Investment giant Franklin Templeton has officially entered the race to launch an XRP exchange-traded fund (ETF) by filing a preliminary filing with the U.S. Securities and Exchange Commission (SEC).
Franklin Templeton Joins XRP ETF Race with SEC Filing
The Franklin XRP ETF aims to track the spot price of XRP minus fees, with assets held in custody by Coinbase Custody.
Shares of the ETF will be traded on the Cboe BZX Exchange, with authorized participants creating and redeeming shares in blocks using cash, which will then be converted into XRP through a third-party service.
However, shareholders will not benefit from potential XRP Ledger forks or airdrops.
SEC Decision Timeline
Because the filing is preliminary, the SEC has up to 240 days to approve or reject the proposal, potentially until late 2025. Franklin Templeton joins Bitwise, 21Shares and other asset managers in the XRP ETF race, reflecting growing institutional interest in crypto investment products.
Market Response
Following the news, XRP has gained 4.2% over the past 24 hours, in line with a broader cryptocurrency market recovery.
*This is not investment advice.
