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Tag: 21Shares

  • Ethereum ETF: Franklin Templeton Enters The Fray As ETH Rallies

    Ethereum ETF: Franklin Templeton Enters The Fray As ETH Rallies

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    Wall Street titan and Asset manager Franklin Templeton has applied for an Ethereum Spot Exchange-Traded Funds (ETF) after a struggle to gain approval for their Bitcoin Spot ETF in early January.

    Asset Manager Files For Spot Ethereum ETF

    Asset managers have gravitated toward the Ethereum spot ETF since the United States Securities and Exchange Commission (SEC) approved the Spot Bitcoin ETF. Franklin Templeton is the latest manager to apply with the SEC to get approval for this financial product. 

    The asset manager’s move came after successfully introducing the BTC spot ETFs. This is a notable step toward making more crypto investment products accessible to institutional and individual investors.

    James Seyffart, a senior analyst from Bloomberg Intelligence, also shared the update with the crypto community on X (formerly Twitter). Seyffart’s X post included a screenshot of the asset manager’s filing and data regarding other applicants.

    According to the post, Franklin Templeton is the eighth company in the cryptocurrency market to file for product approval. Previous asset managers to file applications for Ethereum ETFs include Hashdex, BlackRock, Fidelity, Ark and 21Shares, Grayscale, VanEck, Invesco, and Galaxy. 

    Per the official filing, a Delaware statutory trust is how the Franklin Ethereum Trust is set up. The ETF aims to give investors access to ETH in a regulated manner by allowing them to store it directly through a custodian.

    It states in the company’s S-1 filing that the proposed “Franklin Ethereum Trust” will hold ETH and “may, from time to time, stake a portion of the fund’s assets through one of the more trusted staking providers.”

    Staking is the act of locking up digital currency to maintain the operations of a blockchain network. They plan to stake some of the ETF’s ETH holdings to supplement its income through staking rewards.

    The Price Of ETH Rallies Amidst The Update

    Franklin Templeton’s spot Ethereum ETF application was made in light of the price of ETH experiencing an uptick. However, no solid proof exists that the latest development impacted the price of crypto assets.

    Related Reading: Ethereum ETFs Approval Date Set For May 23, Forecasts Suggest ETH Could Reach $4,000

    Ethereum was trading at $2,661 as of press time, indicating an increase of over 7% in the past 24 hours. Data from CoinMarketCap shows that its market capitalization is also on the upside, marking an increase of over 7%. 

    Meanwhile, its trading volume has increased significantly by over 172% in the past day. Due to the rise, ETH now ranks third in the entire crypto market by trading volume.

    ETH trading at $2,679 on the 1D chart | Source: ETHUSDT on Tradingview.com

    Featured image from iStock, chart from Tradingview.com

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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    Godspower Owie

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  • Valkyrie and ARK 21Shares file Bitcoin ETF registration of securities with SEC

    Valkyrie and ARK 21Shares file Bitcoin ETF registration of securities with SEC

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    Valkyrie and ARK 21Shares have recently submitted filings for spot Bitcoin ETFs, adding to the growing list of contenders seeking approval from the U.S. Securities and Exchange Commission.

    Valkyrie and ARK 21Shares have filed for 8-A registration of securities for a spot Bitcoin ETF with the SEC on Jan. 4, following the footsteps of Grayscale and VanEck earlier today and Fidelity, who filed yesterday.

    Valkyrie and ARK 21Shares’s official filings today suggest a solid chance of approvals being pushed through imminently as the two companies compete with others for the first spot Bitcoin ETF in the United States.

    The filing comes while the market is buzzing about the potential approval of a U.S. spot Bitcoin ETF. Despite chatter about possible rejections, Valkyrie and ARK 21Shares filings, among others, point to a different story.

    The cryptocurrency industry is hoping for approvals to roll out between Jan. 8 – 10. Big players like Goldman Sachs are already angling for key roles in Grayscale and BlackRock ETFs.

    While nothing is set as of today, the week has shown bullish sentiment around the immediate possibility of a spot Bitcoin ETF approval. SEC meetings with exchanges such as Nasdaq, NYSE, and CBOE add to the optimism, hinting at potential approvals as early as Monday.


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    Bralon Hill

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