Japanese Financial Giant Preparing for Approval of Bitcoin ETFs
07/26/2024 13:11![Japanese Financial Giant Preparing for Approval of Bitcoin ETFs](https://u.today/sites/default/files/styles/twitter/public/2024-07/50731.jpg)
Is Japan on track to be the next country to approve Bitcoin ETFs?
After their groundbreaking success in the U.S., Bitcoin exchange-traded funds now seem to be on track to be launched in Japan. According to a recent report by Nikkei Asia, Japanese financial giant SBI recently joined forces with American multinational holding company Franklin Templeton in order to bring such products to the world's third-biggest economy.
SBI and Franklin Templeton have partnered to jointly create a cryptocurrency management company. This company will be able to launch a Bitcoin ETF in Japan as soon as there is regulatory approval.
Bitcoin ETFs are already available in such countries as Canada, Brazil, and, of course, the U.S. However, Japanese financial regulators have yet to greenlight such products.
Earlier this year, Franklin Templeton became one of the first firms to offer a Bitcoin ETF in the U.S. Recently, it also launched its own Ethereum ETF on the Chicago Board Options Exchange (CBOE) exchange.
The U.S.-based investment firm does not plan to stop there. Recently, it also started exploring the possibility of launching a Solana-based ETF.
Bitcoin ETFs see more inflows
In the meantime, US-based Bitcoin ETFs expanded their inflow streak.
On Thursday, BlackRock's IBIT attracted $70.7 million worth of inflows. This was more than enough to offset GBTC's outflows that came close to $40 million.
About the author
![article image](https://u.today/sites/default/files/2019-11/alex-m-ava.jpg)
Alex Dovbnya
Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at [email protected].
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