Franklin Templeton Launches Ethereum ETF and Expresses Confidence in Cryptocurrency ETFs

Franklin Templeton’s Confidence in Cryptocurrency ETFs

Franklin Templeton, a prominent asset manager, recently expressed confidence in the development of cryptocurrency exchange-traded funds (ETFs). The company believes that there are exciting developments beyond Bitcoin and Ethereum that will drive the cryptocurrency industry forward.

According to Franklin Templeton, the widespread adoption and continuous maturation of Solana, a blockchain platform, are promising indicators for the industry’s growth.

Launch of Franklin Ethereum ETF

Following the successful launch of the Spot Bitcoin ETF earlier this year, Franklin Templeton has introduced its second digital asset-backed ETF – the Franklin Ethereum ETF (EZET). This ETF is listed on the Chicago Board Options Exchange (Cboe).

Patrick O’Connor, the Global Head of ETFs at Franklin Templeton, expressed his enthusiasm for the launch, highlighting the company’s commitment to providing clients with greater access to the digital asset industry through regulated fund structures.

Fee Waiver and Market Response

As part of the rollout of the Franklin Ethereum ETF, the company has decided to waive fees on the first $10 billion of fund assets until January 2025. This move aims to attract investors and promote growth in the digital asset market.

Upon approval from the U.S. Securities and Exchange Commission (SEC), five Ethereum ETFs, including Franklin Templeton’s, were listed on the Chicago Board Options Exchange. The market response was positive, with over $1 billion worth of stocks traded on the first day of the Ethereum ETF’s issuance.

In conclusion, Franklin Templeton’s foray into the cryptocurrency ETF space, combined with its confidence in the industry’s potential, reflects a growing trend towards mainstream adoption of digital assets.