Franklin Templeton files for spot Ethereum ETF, becoming ninth applicant overall

Franklin Templeton has go the latest plus manager to use for a spot Ethereum exchange-traded money (ETF) with the work of a Feb. 12 filing.

The institution elaborate its plans successful an S-1 registration connection with the U.S. Securities and Exchange Commission (SEC). Like different akin proposals, the money volition contented shares representing its assets — chiefly Ethereum (ETH), which volition beryllium held by a custodian connected its behalf. The money besides aims to bespeak the terms show of ETH.

Franklin Templeton identified Coinbase Custody arsenic its cryptocurrency custodian and Bank of New York Mellon arsenic its currency custodian, administrator, and transportation agent.

The connection lone allows for currency creations and redemptions, arsenic opposed to in-kind creations and redemptions that would let for definite participants to transact successful crypto. It besides describes however imaginable Ethereum staking rewards could beryllium treated arsenic income for the fund. Competing applicants Ark Invest and 21Shares besides addressed these issues successful an amended filing connected Feb. 7.

Data from Bloomberg ETF expert James Seyffart suggests that Franklin Templeton is the ninth plus manager to use for a spot Ethereum ETF. Separately, the firm’s Franklin Bitcoin ETF (EZBC) was 1 of respective spot Bitcoin ETFs to summation support successful January.

SEC indispensable determine connected VanEck’s ETH ETF successful May

The SEC indispensable determine to o.k. oregon cull a competing spot Ethereum ETF exertion from VanEck by May 23, 2023 without further postponing its decision. The securities bureau volition apt determine connected respective different akin applications with akin contented astatine that time.

One Polymarket prediction marketplace predicts a 48% accidental that a spot Ethereum ETF volition beryllium approved successful May. James Seyffart expects 60% likelihood of support successful May, portion JP Morgan expert Nikolaos Panigirtzoglou anticipates 50% likelihood of support successful May.

Standard Chartered believes that a spot Ethereum ETF will beryllium approved successful May, portion TD Cowen expects that this benignant of money volition not beryllium approved until 2025 oregon 2026.

The station Franklin Templeton files for spot Ethereum ETF, becoming ninth applicant overall appeared archetypal connected CryptoSlate.