoming the eighth player in the market seeking approval for a similar product, Reuters reported. This January, in a significant development for the cryptocurrency industry, the United States Securities and Exchange Commission (US SEC) approved 11 spot Bitcoin ETFs in January. This marked a watershed moment, fulfilling a decade-long demand for regulatory approval within the crypto space.
Also Read | Bitcoin surges to $50,000 for the first time since 2021 on ETF demand A spot crypto ETF, like the approved spot Bitcoin ETFs, tracks the market price of the underlying digital asset. This provides investors with exposure to the token without requiring direct purchase. With Franklin Templeton's registration, there are now eight ETF providers competing to introduce spot Ethereum ETFs, the report added.
Notably, all these contenders had rolled out spot Bitcoin products in the same month. Also Read | EU Sanctions Proposal: Why is the European Union considering trade restrictions on Indian, Chinese firms? While BlackRock and Fidelity, the leading contenders in the spot Bitcoin ETF race, boast assets of $4.18 billion and $3.49 billion, respectively, Franklin Templeton is positioned near the bottom of the league table, the report said. As per data from BitMEX Research, assets in Franklin's Bitcoin ETF total only $77 million, with seven out of the nine newly launched spot Bitcoin ETFs holding assets surpassing $100 million.
Despite its current position, the veteran asset management firm, established in 1947, remains resilient. Franklin Templeton is actively marketing its spot Bitcoin ETF through Google ads, signalling its commitment to gaining traction in the market. Also Read | Nvidia overtakes
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