Franklin Templeton Digital Holdings Trust Business Summary

Franklin Templeton Digital Holdings Trust (EZBC) operates as a specialized investment vehicle designed to provide institutional and retail investors with direct exposure to the price of Bitcoin through a regulated exchange-traded fund (ETF) wrapper. The Trust generates revenue primarily through a sponsor’s annual management fee, currently set at a competitive 0.19% of the fund's Net Asset Value (NAV), which is accrued daily and paid monthly. Its business model is centered on the passive tracking of the CME CF Bitcoin Reference Rate – New York Variant, utilizing Coinbase Custody for digital asset security and BNY Mellon for cash administration and fund accounting. Within the broader digital asset landscape, EZBC is a cornerstone of Franklin Templeton’s crypto-native suite, which includes spot Ethereum (EZET), Solana (SOEZ), and XRP (XRPZ) products. The Trust competes directly with heavyweights such as BlackRock’s iShares Bitcoin Trust (IBIT), Fidelity’s Wise Origin Bitcoin Fund (FBTC), and the Grayscale Bitcoin Mini Trust (BTC). EZBC distinguishes itself as a high-liquidity, low-cost alternative that bridges the gap between traditional fiduciary standards and the emerging decentralized finance ecosystem. The Trust is led by a veteran executive team from its parent company, Franklin Resources, Inc., which was founded in 1947 by Rupert H. Johnson Sr. and currently manages over $1.6 trillion in assets. Jennifer M. Johnson, the founder’s granddaughter, serves as President and CEO, overseeing the firm’s aggressive pivot into blockchain-integrated financial products. The digital asset division is spearheaded by Roger Bayston, Executive Vice President and Head of Digital Assets, who brings over three decades of fixed-income and alternative investment expertise. Technical architecture and blockchain integration are managed by Mike Muir, Senior Vice President and Head of Digital Assets Technology, while Anthony Pecore leads digital asset management strategies. The firm’s strategic direction is further supported by a high-profile board of directors including Executive Chairman Gregory E. Johnson and independent director Anthony J. Noto, CEO of SoFi. This leadership core leverages a 50-person dedicated digital asset team that has been active in tokenomics and node validation since 2018, providing the Trust with a significant pedigree in both legacy asset management and modern cryptographic infrastructure.