Franklin Templeton has joined the race to float a spot bitcoin ETF, despite the SEC’s recent postponement of a decision on the matter.

Franklin Templeton, a major financial services firm, has entered the competitive race for a spot Bitcoin exchange-traded fund (ETF). In its filing with the U.S. Securities and Exchange Commission, the company proposed a Coinbase-custodied ETF that would trade on Cboe BZX Exchange, Inc.

The product has not yet been assigned a ticker symbol. This move follows similar actions by industry giants like BlackRock (NYSE: BLK), signaling its anticipation that the SEC may soon approve a spot Bitcoin ETF, offering everyday investors an accessible way to invest in Bitcoin alongside traditional assets like stocks and bonds.

However, it is to be noted that Franklin Templeton’s application follows a series of events, including the SEC’s postponement of decisions on ETF applications from WisdomTree, Valkyrie, Fidelity, VanEck, Bitwise, and Invesco for Bitcoin spot ETFs on August 31. Additionally, there was a court ruling on August 29 that mandated the SEC to evaluate Grayscale’s request to transform its Bitcoin futures ETF into a spot ETF.

Franklin Templeton, known for its expertise in structured investment products such as mutual funds and ETFs, has shown an interest in digital assets, even exploring innovative funds that combine blockchain technology with tokenized treasury bonds.

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