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Tag: Hashdex

  • 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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  • Bitcoin ETF roundup: Grayscale meets with SEC, Hashdex releases ad

    Bitcoin ETF roundup: Grayscale meets with SEC, Hashdex releases ad

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    Grayscale meets with the SEC again to discuss its spot Bitcoin ETF application, and Hashdex becomes the second firm to post a crypto ETF ad. 

    According to reports, Grayscale met with the SEC on Tuesday to discuss potential rule changes to their ETF application. The leaked memorandum shared by Bloomberg reporter James Seyffart shows that Grayscale is still pushing for in-kind and cash transactions for their spot Bitcoin ETF.

    In-kind transactions refer to the process where ETF shares are created or redeemed by exchanging securities, like stocks or bonds, instead of cash. This method efficiently manages the ETF’s portfolio and helps minimize the tax impact on investors.

    Grayscale also proposed that only authorized participants should be able to create and redeem Bitcoin ETP shares and must be registered with FINRA.

    Bitcoin ETF advertisement war is heating up

    The excitement around ETFs continues to build up, with Hashdex posting an ad promoting their upcoming crypto-ETFs today. Hashdex becomes the second firm to release such an ad, as Bitwise released the first ETF featuring popular actor Jonathan Goldsmith yesterday. After Hashdex’s post earlier today, Bitwise released a second advertisement saying ‘Satoshi sends his regards.’

    The frequent meetings from Grayscale and Blackrock and the positive advertisements hint that ETF approvals are just around the corner, with experts believing several applications will be approved by the SEC in January.  


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    Mohammad Shahidullah

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  • SEC postpones Hashdex’s spot Bitcoin ETF application

    SEC postpones Hashdex’s spot Bitcoin ETF application

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    The U.S. Securities and Exchange Commission (SEC) has delayed a decision on Hashdex’s application to launch a spot Bitcoin ETF in the U.S.

    The regulator’s website says that the SEC also postponed its decision on Grayscale’s application to launch a futures ETF on Ethereum (ETH).

    Through the application, Hashdex wants to transform its futures exchange-traded fund into a spot Bitcoin ETF. There is still no such tool in the US. Investors believe that its launch will attract institutional investors to the market. Therefore, applications for the tool have attracted the attention of the crypto community.

    Next up is Franklin Templeton’s application to launch a spot Bitcoin ETF. The deadline for making a decision on it expires on Nov. 17.

    Earlier, the Nasdaq exchange placed an application for an Ethereum ETF proposed by BlackRock. BlackRock has submitted a 19b-4 filing for its own Ethereum ETF on Nasdaq, where the company intends to list.

    The document also states that once the ETH fund is approved, Coinbase Custody Trust Company will become the primary custodian of all Ethereum coins.


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    Anna Kharton

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