Franklin Templeton Fires First Shot in Crypto Index Fund

🚀 Stay Ahead with AltcoinDaily.co! 🌐

American multinational investment firm Franklin Templeton is taking a significant step to strengthen its presence in the rapidly growing cryptocurrency market by planning to launch a crypto index exchange-traded fund (ETF). 

Franklin Templeton Waits for SEC’s Approval

According to its S-1 filing to the United States Securities and Exchange Commission (SEC), this proposed ETF gives investors exposure to the digital asset space by initially holding two of the most prominent cryptocurrencies: Bitcoin (BTC) and Ethereum (ETH). This means Franklin Templeton recognizes the increasing demand for cryptocurrency investment options for retail and institutional investors. 

According to the submission, this upcoming Crypto Index Fund will be structured as a weighted product, with the weightings determined by the individual component’s market cap. This unified Index Fund represents a new venture for the firm, which could enhance its influence in certain areas of the ETF market.

  🌟 Unlock Crypto Insights with AltcoinDaily.co! 💰

Furthermore, the digital asset firm will base its pricing for the fund on the CF Bitcoin and Ethereum reference rates. Whether the SEC will approve the product is the main consideration now. However, It’s hard to predict since the filing is still new.

Koreans Mount Pressure on Regulators For Crypto ETFs

In May, Koreans requested that spot crypto ETFs get approved for trading in their nation, citing the latest development in the United States. Notably, the United States SEC approved Ethereum ETFs for trading that month, sending the broad crypto market into jubilation. This comes four months after the same regulators greenlighted spot Bitcoin ETFs trading proposed by BlackRock, Fidelity, Grayscale, Bitwise, and other players.

The intense request for crypto ETF consideration by Koreans was expected as the FSC and FSS had previously tried to dim the light on the subject. Meanwhile, Jung Eui-Jung, the head of the Korean Stockholders’ Alliance thinks FSC and FSS should reconsider their stance on the crypto ETF matter. Specifically, he thinks Korea should make a U-turn and follow the U.S. path concerning digital asset ETF.

 🦂 AltcoinDaily.co is your trusted source for the latest in crypto news and insights. 🚀

BlackRock Becomes the Biggest Crypto ETF

Some days ago, BlackRock achieved a significant milestone in the cryptocurrency market, with its ETFs surpassing Grayscale in on-chain holdings. As reported by TheCoinRise, BlackRock holds $21,217,107,987 in ETFs, while Grayscale holds about $21,202,480,698, $14,627,289 less than BlackRock.

BlackRock spot BTC ETF exceeded 300,000 BTC in assets under management (AUM) in June, after five months of trading. Undoubtedly, the IBIT spot BTC ETF’s rapid accumulation of assets has allowed it to surpass the AUM of Grayscale’s GBTC fund, which was recently converted to an ETF. BlackRock’s swift overtaking of Grayscale highlights the competitive edge and market trust the digital asset player has cultivated in the cryptocurrency space.

 🔍 Your Crypto News Hub: AltcoinDaily.co! 🌐