- The SEC has only approved Bitcoin and Ethereum ETFs so far. Cathie Wood of ARK believes the SEC is unlikely to approve ETFs for other cryptocurrencies anytime soon.
- Franklin Templeton filed for approval of a spot Ethereum ETF on February 12th, intending to stake some of the ETF’s ether to generate income.
- Franklin Templeton joins many firms like BlackRock, VanEck, and Grayscale that have applied for Ethereum ETFs, but the SEC has postponed decisions so far.
The SEC has only approved Bitcoin and Ethereum ETFs so far. Cathie Wood, founder of ARK Investment Management, believes the SEC is unlikely to approve ETFs for other cryptocurrencies anytime soon.
Cathie Wood Skeptical of Expanded Crypto ETF Approvals
Wood expressed doubts that the SEC would approve spot ETFs beyond Bitcoin and Ethereum on a recent podcast. She said, “We’d be surprised to see anything but Bitcoin and Ether being approved by the SEC.”
Franklin Templeton Seeks Approval for Ethereum ETF
Franklin Templeton filed for approval of a spot Ethereum ETF on February 12th. The proposed fund would trade on the Chicago Board Options Exchange as the Franklin Ethereum ETF.
The filing indicates that Franklin Templeton intends to stake a portion of the ETF’s ether holdings to generate additional income, similar to strategies from ARK and 21Shares.
Franklin Templeton Joins Crowded Ethereum ETF Race
Franklin Templeton joins BlackRock, VanEck, Fidelity, Invesco, Galaxy, Grayscale, and Hashdex in applying for a spot Ethereum ETF. However, the SEC has postponed decisions on all Ethereum ETF applications so far.
Slow Start for Franklin Templeton’s Bitcoin ETF
Franklin Templeton launched a spot bitcoin ETF on January 11th, along with seven other firms. But their bitcoin ETF has attracted just $77 million compared to billions for competitors like BlackRock and Fidelity.
SEC Still Reviewing Ethereum ETF Applications
The SEC has delayed ruling on Ethereum ETF applications from Grayscale and others. JP Morgan puts the odds of approval before May below 50%.
