The growing demand for cryptocurrency ETFs is pushing asset management giants deeper into the altcoin market.
Franklin Templeton has officially filed an S-1 registration with the U.S. Securities and Exchange Commission (SEC) to launch a spot XRP ETF, making it the largest asset manager to do so. Meanwhile, VanEck has registered an AVAX ETF in Delaware, signaling increasing institutional interest in broader digital asset offerings.
Franklin Templeton Joins the XRP ETF Race
The latest filing by Franklin Templeton places it alongside notable players such as Bitwise, Grayscale, 21Shares, and WisdomTree, all of whom have previously submitted applications for spot XRP ETFs. This development reflects a broader industry shift following the SEC’s approval of spot Bitcoin and Ethereum ETFs, opening the door for altcoins to follow suit.
The proposed Franklin Templeton XRP Trust aims to provide institutional and retail investors with direct exposure to XRP, the fourth-largest cryptocurrency by market capitalization.
Franklin Templeton’s entrance into the XRP ETF race carries weight, given its $1.53 trillion in assets under management. The firm’s move suggests growing confidence in XRP’s regulatory clarity following Ripple’s partial legal victory against the SEC in 2023. However, regulatory uncertainty remains, and the SEC has yet to approve any XRP-based ETF.
While Franklin Templeton eyes XRP, VanEck has taken a different approach, registering an AVAX ETF in Delaware. This marks the fourth altcoin ETF VanEck has pursued, following its Solana, Bitcoin, and Ethereum filings. VanEck was one of the first issuers of spot Bitcoin and Ethereum ETFs when they received regulatory approval in early 2024.
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Franklin Templeton and VanEck’s latest filings indicate that XRP and Avalanche may be next in line for institutional adoption. Whether these ETFs receive SEC approval remains to be seen, but their registration is indicative of the growing integration of crypto assets into mainstream financial markets.
