Latest news for Petrogress (OTC:PGAS) Stock

Petrogress Inc is an integrated energy company. It operates through its subsidiaries. The company has two segments: The downstream segment comprises refining crude oil into petroleum products, marketing of crude oil and refined products; marine transportation, marketing, and retailing of Gas Oil, Naphtha, Fuels, and lubricants; and the Midstream segment. The company's products and services include Crude Oil, Gas Oil, Naphtha, IFO, Lubricants, and Ships voyages. The majority of the company's revenue is generated from Crude oil sales.

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Petrogress Inc

Japan&#8217;s SBI Holdings (OTC:<a class="ticker" href="https://www.benzinga.com/stock/SBHGF#OTC">SBHGF</a>) has teamed up with U.S. investment firm Franklin Resources Inc.&#8216;s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BEN#NYSE">BEN</a>) subsidiary Franklin Templeton to establish a digital asset management company. This venture aims to prepare for the potential approval of Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) and cryptocurrency exchange-traded funds in Japan.
What Happened: The new company, in which SBI will hold a 51% stake and Franklin Templeton the remaining 49%, is set to launch as early as this year. With approximately $1.6 trillion in assets under management, Franklin Templeton is the world&#8217;s seventh-largest asset manager, <a href="https://asia.nikkei.com/Spotlight/Cryptocurrencies/Franklin-Templeton-and-SBI-team-up-to-bring-bitcoin-ETFs-to-Japan">reported</a> Nikkei on Friday.
While Franklin Templeton has traditionally focused on asset classes such as stocks and bonds, it has recently expanded into digital assets. 
The firm was among the first to venture into spot Bitcoin ETFs after they were approved by the U.S. Securities and Exchange Commission in January. The cumulative inflows into these ETFs have surpassed $16 billion in just over six months.
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39923307/senator-cynthia-lummis-slams-biden-administrations-dangerous-scheme-to-impose-30-tax-on-bi?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Senator Cynthia Lummis Slams Biden Administration&#8217;s &#8216;Dangerous Scheme&#8217; To Impose 30% Tax On Bitcoin Mining, Call It &#8216;Blatant Attack&#8217; On American Excellence</a>
Japan is yet to approve Bitcoin ETFs, but the new company is poised to launch crypto ETF products as soon as the Financial Services Agency gives the green light. The joint venture is also expected to offer digital asset securities, an area where Franklin Templeton has already made significant headway.
Why It Matters: The collaboration between SBI Holdings and Franklin Templeton comes at a time when the cryptocurrency market is experiencing significant developments globally. 
In January, the SEC approved a Bitcoin ETF, marking a pivotal moment in the history of cryptocurrencies. This decision has been seen as a <a href="https://www.benzinga.com/markets/cryptocurrency/24/01/36792534/exclusive-secs-green-light-to-bitcoin-etf-is-2024-a-new-era-for-cryptocurrencies">major step towards mainstream acceptance</a> and could potentially unlock a new wave of institutional investment in the crypto sector.
In June, Australia saw the listing of its first-ever Bitcoin spot ETF on <a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39404023/first-ever-bitcoin-spot-etf-start-trading-on-australias-main-stock-market-investors-get-ex">its main stock market</a>, further boosting the cryptocurrency sector. The VanEck Bitcoin ETF, with a seed investment of nearly $657,000, made its debut on the Australian Securities Exchange.
Additionally, in July, Hong Kong launched Asia&#8217;s first <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39883795/hong-kong-launches-asias-first-bitcoin-futures-inverse-product">Bitcoin futures inverse product</a>, marking a new milestone in the evolution of crypto-based financial instruments in the region. 
With the approval of Bitcoin ETFs, investors can now include this digital asset in their portfolios through traditional brokerage accounts, similar to how they invest in stocks or bonds. For <a href="https://benzinga.com/money/best-spot-bitcoin-etfs">those looking to diversify</a>, options include Fidelity Wise Origin Bitcoin Fund Common Shares of Beneficial Interest (BATS:<a class="ticker" href="https://www.benzinga.com/stock/FBTC#BATS">FBTC</a>), ProShares Bitcoin Strategy ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BITO#NYSE">BITO</a>), Valkyrie Bitcoin and Ether Strategy ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BTF#NASDAQ">BTF</a>), VanEck Bitcoin Trust Common Shares of Beneficial Interest (BATS:<a class="ticker" href="https://www.benzinga.com/stock/HODL#BATS">HODL</a>), ARK 21Shares Bitcoin ETF Common Shares of Beneficial Interests (BATS:<a class="ticker" href="https://www.benzinga.com/stock/ARKB#BATS">ARKB</a>), Franklin Templeton Digital Holdings Trust Shares of Franklin Bitcoin ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/EZBC#BATS">EZBC</a>), and iShares Bitcoin Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IBIT#NASDAQ">IBIT</a>).
Price Action: Bitcoin traded at $67,027.60 today, up 1.87%. Year to date, Bitcoin has increased by $22,855.60, or 51.74%, according to <a href="https://pro.benzinga.com/dashboard">data from Benzinga Pro</a>.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/markets/equities/24/07/39947663/peter-schiff-says-americans-are-broke-points-to-fords-dismal-q2-profit-they-cant-afford-to-buy-n?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Peter Schiff Says &#8216;Americans Are Broke&#8217; — Points To Ford&#8217;s Dismal Q2 Profit: &#8216;They Can&#8217;t Afford To Buy New Cars&#8217; Due To Interest Rates</a></li>
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Image Via Shutterstock 
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

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Bitcoin ETFs In Japan: Franklin Templeton Partners With SBI Holdings To Launch Digital Asset Management Company

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