Following the latest Bitcoin surge, the altcoin king Ethereum embarked on a journey to new heights and experienced a fresh development just minutes ago. Franklin, managing assets worth $1.5 trillion, has now applied for an Ethereum ETF. The price of ETH did not see a significant increase following this news.
Spot Ethereum ETF
Currently, asset management giants BlackRock and Fidelity are awaiting decisions on their spot Ethereum ETF applications. Experts are confident that BlackRock can turn the process positive and expedite it, as they did with the BTC ETF. However, it is not yet possible to speak definitively because Ethereum, unlike Bitcoin, has a strong stake system and an ICO process that pose centralization risks.
Franklin Templeton is already involved in the cryptocurrency space with its spot Bitcoin ETF named EZBC. According to the latest data, it is one of the worst-performing ETFs and held $72.5 million in BTC as of February 9th. Nevertheless, having an additional player in the Ethereum ETF race, even if late, is a positive development.
The image above was shared by James from Bloomberg, and the final decision dates are approaching. On the 5th and 10th of the coming month, we will see the second potential postponement decision for the two applications made by BlackRock and Fidelity. However, the final decisions will start arriving between May 23rd and 30th. By the beginning of August 2024, the SEC will make its final decision for Fidelity and BlackRock. If the principle of equal opportunity observed in the BTC ETF approval is maintained, all approvals or rejections are likely to be announced by the end of May.
