– Franklin Templeton filed application for a spot Ethereum ETF with the SEC
– Coinbase Custody will be the Ether custodian and Bank of New York Mellon the cash custodian, administrator, and transfer agent
– Other asset managers such as BlackRock, Fidelity, Grayscale, VanEck, Invesco and Galaxy, Ark Invests and 21Shares have also submitted applications for spot Ethereum ETFs
– Ark Invest and 12Shares amended their joint application for a spot market Ethereum ETF
– Franklin Templeton remains optimistic about the future of its spot Bitcoin ETF
– Bitcoin-backed investment options have attracted $2.8 billion in inflows since the launch of US spot Bitcoin ETFs
– Ethereum gas fees have surged due to growing interest in the ERC-404 token standard
Title: Franklin Templeton Files for Spot Ethereum ETF
Franklin Templeton has filed a spot Ethereum exchange-traded fund (ETF) application with the Securities and Exchange Commission (SEC) in the United States, joining a growing list of asset managers seeking to enter the spot Ethereum ETF race.
Key Players in the Spot Ethereum ETF Race
Numerous asset managers such as BlackRock, Fidelity, Grayscale, VanEck, Invesco, and others, have submitted applications for a spot Ethereum ETF. This indicates a strong interest in bringing Ethereum-based investment options to the market.
Franklin Templeton’s Confidence in Spot Bitcoin ETF
Despite not yet achieving significant trading volumes, the firm remains optimistic about its spot Bitcoin ETF. The company’s product “EZBC” has faced competition from industry giants but believes it will gain traction over time.
Inflows and Popularity of Bitcoin Spot ETFs
Bitcoin spot ETFs have attracted significant inflows, as shown by the $2.8 billion in investments since their launch. These ETFs provide retail investors with a convenient way to invest in Bitcoin without having to directly handle the cryptocurrency.
Ethereum Gas Fees Surge
The Ethereum network has experienced a surge in gas fees, reaching levels not seen since March 2023. This increase has been driven by the growing interest in a new experimental token standard known as ERC-404, causing gas prices to peak at levels as high as $60 for a standard transaction.
The filing of a spot Ethereum ETF application by Franklin Templeton reflects the growing interest in cryptocurrency-based investment products. With ongoing developments in both Bitcoin and Ethereum investment options, the market for digital asset ETFs continues to evolve and expand.
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