Franklin Templeton throws its hat into the spot Ethereum ETF ring

FRANKLIN Templeton has confirmed it has joined the application list for a spot Ethereum exchange-traded fund.

It is understood the global investment firm filed for the ETF last night, joining seven other applications.

Last month, 11 spot Bitcoin ETFs were approved by the Securities and Exchange Commission (SEC).

An ETF provides digital asset exposure by tracking the market price of the underlying token without investors having to purchase any part of it.

Alongside Franklin Templeton, other companies throwing their hats into the spot ETF ring are BlackRock, Ark21, VanEck, Fidelity, Invesco Galaxy, Hashdex, and Grayscale. Each of them all launched spot Bitcoin products after January's approval.

Files show that BlackRock now has the largest Bitcoin ETF assets with almost $4.2 billion, with Fidelity close behind on $3.5bn. Both put Franklin Templeton's Bitcoin ETF total of $77 million in the shade.