Traditional Finance’s (TradFi) interest in the crypto industry continues to grow as one of the world’s largest asset managers, Franklin Templeton, has recently joined the Spot Bitcoin ETF race. This move follows the company’s application with the US Securities and Exchange Commission (SEC), making Templeton the twelfth financial institution to seek approval for offering a Spot Bitcoin ETF.

Templeton, boasting a substantial portfolio of over $1.4 trillion in assets under management (AuM), aims to provide institutional investors with the opportunity to invest directly in Bitcoin. By offering this flagship cryptocurrency, Templeton aligns with other prominent asset managers such as BlackRock, ARK Invest, Grayscale, and WisdomTree, who have already applied for similar offerings.

The company’s filing reveals that, if approved, the proposed “Franklin Bitcoin ETF” (currently without a designated ticker symbol) will be listed and traded on the Cboe BZX Exchange. Additionally, Templeton selected Coinbase, one of the largest US-based crypto exchanges, to act as custodian for the fund’s Bitcoin holdings. This choice is consistent with the decision made by several other applicants.

However, Templeton’s application is still in the early stages of the SEC’s review process. The Commission must first list the application in the Federal Register for recognition before proceeding with further evaluation. The overall review process allows for a 240-day window, within which the regulator decides whether to approve or deny the application.

While most applicants have already passed the initial 45-day deadline, the SEC has chosen to postpone its decision on ETF applications from BlackRock, WisdomTree, Invesco, Fidelity, Valkyrie, VanEck, and Bitwise. The upcoming deadline for any of these applications is October 16, when the Commission needs to decide on Bitwise’s application. However, the SEC retains the option to extend the decision deadline once again.

In light of Templeton’s application, Nate Geraci, President of ETF Store, emphasized the significance of institutional interest in Bitcoin. Contrary to those who view Bitcoin as a scam, these major asset managers’ involvement should spark curiosity and attention. Rather than continuing to question the future of cryptocurrencies, one should explore why these industry giants are venturing into this space.

As Franklin Templeton enters the race for a Spot Bitcoin ETF, the traditional finance sector’s growing interest in cryptocurrencies becomes increasingly evident. This move not only reflects the evolving landscape but also raises intriguing questions about the potential impact of institutional involvement on both Bitcoin and the broader financial system. Stay tuned for further developments as the SEC navigates its review process and makes critical decisions regarding Spot Bitcoin ETF approvals.

Disclaimer: The information provided in this research report is for informational purposes only and should not be interpreted as financial or investment advice. The NFT and cryptocurrency market is highly volatile, and readers should conduct thorough research before making any investment decisions.