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Franklin Templeton Refiles Its Updated Bitcoin ETF Application
Franklin Templeton has submitted an updated S-1 filing to the Securities and Exchange Commission (SEC), seeking approval for the launch of a Bitcoin exchange-traded fund (ETF). This move comes shortly after the SEC decided to postpone the consideration of the previous proposal.
The Franklin Bitcoin ETF shall list on the New York Stock Exchange’s Arca platform, mirroring the performance of Bitcoin’s price before fees and expenses, as outlined in the preliminary prospectus.
The revised proposal allows the ETF to utilize both in-kind and cash mechanisms. While the SEC has recommended a cash model, investment giants BlackRock and Ark Invest are contemplating Bitcoin ETFs that employ in-kind creations and redemptions. The ETF plans to store Bitcoin in cold storage, with custody services provided by Coinbase Custody Trust.
UPDATE: Franklin has submitted an updated prospectus for their spot #Bitcoin ETF
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