Franklin Templeton Files New $XRP ETF with SEC

• XRP ETF aims for direct exposure to the crypto asset
• Franklin Templeton leads with new SEC filings
• SEC Regulatory Review Period Underway

Franklin Templeton took an important step forward in register a new XRP-based ETF, stepping up its presence in the crypto sector. The S-1 form filing with the U.S. Securities and Exchange Commission (SEC) was formalized following the formation of the Franklin XRP Trust in Delaware in February.

The move places the firm among several asset managers looking to launch XRP ETFs, including Bitwise, 21Shares, Canary Capital, Grayscale, and WisdomTree. The proposed ETF will be listed on the CBOE BZX Exchange and aims to provide investors with exposure to XRP, which currently ranks as the fourth-largest crypto asset by market cap.

While the ETF’s ticker symbol is still pending, it was mentioned in a newly filed document on Tuesday. Coinbase Custody has been designated as the custodian of the fund’s XRP investments, with Coinbase serving as the lead broker and CSC Delaware Trust Company as the administrator.

The offering method for the shares will be continuous, based on net asset value. Only authorized participants will have the ability to create or redeem creation units. The CME CF XRP-Dollar Reference Rate will be used to establish net asset value.

Franklin Holdings will not only sponsor the fund, but has also agreed to assume most of the common operating costs in exchange for a sponsorship fee. The fund was structured as an emerging growth company under the JOBS Act, marking a significant step forward in the offering of spot crypto asset ETFs, following the approvals of Bitcoin and Ethereum ETFs.

At the time of publication, the price of XRP was quoted at US$2,17, up 6% in the last 24 hours.