Franklin Templeton, the global investment firm managing approximately $1.6 trillion in assets, is set to introduce its spot XRP exchange-traded fund (ETF) on November 18, 2025. Called the Franklin XRP ETF and trading under the ticker EZRP, this product marks the firm’s latest foray into digital assets, building on its Bitcoin and Ethereum ETFs.
The announcement, detailed in the ETF‘s final prospectus submitted to the U.S. Securities and Exchange Commission (SEC), underscores a seemingly maturing regulatory environment that could potentially propel XRP into mainstream institutional portfolios.
At the core of the ETF’s operations is Coinbase Custody Trust Company, LLC, appointed as the dedicated custodian for the fund’s XRP holdings.
This role involves storing the digital assets in cold storage vaults, managing private keys, and ensuring compliance with stringent security protocols.
Franklin Templeton’s recent choice of Coinbase, a key provider of crypto infrastructure, reflects confidence in its track record amid demands for better custody solutions.
The prospectus highlights that Coinbase will handle all XRP safekeeping, separate from cash assets managed by another custodian, while Coinbase Inc.—an affiliate—serves as the prime broker for trading executions.
This setup minimizes risks associated with asset commingling and enhances operational efficiency, though it introduces dependencies on third-party reliability.
The EZRP ETF aims to mirror the performance of XRP’s spot price, net of fees, by holding actual XRP tokens rather than derivatives.
Investors can buy shares on the Cboe BZX Exchange, gaining exposure without the complexities of direct wallet management or exchange accounts.
Creation and redemption of shares will occur in large blocks, backed by XRP deposits from authorized participants, fostering arbitrage opportunities to keep the ETF’s market price aligned with its net asset value (NAV).
NAV calculations rely on the CF Benchmarks Index, a volume-weighted average from major platforms like Coinbase and Kraken, capturing XRP’s dollar-denominated trades during a daily observation window.
This launch arrives at a transformative juncture for XRP, which has navigated legal hurdles, including Ripple’s resolved SEC lawsuit over securities classification.
By tokenizing XRP through a regulated ETF, Franklin Templeton could unlock billions in institutional capital, potentially stabilizing volatility and broadening adoption for cross-border payments—the token’s core use case on the XRP Ledger.
Analysts note that similar spot ETFs for Bitcoin and Ethereum have amassed over $100 billion in inflows since 2024, signaling a blueprint for altcoins like XRP.
Yet, certain challenges do persist.
The prospectus outlines risks, from XRP’s inherent price swings—driven by market speculation and network forks—to cybersecurity threats and regulatory shifts.
Custody limitations, such as capped liability for Coinbase as well as no FDIC insurance, remind investors of crypto’s potential risks.
Fees, including a sponsor fee of 0.19% annually (waived initially), position EZRP competitively against other somewhat similar products.
As trading commences, the EZRP ETF not only appears to validate XRP‘s legitimacy but also signals Wall Street’s gradual embrace of blockchain based investments. For retail and institutional, it offers a gateway to digital finance’s growing ecosystem.
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