Key takeout
- Franklin submitted an S-1 to the SEC to launch an ETF focused on XRP.
- For most submissions, final decisions are expected by October 2025.
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Franklin Templeton submitted an S-1 registration form to the XRP ETF's SEC following his February registration for Delaware's Franklin XRP Trust.
New submissions to the SEC officially place entities within the growing number of asset managers competing for XRP ETF, including Bitwise, 21 shares, Canary Capital, Grayscale, and WisdomTree.
The proposed fund, which will be traded on CBOE BZX Exchange, is intended to provide exposure to investors in XRP, currently the fourth largest crypto asset. According to Tuesday's submission, the ETF's ticker symbol has not yet been decided.
Coinbase Custody acts as the administrator of the fund's XRP holdings, while Coinbase acts as a prime broker. CSC Delaware Trust Company will serve as trustee.
Stocks will be continuously provided at net asset value, allowing only certified participants to create or redeem the created units. The fund uses CME CF XRP-Dollar reference rates to determine its net asset value.
Franklin Holdings sponsored the fund and agreed to pay most of its regular operating expenses in exchange for sponsor fees. The trust is constituted as an emerging growth company under the Employment Act.
This filing shows the latest attempt to launch Spot Crypto ETF, following previous approvals for Bitcoin and Ethereum ETFs. The SEC must review and approve the filing before the fund can begin trading.
The SEC began its 240-day review period starting with Grayscale's XRP ETF application on February 14th, and has approved multiple XRP ETF filings in recent weeks.
It was also the first time that SEC responded to a request to launch an investment product that directly holds XRP. This is a crypto asset still under regulatory scrutiny due to its ongoing legal battle with Ripple Labs on classification as security.
Filings from WisdomTree, Canary Capital and Coinshares were also formally accepted for review. These submissions are currently in the public commentary stage, which is part of the SEC review process.
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