Franklin Templeton Submits Application for New Bitcoin and Ethereum ETF ‘EZPZ’
Franklin Templeton, a prominent asset manager, has submitted a filing to introduce a novel exchange-traded fund (ETF) that, if sanctioned, would provide investors with exposure to a selection of crypto funds. The proposed Franklin Crypto Index ETF, identified by the ticker EZPZ, is designed to offer exposure to digital assets contained within the CF Institutional Digital Asset Index, which is a benchmark from CF Benchmarks, a firm that supplies cryptocurrency data to companies.
Initially, the ETF is set to include Bitcoin and Ethereum, as detailed in a filing with the Securities and Exchange Commission (SEC) on a Friday. Coinbase, the largest crypto exchange in the United States, is slated to serve as the custodian for the potential fund. Coinbase currently holds digital assets for other leading fund managers that have rolled out crypto ETFs.
Franklin Templeton is among several prominent Wall Street entities that have launched a spot Bitcoin ETF and subsequently an Ethereum ETF earlier this year. These funds enable investors to gain exposure to the two largest cryptocurrencies by market capitalization. Initially, the SEC had reservations about approving crypto products that allow investors to engage in digital assets through shares traded on stock exchanges, but eventually, the funds received the regulatory green light.
Additionally, Franklin Templeton recently announced that its Nasdaq-listed OnChain U.S. Government Money Fund, FOBXX, is now accessible on the Arbitrum network. Arbitrum is a well-known scaling solution for Ethereum aimed at accelerating transactions on the second-largest cryptocurrency network.
In conclusion, Franklin Templeton’s move to introduce the Franklin Crypto Index ETF reflects the growing interest and adoption of cryptocurrencies within traditional financial institutions. This development underscores the increasing integration of digital assets into mainstream investment offerings, signaling a significant shift in the financial landscape.