Japan’s banking giant SBI Holdings on Thursday said it will establish an investment management company with US investment management company Franklin Templeton in preparation to enter the Bitcoin ETF market. This is a major development by Ripple’s partner SBI to deepen its push into the crypto market.
SBI Holdings To Form Investment Management Company
SBI Holdings partners with Franklin Templeton to establish an investment management company, according to a report by Nikkei on July 25. This marks a groundbreaking development for both the leading companies.
SBI revealed that the new investment management company will largely handle digital assets with the major US investment management company Franklin Templeton. The new company is planned to open within the year.
The investment management company will have a 51% stake from SBI Holdings and 49% from Franklin Templeton. This means SBI Holdings will have a majority stake in the new company.
The move comes as the United States saw massive demand for spot Bitcoin ETF after the U.S. SEC’s approval. The SEC also approved spot Ethereum ETFs early this week, potentially lifting the ban on ETFs tracking spot prices of crypto. Moreover, Bitcoin ETF preparations are underway in Japan in anticipation of easing regulations for Bitcoin ETF investments.
BTC price fell 3% in the past 24 hours, with the price currently trading below $64,500. The 24-hour low and high are $63,833 and $67,113, respectively. Furthermore, the trading volume has increased slightly in the last 24 hours.
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