Spot Bitcoin ETFs Rally in March, Franklin Templeton Launches Crypto Arm, and Square Introduces Bitcoin Payments for Small Businesses

Takeaways

• Spot bitcoin ETFs post March inflows: The move ended four consecutive months of net outflows after bitcoin reached an all-time high around $126,000 this past October. But the next four months featured a prolonged pullback, with outflows of $3.5 billion in November, $1.1 billion in December, $1.6 billion in January, and $206 million in February. Despite the slump, total bitcoin ETFs under management have dipped only 7%, going from 1.38 million bitcoin in October to a low of 1.28 million bitcoin, before climbing back to 1.31 million bitcoin.
• Franklin Templeton launches crypto business: As part of the acquisition, Franklin will add the 250 Digital investment team and deploy the crypto strategies used by CoinFund Management, a dedicated fund run by 250 Digital executives Christopher Perkins and Seth Ginns. The acquisition will be partially funded by BENJI tokens associated with Franklin Templeton’s Onchain US Government Money Fund. The deal is expected to close in Q2.
• Square enables bitcoin payments for small businesses: The company said the point-of-sale program will not charge US merchants any processing fees through the end of the year. It gives merchants the ability to receive bitcoin payments from customers and then immediately convert that into US dollars without any fees, which was previously a friction point that slowed adoption. Block CEO Jack Dorsey, a longtime bitcoin advocate, confirmed the move on X on Tuesday.
• New Hampshire preps bitcoin-backed municipal bond: Moody’s gave the first-of-its-kind financial instrument a Ba2 rating–the second highest speculative rating– paving the way for the state to use bitcoin as collateral for what’s typically a traditional financial product. For interest and principal payouts, bondholders will be repaid via bitcoin held and sold by BitGo.

Sign up for a Gemini account

The secure way to buy, sell, store and convert crypto. Millions use Gemini to diversify their portfolios.

Onward and Upward,
Team Gemini

^*This material is for informational purposes only and is not (i) an offer, or solicitation of an offer, to invest in, or to buy or sell, any interests or shares, or to participate in any investment or trading strategy, (ii) intended to provide accounting, legal, or tax advice, or investment recommendations, or (iii) an official statement of Gemini. Gemini, its affiliates and its employees do not make any representation or warranty, expressed or implied, as to accuracy or completeness of the information or any other information transmitted or made available. Buying, selling, and trading cryptocurrency involves risks, including the risk of losing all of the invested amount. Recipients should consult their advisors before making any investment decision. Any use, review, retransmission, distribution, or reproduction of these materials, in whole or in part, is strictly prohibited in any form without the express written approval of Gemini.