Franklin Templeton Joins the Race to Market With Its Latest XRP ETF Application

The cryptocurrency landscape is evolving rapidly, and one of the world's largest asset managers, Franklin Templeton, is making a strategic move

One of the world’s largest asset managers, Franklin Templeton (NYSE:BEN), is making a strategic move into the cryptocurrency sector with its latest exchange-traded fund (ETF) application. The firm has filed a preliminary prospectus with the U.S. Securities and Exchange Commission (SEC) for an ETF that will track the spot price of XRP, the native token of Ripple’s cross-border payment system.

This filing marks a significant development in the ongoing battle to secure regulatory approval for spot cryptocurrency ETFs beyond Bitcoin and Ethereum. Asset managers are expecting a more favorable regulatory environment, especially under the Trump administration, and Franklin Templeton’s XRP ETF is poised to be a game-changer for the crypto industry.

Franklin Templeton’s XRP ETF Application

The proposed Franklin Templeton XRP ETF will be listed on the Cboe BZX Exchange, and Coinbase will serve as the custodian for the fund’s XRP holdings. This move follows Franklin Templeton’s recent application for a Solana (SOL) ETF in February, showcasing the firm’s expanding interest in digital assets.

With increasing investor demand for diversified crypto investment products, Franklin Templeton’s entry into the XRP ETF market aligns with the broader trend of asset managers seeking exposure to alternative cryptocurrencies.

Earlier this year, several firms, including Aberforth Holdings and Carbon Chain, submitted applications for XRP ETFs, aiming to provide investors with a convenient and regulated way to gain exposure to the token.

The Expanding XRP ETF Landscape

As of now, there are 17 XRP ETF applications pending with the SEC. These applications come from a mix of well-established firms and emerging players, including:

* Bitwise Investment

* Carbon Chain

* Code Chain

* Ceterum

* Copper

* DEFIG Technologies

* Emerging Technology

* Flow Traders

* Harvest