In a significant move, Franklin Templeton has officially filed with the U.S. Securities and Exchange Commission (SEC) for a multi-asset cryptocurrency exchange-traded fund (ETF), further accelerating the wave of crypto-related ETF applications. This filing comes at a time of growing demand for diversified crypto investment options, fueled by regulatory changes under the leadership of President Donald Trump.

The proposed Franklin Crypto Index ETF aims to offer investors exposure to two of the leading digital assets, Bitcoin (BTC) and Ethereum (ETH), tracking their spot prices within a single fund. The ETF will be listed on the Cboe BZX Exchange and will be weighted by market capitalization. At the time of the filing, Bitcoin accounted for 86.31% of the index, while Ethereum made up 13.69%. The fund will undergo quarterly rebalancing in March, June, September, and December to reflect market changes.

The filing, dated February 6, 2025, highlights the growing interest in cryptocurrency ETFs that offer exposure to the broader digital asset market. Franklin Templeton has also suggested that, upon regulatory approval, the fund could expand to include additional digital assets, though it cautioned there is no guarantee that any other cryptocurrencies will be included in the future.

The filing follows a similar application submitted by Bitwise for a Bitcoin and Ethereum ETF on January 31, 2025. While the Franklin Crypto Index ETF is focused on the two leading cryptocurrencies, the firm acknowledges the potential competition from emerging cryptocurrencies such as Solana (SOL), Avalanche (AVAX), and Cardano (ADA). The rise of these alternative blockchain platforms could impact demand for Bitcoin and Ethereum-based ETFs.

Despite ongoing speculation about Solana ETFs, industry experts, including ETF analyst James Seyffart, believe that such funds may not launch until 2026 due to the SEC’s lengthy review process, which typically spans 240–260 days.

The surge in ETF filings comes amid significant shifts in the regulatory landscape. Franklin Templeton’s filing coincides with an application from the Cboe BZX Exchange seeking approval for spot XRP ETFs from Canary Capital, WisdomTree, 21Shares, and Bitwise. This filing wave follows the resignation of former SEC Chair Gary Gensler on January 20, 2025, a move that has paved the way for new leadership under Acting SEC Chair Mark Uyeda. Uyeda’s appointment has been viewed favorably by the crypto community, as he is seen as more crypto-friendly. Furthermore, Uyeda has made strides by appointing a policy director from the crypto advocacy group Coin Center to the SEC’s Crypto Task Force.

As the crypto ETF landscape continues to evolve, Franklin Templeton’s filing reflects the ongoing shift toward greater acceptance and integration of cryptocurrencies into traditional financial markets. With the SEC under new leadership and an increasing number of crypto ETF applications, the coming months could be pivotal in shaping the future of cryptocurrency investments.