Download App
iOS & Android

Crypto Biz: Franklin Templeton doubles down on crypto, Bakkt seeks capital, and more

Trillion-dollar asset manager Franklin Templeton is jumping on another crypto product, now seeking approval for a spot Ether exchange-traded fund (ETF). Akin to ARK 21Shares, Franklin wants to incorporate staking into its Ether ETF to generate additional income, according to its filing on Feb. 12.
The companies are vying with BlackRock, VanEck, Fidelity, Invesco Galaxy, Grayscale and Hashdex for regulatory approval, with final decisions due between May and August.=
This week’s headlines also include Bakkt’s approval to raise capital. With cash running low, the company sought permission from regulators to issue more shares over the next three years.
Meanwhile, digital asset investment manager CoinShares turned things around and returned a profit for the fourth quarter of 2023, a significant recovery year-over-year.
In this week’s Crypto Biz, we look at Franklin Templeton’s entry into the Ether ETF race, Ripple’s new custody acquisition, Bakkt’s sale of securities and CoinShares’ Q4 earnings

Franklin Templeton joins the spot Ethereum ETF race

Franklin Templeton has become the latest Wall Street firm to apply for a spot Ether (ETH) ETF in the United States. The asset management firm submitted the S-1 filing with the U.S. Securities Exchange Commission on Feb. 12. If approved, it would be listed as “Franklin Ethereum ETF” on the Chicago Board Options Exchange. In addition, Franklin signaled its intention to stake a portion of the ETF’s Ether to produce additional income, similar to ARK 21Shares’ revised S-1 filing last week. The company recently praised the network fundamentals of Ethereum, Solana and other blockchains, leading to speculation that the ETF issuer may expand its crypto services.

Ripple acquires Standard Custody & Trust, its second custody provider

Ripple has acquired Standard Custody & Trust Company, a U.S. digital asset custody provider. The company offers custody and escrow services under a charter granted by the New York State Department of Financial Services and is a qualified custodian in accordance with federal legislation. Standard already had ties to Ripple through its executives. Along with its subsidiaries, Ripple already holds a New York BitLicense and nearly 40 money transmitter licenses in American states, it said. The terms of the deal were not made public.

Bakkt approved for $150M securities sale to stem its cash bleed

Crypto firm Bakkt has received regulatory approval to raise as much as $150 million through the sale of its securities, coming just a week after the firm signaled concerns over its balance sheet. The firm is said to have obtained approval for a “shelf registration,” which allows the new issue of securities to be gradually sold over time without requiring separate approvals. The green light will allow Bakkt to raise an aggregate of $150 million in capital in one or more offerings over three years. Bakkt offers crypto custody and trading services. The company recently disclosed cash flow issues and sought permission to raise additional capital. Bakkt has reported eight successive quarters of net losses since it was publicly listed in October 2021.

CoinShares declares $108M revenue in 2023 earnings report

Investment platform CoinShares declared $108.5 million in annual revenue in its fourth-quarter report for 2023. Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) were around $32.51 million. Compared with its earnings in 2022, CoinShares recorded a significant recovery in 2023. In the fourth quarter of 2022, the company’s EBITDA was negative $30.11 million, while its total income was negative $46.94 million. The company posted a 109% increase in assets under management year-over-year to $3.8 billion, driven by the digital asset price recovery and net inflows into its products.
Before you go: Ether could reach $27,000 at the top of the current bull cycle, predicts Ethereum community member and investor Ryan Berckmans. As one of the main catalysts for a possible appreciation, Berckmans points to the lack of selling pressure from miners since the Merge upgrade.


All Comments

Recommended for you

  • Deutsche Telekom to expand its Web3 services to XDC network

    Deutsche Telekom will expand its Web3 services to the XDC network. A subsidiary of Deutsche Telekom will operate a backup main node on the XDC network as an infrastructure provider. The company has operated nodes on multiple blockchain networks, including Ethereum, Polygon, and Polkadot, and plans to start Bitcoin mining. The XDC network focuses on tokenized real assets, trade finance, and decentralized physical infrastructure.

