BlackRock and Franklin Templeton Embrace Crypto, Launching Bitcoin ETFs to Over $1B Assets
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BlackRock's spot Bitcoin ETF reached $1 billion in assets under management in its first week of trading, exceeding expectations. The firm sees crypto as an extension of its existing capabilities.
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Franklin Templeton took a fun, lighthearted approach in promoting its spot Bitcoin ETF on Twitter, letting its young digital asset team show their enthusiasm. It aims to compete long-term as the ETF market moves from direct retail to wealth channels.
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Fees have been an area of competition between the ETF providers, with Franklin Templeton currently having the lowest at 0.19%. It lowered fees to reward early investors.
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Both BlackRock and Franklin Templeton see potential for further expansion into other digital asset offerings like Ethereum. Franklin Templeton is also exploring tokenization of assets like music royalties.
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The firms represent a bridging of traditional finance and crypto - combining innovation and boundary pushing from crypto natives with the regulatory comfort and portfolio management expertise of traditional asset managers.