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Franklin Resources (BEN) Joins the Ongoing Bitcoin ETF Race
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Franklin Resources, Inc. (BEN - Free Report) , which together with its subsidiaries is referred to as Franklin Templeton, is one of the world’s largest and most well-known asset managers with $1.4 trillion in assets under management. The global investment behemoth filed for a spot in Bitcoin ETF on Tuesday, joining the ETF race for Bitcoin (BTC). The company applied to the Securities and Exchange Commission (“SEC”) for approval of "The Franklin Bitcoin ETF" as part of the Franklin Templeton Digital Holdings Trust.
In recent weeks, the major development in this next-stage crypto move has been the Court of Appeals siding with Grayscale in its lawsuit against the SEC. Previously, the SEC had denied Grayscale’s application to convert its popular Grayscale Bitcoin Trust (GBTC - Free Report) to an ETF. The SEC now has 45 days to appeal the judge’s opinion that it had failed to provide a coherent explanation for its denial. Failure to do that will pave the way for companies like Franklin Templeton that are waiting for the SEC’s approval.
The SEC is currently reviewing applications from major investment companies like WisdomTree, Inc. (WT - Free Report) , BlackRock, Inc. (BLK - Free Report) and Fidelity Investments. These are some of the biggest names in the traditional marketplace that have decided to explore the crypto space in recent months. BlackRock and WisdomTree currently carry a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Franklin’s expected earnings growth rate for the current year is -34.4%. However, it expects to grow at the rate of 10.5% in 2024. BEN currently carries a Zacks Rank #3.
Per the application, the Franklin Bitcoin ETF's shares would be listed and traded on the Cboe BZX Exchange. Also, the other Bitcoin ETF candidates have chosen Coinbase Global, Inc. (COIN) as the fund's custodian.
The race to launch a Bitcoin ETF has been getting a lot of eyeballs as it would give a regulated and orderly way for retail and institutional investors to obtain exposure to Bitcoin price swings without actually owning the cryptocurrency. The SEC has moved to buy some more time by delaying passing a verdict on these applications till Oct 16. Franklin’s application, however, reinforces the theory that the authorities might only be trying to delay the inevitable.
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Franklin Resources (BEN) Joins the Ongoing Bitcoin ETF Race
Franklin Resources, Inc. (BEN - Free Report) , which together with its subsidiaries is referred to as Franklin Templeton, is one of the world’s largest and most well-known asset managers with $1.4 trillion in assets under management. The global investment behemoth filed for a spot in Bitcoin ETF on Tuesday, joining the ETF race for Bitcoin (BTC). The company applied to the Securities and Exchange Commission (“SEC”) for approval of "The Franklin Bitcoin ETF" as part of the Franklin Templeton Digital Holdings Trust.
In recent weeks, the major development in this next-stage crypto move has been the Court of Appeals siding with Grayscale in its lawsuit against the SEC. Previously, the SEC had denied Grayscale’s application to convert its popular Grayscale Bitcoin Trust (GBTC - Free Report) to an ETF. The SEC now has 45 days to appeal the judge’s opinion that it had failed to provide a coherent explanation for its denial. Failure to do that will pave the way for companies like Franklin Templeton that are waiting for the SEC’s approval.
The SEC is currently reviewing applications from major investment companies like WisdomTree, Inc. (WT - Free Report) , BlackRock, Inc. (BLK - Free Report) and Fidelity Investments. These are some of the biggest names in the traditional marketplace that have decided to explore the crypto space in recent months. BlackRock and WisdomTree currently carry a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Franklin’s expected earnings growth rate for the current year is -34.4%. However, it expects to grow at the rate of 10.5% in 2024. BEN currently carries a Zacks Rank #3.
Per the application, the Franklin Bitcoin ETF's shares would be listed and traded on the Cboe BZX Exchange. Also, the other Bitcoin ETF candidates have chosen Coinbase Global, Inc. (COIN) as the fund's custodian.
The race to launch a Bitcoin ETF has been getting a lot of eyeballs as it would give a regulated and orderly way for retail and institutional investors to obtain exposure to Bitcoin price swings without actually owning the cryptocurrency. The SEC has moved to buy some more time by delaying passing a verdict on these applications till Oct 16. Franklin’s application, however, reinforces the theory that the authorities might only be trying to delay the inevitable.