After Franklin Templeton became the latest large traditional finance firm to file for a spot bitcoin ETF, industry watchers await who could be the next big company to throw its hat in the ring.
Several market observers have named fund giants Schwab Asset Management and State Street Global Advisors as those who could soon follow, though the firms aren’t letting on.
BlackRock, a fund group managing $9.4 trillion in assets as of June 30, applied for a spot bitcoin fund in June. Fellow financial titans Fidelity and Invesco re-filed for their own planned spot bitcoin ETFs later that month.
Franklin Templeton’s filing signals there are even more large companies to follow, according to Ric Edelman, founder of Edelman Financial Engines and the Digital Assets Council of Financial Professionals.
“This will be a snowball effect; every fund sponsor will have no choice but to offer a spot bitcoin ETF,” he told Blockworks. “Even those that don’t agree with the investment premise will recognize that they are losing [assets under management], and in some cases even clients, to competitors that do offer these products.”