SBI Holdings is launching an investment management company in partnership with Franklin Templeton to enter the Bitcoin ETF market.
In anticipation of its entry into the Bitcoin ETF market, SBI Holdings, a major Japanese banking institution, announced on Thursday that it will collaborate with Franklin Templeton, a US investment management company, to establish an investment management company.
This is a significant development by Ripple’s partner, SBI, to further its penetration of the crypto market.
SBI disclosed that the new investment management company will primarily administer digital assets in collaboration with Franklin Templeton, a prominent US investment management company. There are plans to establish the new company within the year.
SBI Holdings will own 51% of the investment management organization, while Franklin Templeton will own 49%. This implies that the new entity will be majority-owned by SBI Holdings.
Following the US SEC’s approval, the act responds to the substantial demand for spot Bitcoin ETFs in the United States.
The SEC also authorized spot Ethereum ETFs early this week, which could lift the ban on ETFs that track spot prices of crypto. Additionally, Japan is currently in the process of preparing for the relaxation of regulations regarding Bitcoin ETF investments.
The price of Bitcoin (BTC) has decreased by 3% over the past 24 hours, and it is currently trading below $64,500. The 24-hour low and high are $63,833 and $67,113, respectively. Additionally, there has been a modest increase in the trading volume over the past 24 hours.
