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Coinbase will be one of the fund’s custodians.
Franklin Templeton, the company that manages $1.5 trillion in assets, has become the latest Wall Street giant to file for a spot Ethereum exchange-traded fund (ETF), according to an S-1 form registration dated February 12, 2024. The firm now joins BlackRock, ARK Invest, and five other asset managers in the Ethereum product race.
Franklin Templeton has selected Coinbase Custody Trust Company and the Bank of New York Mellon as the fund’s custodians. As an ETF custodian, Coinbase is responsible for the safekeeping and management of the cryptographic keys that control the underlying assets of an ETF.
Like BlackRock and ARK Invest, Franklin Templeton has also adopted a cash-only policy for the creation and redemption of shares. The proposed ETF is slated for listing and trading on the CBOE BZX Exchange, offering investors an accessible avenue to gain exposure to Ethereum without the complexities and operational challenges typically associated with direct crypto investments.
The new filing comes on the heels of a recent move by the US Securities and Exchange Commission, which sought public feedback on a proposed rule change to list and trade an Ethereum spot ETF from Galaxy Digital and Invesco.
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