Franklin XRP Trust Business Summary

Franklin XRP Trust (XRPZ) is a spot cryptocurrency exchange-traded fund (ETF) structured as a grantor trust that provides regulated exposure to XRP by holding the underlying digital asset directly. The Trust generates revenue through a sponsor’s management fee, which is competitively positioned at 0.19% annually, though the firm currently waives this fee on the first $5 billion in assets until May 31, 2026. Its primary business segment is digital asset investment products, utilizing Coinbase Custody for asset security and BNY for administration and cash custody. Within the competitive landscape, XRPZ contends with Canary Capital (XRPC), Bitwise (XRP), Grayscale (GXRP), and 21Shares (TOXR); it distinguishes itself as the lowest-cost institutional-grade provider, leveraging Franklin Templeton’s $1.7 trillion asset base to offer superior liquidity and lower tracking error than crypto-native competitors. The Trust is overseen by the leadership of Franklin Templeton, an investment firm founded in 1947 by Rupert H. Johnson Sr. and currently led by President and CEO Jenny Johnson, who has spearheaded the firm’s strategic pivot into digital assets. Key executives include Roger Bayston, Executive Vice President and Head of Digital Assets, and Joe Boerio, Senior Vice President and Chief Technology Officer, who manages the firm’s fintech and blockchain technology initiatives. The leadership team also features Co-Presidents Daniel Gamba, Terrence Murphy, and Matthew Nicholls, following a 2025 organizational restructuring. With a pedigree spanning nearly eight decades and a board of directors that includes Executive Chairman Gregory Johnson, the team leverages a dedicated 50-person digital asset unit to integrate traditional fiduciary standards with emerging blockchain infrastructure.