Ethereum ETF: Franklin Templeton Enters The Fray As ETH Rallies

Name	Symbol	Market	Market Cap ($)	Algorithm
Gala	GALAUSD	Crypto	800,242,667	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

Gala

GALAUSD

Crypto

800,242,667

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	-0.0002	-0.84%	0.0236	0.0236	0.0237

Price Change

Price Change %

Current Price

Bid Price

Offer

-0.0002

-0.84%

0.0236

0.0237

High Price	Low Price	Open Price	Prev. Close	52 Week Range
0.0239	0.0234	0.02374	0.0238	0.005100 - 5.29

High Price

Low Price

Open Price

Prev. Close

52 Week Range

0.0239

0.0234

0.02374

0.0238

0.005100 - 5.29

Exchange	Last Trade	Size	Trade Price	Currency
KRKN	11:38:41	3,857.43	0.0236	USD

Exchange

Last Trade

Size

Trade Price

Currency

KRKN

11:38:41

3,857.43

0.0236

USD

Price x Volume	Volume	Base Symbol	Related Pairs
36,152.23	1,529,107.80	GALA	GALAEUR	GALAGBP	GALABTC

Price x Volume

Volume

Base Symbol

Related Pairs

36,152.23

1,529,107.80

Ethereum ETF: Franklin Templeton Enters The Fray As ETH Rallies

13/02/2024 3:00pm

NEWSBTC

Wall Street titan and Asset manager Franklin Templeton has applied for an Ethereum Spot Exchange-Traded Funds (ETF) after a struggle to gain approval for their Bitcoin Spot ETF in early January. Asset Manager Files For Spot Ethereum ETF Asset managers have gravitated toward the Ethereum spot ETF since the United States Securities and Exchange Commission (SEC) approved the Spot Bitcoin ETF. Franklin Templeton is the latest manager to apply with the SEC to get approval for this financial product. Related Reading: SEC Delays Spot Ethereum ETF Decision; $GFOX to Outperform $ETH in 2024 The asset manager’s move came after successfully introducing the BTC spot ETFs. This is a notable step toward making more crypto investment products accessible to institutional and individual investors. James Seyffart, a senior analyst from Bloomberg Intelligence, also shared the update with the crypto community on X (formerly Twitter). Seyffart’s X post included a screenshot of the asset manager’s filing and data regarding other applicants. According to the post, Franklin Templeton is the eighth company in the cryptocurrency market to file for product approval. Previous asset managers to file applications for Ethereum ETFs include Hashdex, BlackRock, Fidelity, Ark and 21Shares, Grayscale, VanEck, Invesco, and Galaxy. Per the official filing, a Delaware statutory trust is how the Franklin Ethereum Trust is set up. The ETF aims to give investors access to ETH in a regulated manner by allowing them to store it directly through a custodian. It states in the company’s S-1 filing that the proposed “Franklin Ethereum Trust” will hold ETH and “may, from time to time, stake a portion of the fund’s assets through one of the more trusted staking providers.” Staking is the act of locking up digital currency to maintain the operations of a blockchain network. They plan to stake some of the ETF’s ETH holdings to supplement its income through staking rewards. The Price Of ETH Rallies Amidst The Update Franklin Templeton’s spot Ethereum ETF application was made in light of the price of ETH experiencing an uptick. However, no solid proof exists that the latest development impacted the price of crypto assets. Related Reading: Ethereum ETFs Approval Date Set For May 23, Forecasts Suggest ETH Could Reach $4,000 Ethereum was trading at $2,661 as of press time, indicating an increase of over 7% in the past 24 hours. Data from CoinMarketCap shows that its market capitalization is also on the upside, marking an increase of over 7%. Meanwhile, its trading volume has increased significantly by over 172% in the past day. Due to the rise, ETH now ranks third in the entire crypto market by trading volume. Featured image from iStock, chart from Tradingview.com

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