  • Vitalik: The ultimate decision on the success of cryptocurrency is the practical application of technology

    Vitalik, the co-founder of Ethereum, recently stated on the "Bell Curve" podcast that the actual application of technology determines the success or failure of cryptocurrency. If cryptocurrency can become mainstream, or at least a trusted alternative like Linux, then it can be considered a success.For example, Ethereum accounts can replace social account logins, or cryptocurrency can become a part of the financial system, DAO can become an alternative for enterprises or non-profit organizations, and decentralized social media or prediction markets can succeed.On the other hand, if the cryptocurrency field is remembered as a group of idealists gradually decreasing their cries, or a group of people trading digital monkeys and celebrity photos, it would be a disappointing result.

  • Investment institution Arca is suspected of clearing out the PENDLE/LDO/BNB bought two weeks ago, with a current floating profit of $636,000

    According to the on-chain analyst @ai_9684xtpa, investment firm Arca (@arca) is suspected of liquidating its holdings of PENDLE/LDO/BNB that were purchased two weeks ago, with a potential profit of $636,000.

  • Harris concept meme coin KAMA increased 100 times in 3 months

    According to the data on the chain, the unofficial Kamala Harris meme coin (KAMA) on Solana has skyrocketed by 10,000% in the past three months, from $0.0003216 to $0.0319. At the end of March, when trading started, KAMA's market value was less than $100,000. Currently, KAMA is only 15% behind TREMP (a Trump-themed meme coin launched a month ago), which had a market value of $150 million in the first week of June but has since dropped to $43 million, while KAMA's market value has reached $38 million. Meanwhile, Boden (a Biden-themed meme coin) has plummeted 98% from its high of $650 million in April to its current market value of $11.1 million.

  • In the past hour, the entire network has liquidated 112 million US dollars, mainly long orders

    According to Coinglass data, in the past hour, the entire network has liquidated $112 million, of which long positions were liquidated for $108 million and short positions were liquidated for $3.9836 million.

  • Biden speaks out on withdrawing from 2024 US presidential election

    On the 24th local time, US President Biden gave a speech in the Oval Office of the White House, explaining the reasons for his withdrawal from the 2024 presidential election. On July 21st local time, US President Biden announced his withdrawal from the 2024 presidential election. In a letter posted on his personal social media that day, Biden said that he had intended to seek re-election, but for the best interests of the Democratic Party and the United States, he decided to withdraw from the presidential race and focus on fulfilling his presidential duties during his term.

  • Grayscale Spot Ethereum ETF (ETHE) had a net inflow of $45.9 million yesterday

    As monitored by Farside Investors, data from yesterday (July 24th) shows that Grayscale Ethereum ETF (ETHE) had a net inflow of $45.9 million in the US spot Bitcoin ETF.

  • Caldera Raises $15 Million in Series A Funding to Expand Metalayer Interoperability Ecosystem

    Caldera, a platform that enables developers to quickly create layer-2 blockchains, has raised $15 million in a Series A funding round led by Founders Fund, Peter Thiel's investment firm. The funds will be used to expand Caldera's team and build out the Metalayer, an interoperability ecosystem that simplifies the process of launching applications across multiple blockchains. Caldera currently offers a user-friendly interface for launching layer-2 "rollup" chains that record data to Ethereum, with the ability to select a rollup ecosystem and customize components to fit specific use cases.

  • Mt.Gox address transferred 42,583.32 BTC to its cold wallet address 9 minutes ago

    According to Arkham data, 42,583.32 BTC was transferred to its cold wallet address by Mt.Gox address 9 minutes ago.

  • Thai digital wallet registration will be open from August 1 to September 15

    On July 24th, according to Jin10 News, it is reported that the registration of digital wallets in Thailand will be open from August 1st to September 15th. The Deputy Minister of Finance of Thailand stated that digital cash consumption will begin in the fourth quarter and it is expected that the digital wallet plan will attract 45 million participants. The government has prepared 450 billion baht in funds.