Asset Manager Franklin Templeton files for Spot Ethereum ETF

$1.5 trillion asset manager Franklin Templeton has officially filed its application for a spot Ethereum ETF (exchange-traded fund). It is the eighth such company to file this type of ETF for its customers, and signals further interest in cryptocurrency amongst asset managers since the approval of Spot Bitcoin ETFs.

The Franklin Ethereum Trust is organized as a Delaware statutory trust, according to the official filing released today. Franklin Templeton Ethereum ETF consists primarily of ether held by a custodian on behalf of the fund. Furthermore, the proposed ETF seeks to reflect generally the performance of the price of ether.

Franklin Templeton joins Grayscale, Fidelity, Ark21, and other big asset managers in the race for a Spot Ethereum ETF. Considering that the timetable for Bitcoin ETFs being approved took months, it may be some time for any Spot Ethereum ETFs to see any approval by the SEC.

Also Read: Ethereum Shows Steady Growth; ETH Could Hit $3000 With This Breakout

Standard Chartered predicts that we may see the first approvals of Spot Ethereum ETFs in May 2024. Ethereum’s potential value surge if the asset could mimic what occurred with Bitcoin (BTC) before its Spot ETF approval in the United States. Thus, trading activity for any of the ETH ETFs may be very high straight away.