The investment powerhouse has entered the competitive space of financial asset providers seeking to introduce an XRP exchange-traded fund (ETF) to the public.
On Tuesday, the firm submitted a filing for a Franklin XRP ETF, intended to follow the spot price of XRP after deducting fees, with assets maintained through Coinbase Custody.
Shares are set to be traded on the Cboe BZX Exchange, where authorized participants can create and redeem them in blocks by using cash that is converted to XRP through a third party. It’s important to note that shareholders will not benefit from any XRP Ledger forks or airdrops.
This filing is still in its preliminary stage, giving the SEC up to 240 days — possibly extending into late 2025 — to either approve or reject it. The company joins others like Bitwise and 21Shares in the race for an XRP ETF, betting on a favorable shift in the crypto landscape.
In a related development, XRP has seen a 4.2% increase in the last 24 hours, reflecting a broader recovery in the market.