Franklin Bitcoin ETF Proposed By Cboe BZX To Adjust Flexible Deadline For Cash Purchase

Key Points:

• Cboe BZX proposes changing the cash purchase basket order deadline for Franklin Bitcoin ETF.
• If approved, the proposal might set a precedent for other cryptocurrency exchanges and financial products.

The Cboe BZX exchange has proposed an amendment to the Franklin Bitcoin ETF, seeking to change the deadline for cash purchase basket orders.

Cboe Proposes Flexible Purchase Deadline For Franklin Bitcoin ETF

The alteration aims to shift the deadline from 3 PM Eastern Time to 2 PM, aligning it with the exchange’s regular closing time or any other time determined by the initiator. The objective is to offer more flexibility to the fund initiator in setting the purchase deadline.

This move by the Cboe BZX exchange holds significance in the cryptocurrency market, particularly in providing flexibility for fund initiators. The Franklin Bitcoin ETF, previously approved by the SEC, is among various financial instruments introduced in recent years to grant investors exposure to the volatile cryptocurrency realm. The proposed change in the cash purchase basket order deadline is anticipated to notably influence the ETF’s operations.

Presently, the SEC is reviewing the Cboe BZX’s proposal, which, if greenlit, could establish a precedent for other exchanges and financial instruments within the cryptocurrency market.

Spot Bitcoin ETFs Draw $13 Billion Post-January 2024 Launch

In January 2024, spot Bitcoin ETFs emerged as a pivotal benchmark for institutional Bitcoin investments. The 11 spot Bitcoin ETFs approved by US regulators collectively amassed over $13 billion in inflows within a short period post-launch. Remarkably, this achievement outpaced the timeline taken by Gold ETFs to reach a similar milestone.

Furthermore, BlackRock’s Bitcoin ETF, IBIT, has soared to become one of the top 10 ETFs of all time in terms of maintaining a streak of daily investment inflows. As of April 23, IBIT has witnessed 70 consecutive days of inflows, showcasing sustained growth in its total holdings of spot Bitcoin. This accomplishment follows a series of US Spot Bitcoin ETF approvals earlier in the year, which proved highly successful.