Franklin Templeton Bitcoin ETF

Plus, Birkenstock files for an IPO .

Today is Wednesday, September 13, 2023.

The Early Bird Index today is 57.03.

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Franklin Templeton Bitcoin ETF

The price of Bitcoin ticked up 1% on Tuesday thanks in part to another financial institution getting in the cryptocurrency game.

Details: Franklin Templeton (NYSE: BEN) filed for a spot Bitcoin ETF (exchange-traded fund) on Tuesday. According to the regulatory filing, the fund will be structured like a trust and will consist primarily of Bitcoin. The shares will also be listed and traded on the Cboe BZX Exchange, with a ticker symbol to be determined.

Definition: A spot Bitcoin ETF tracks the actual price of Bitcoin. It gives investors exposure to Bitcoin without actually owning the asset.

Background: Several major institutions have also filed for spot Bitcoin ETFs in recent months, including BlackRock (NYSE: BLK) and Fidelity. Now here’s the catch: the SEC hasn’t approved of any spot Bitcoin ETFs at this point.

Price: While Bitcoin is down in the past 30 days, the price is still positive for 2023.

Final Thoughts: There is a growing sentiment among investors that a spot Bitcoin ETF could be approved in the next few months. If that happens, the price of Bitcoin could get a short-term boost.


Notable Earnings Today: Cracker Barrel Old Country Store (Nasdaq: CBRL), Semtech (Nasdaq: SMTC), ibex (Nasdaq: IBEX), Research Solutions (Nasdaq: RSSS), Iris Energy (Nasdaq: IREN), REV Group (NYSE: REVG).

Notable IPOs Today: Vitro Biopharma, Inc. (NYSE American: VTRO), SIMPPLE LTD. Ordinary Shares (Nasdaq: SPPL), Amplify Cash Flow Dividend Leaders ETF (Nasdaq: COWS), Dimensional ETF Trust (NYSE Arca: DCOR).

Notable Equity Crowdfunding Campaigns Ending Today: Sunryde (StartEngine).

Notable Economic Events Today: Consumer Price Index / Core CPI (8:30 a.m. ET), Crude Oil Inventories (10:30 a.m. ET), Federal Budget Balance (2:00 p.m. ET).

Birkenstock Files for an IPO

We can officially add another company to the list of anticipated and upcoming initial public offerings.

Details: The footwear brand Birkenstock filed paperwork for an upcoming IPO on Tuesday. The company plans to list on the New York Stock Exchange under the stock ticker “BIRK.” A previous report pegged the valuation of the IPO at $8 billion.

A Look Inside: According to the IPO filing, Birkenstock’s revenue increased in the first half of the year and the company is profitable.

Yes; But: Birkenstock also listed some challenges in the filing, including competition from counterfeit or “knock-off” products that third parties sell on social media networks. The company said that this hurts the brand.

Background: There are already several high-profile IPOs in the next few weeks, including Instacart and Arm.

Final Thoughts: Since Birkenstock is a consumer brand that people are familiar with, some investors might be drawn to invest in the IPO. Keep in mind, that IPOs sometimes are a risky bet.

EV Maker Workhorse Gets IRS Approval

Shares of the electric vehicle manufacturer Workhorse Group (Nasdaq: WKHS) surged by 25.95% in after-hours trading on Tuesday after announcing that it received IRS approval as a qualified manufacturer for the Commercial Clean Vehicle Credit, which means customers can get up to a $40,000 credit for deliveries of all Workhorse vehicles

Final Thoughts: Workhorse is down 60% this year as the EV industry struggles with demand.

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Trends to Watch

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