As a seasoned researcher with extensive experience in the financial industry and a particular interest in the digital asset sector, I find this latest announcement from SBI Holdings to be an intriguing development. The partnership between SBI Holdings and Franklin Templeton to establish an investment management company focused on digital assets is a significant move that could potentially deepen SBI’s presence in the crypto market.
SBI Holdings, the dominant banking entity in Japan, announced on Thursday its plan to create a new investment firm in collaboration with Franklin Templeton, a US investment management company. This move signifies SBI’s intention to participate in the Bitcoin Exchange-Traded Fund (ETF) market. This development represents a significant step by Ripple‘s associate, SBI, to broaden its involvement in the cryptocurrency sector.
SBI Holdings To Form Investment Management Company
According to a report by Nikkei published on July 25, SBI Holdings and Franklin Templeton are joining forces to establish a new investment management company. This partnership represents a significant milestone for both industry titans.
SBI announced that the upcoming investment management firm, in partnership with Franklin Templeton – a leading US investment manager, will primarily focus on managing digital assets. The new entity is anticipated to launch within the current year.
In the newly formed investment firm, SBI Holdings will own a 51% share while Franklin Templeton will hold a 49% share. Therefore, SBI Holdings will possess the controlling interest.
The U.S. SEC’s approval of spot Bitcoin and Ethereum ETFs this week has sparked a significant surge in demand for these funds. This decision may also mark the end of the ban on crypto ETFs that track the spot prices of their underlying assets. Additionally, preparations are underway in Japan for potential Bitcoin ETF offerings, as regulatory barriers are expected to ease.
The value of Bitcoin decreased by approximately 3% over the past 24 hours, and it is now being transacted for less than $64,500. The lowest and highest prices within this timeframe were recorded at $63,833 and $67,113 respectively. Additionally, there has been a slight uptick in trading activity during the same period.
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2024-07-25 12:27