Franklin Templeton Joins Race to Offer US Spot Bitcoin ETF (1)

Franklin Templeton has joined fellow asset manager powerhouses Fidelity and BlackRock in the race to win approval to offer the first US exchange-traded fund that invests directly in Bitcoin.

The San Mateo, California-based firm, which oversees more than $1.4 trillion in assets, filed an application with the US Securities and Exchange Commission on Tuesday. If approved, Franklin plans to use Coinbase Global Inc. as custodian for the fund’s Bitcoin holdings and Bank of New York Mellon for cash.

Bitcoin has rallied in part this year on optimism that interest from large asset managers such as BlackRock and Franklin suggests that ...