Ethereum Soars 7% After Franklin Templeton ETH ETF Filing

The price of Ethereum (ETH) soared more than 7% in the last day, reaching US$2,673, after investment firm Franklin Templeton filed for a spot Ethereum-based exchange-traded fund (ETF).

At the time of publication, the price of Ethereum was quoted at US$2,616.29, up 4.7% in the last 24 hours. The second-largest cryptocurrency recorded a trading volume of $25,492,864,269. In recent days, Ethereum has shown a notable increase. The asset has appreciated 12.0% in the last seven days.

The recent rise in the price of Ethereum comes amid the market-wide increase, driven by the appreciation of the largest cryptocurrency, Bitcoin, which managed to surpass the US$50,000 barrier on February 12.

Franklin Templeton files new Ethereum ETF application

Investment firm Franklin Templeton on Feb. 12 filed a new application for an Ethereum (ETH) spot exchange-traded fund (ETF) for review by the U.S. Securities and Exchange Commission (SEC).

In a recent document, the manager filed an S-1 registration statement for its Franklin Ethereum ETF. The proposed product will generally reflect the price of Ethereum. The custodians of Ether and Cash will be Coinbase Custody Trust Company and Bank of New York Mellon, respectively. Furthermore, the document explained that the shares would be listed and traded on the Cboe BZX Exchange.

In part of the document, the company highlighted:

“The Shares are intended to provide a convenient means of making an investment similar to an investment in ether in connection with acquiring, holding and trading ether directly on a peer-to-peer or other basis or through an asset platform digital,” the document said.

“The Shares are designed to remove obstacles associated with the complexities and operational charges involved in a direct investment in ether, providing an investment with a value that reflects the price of ether held by the Fund at that time, less the Fund’s expenses. “

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