PHILADELPHIA — Stradley Ronon advised Franklin Templeton on the formation, registration, listing and launch of the Franklin Bitcoin ETF, one of 11 spot bitcoin exchange-traded funds (ETFs) to receive listing approval from the U.S. Securities and Exchange Commission (SEC) on January 10.
The Franklin Bitcoin ETF offers investors exposure to bitcoin in an ETF wrapper, thereby providing access through traditional securities brokerage accounts and avoiding the complexities of handling bitcoin directly. The Franklin Bitcoin ETF, which trades on Cboe, issues shares backed by bitcoin held by the fund’s custodian.
“We appreciated the opportunity to be involved in this groundbreaking ETF launch,” said Stradley Ronon partner Steve Feinour. “At the inception of the mutual fund industry, Stradley Ronon was directly involved in the creation of one of the nation’s first mutual funds. Over 80 years later, with one of the premier ETF and investment management practices in the United States, Stradley Ronon continues the tradition of being on the cutting edge in advising clients with respect to the launch of novel products in the investment management industry, including in the emerging digital asset space.”
The team was led by Steve and partner Miranda Sturgis, with support from partners Ken Greenberg, Joel Corriero and Tom Hanley, and associates Wesley Davis, Rebecca Rodrigues and Michael Amugo. The tax team included partners Ken Wang, Dean Krishna and Chris Scarpa.
About Stradley Ronon
Counseling clients since 1926, Stradley Ronon has helped private and public companies — from small businesses to Fortune 500 corporations — achieve their goals by providing pragmatic, value-driven legal counsel. With offices in eight strategic locations, our responsive team of more than 200 lawyers seamlessly addresses the full spectrum of our clients’ needs, ranging from sophisticated corporate transactions to complex commercial litigation.