Franklin Templeton has made significant progress toward the launch of its anticipated spot XRP exchange-traded fund (ETF) by filing Form 8-A with the U.S. Securities and Exchange Commission (SEC). This filing officially registers the “Franklin XRP ETF” for listing on the NYSE Arca, indicating that the asset management firm is nearing the final phase before trading can commence.
The submission of Form 8-A confirms that Franklin Templeton is registering its XRP ETF under Section 12(b) of the Securities Exchange Act, a crucial step typically required before an ETF can start trading. This action follows the firm”s recent amendment to its S-1 filing on November 4, which eliminated language that allowed for potential delays in SEC approval.
With the updated S-1, Franklin Templeton has initiated a 20-day countdown, creating an earliest possible launch window between November 24 and December 1, depending on the SEC”s timing. Although there was speculation that the ETF would launch on November 18 under the ticker EZRP, the new timeline suggests that the market may need to wait a bit longer. Analysts assert that this delay is standard and reflective of typical regulatory processes rather than indicative of any setbacks.
Franklin Templeton”s entry into the XRP ETF space arrives amid heightened competition from major financial institutions. Recently, Canary Capital launched the first U.S. spot XRP ETF on November 13, achieving a notable $58 million in trading volume on its first day. Other firms such as Bitwise, 21Shares, Grayscale, and WisdomTree are also gearing up to launch their own XRP ETFs, setting the stage for a highly competitive rollout.
Market analysts believe that Franklin Templeton could quickly challenge Canary”s initial success. With a substantial $1.5 trillion in assets under management, Franklin Templeton boasts extensive relationships with institutional desks and wealth platforms, which may lead to significant allocations once the product goes live, especially during quarter-end rebalancing.
The announcement has ignited a dynamic discussion within the XRP community, with some expressing enthusiasm over the involvement of a major player in the ETF sector. Conversely, others have voiced concerns regarding the timing of large asset managers” moves, often preferring a more methodical approach to avoid rushed launches during critical periods like earnings season.
Additionally, the launch of multiple XRP ETFs within a short timeframe is expected to enhance liquidity, attract new capital, and tighten the available supply of XRP. With XRP trading in the low $2 range and exchange reserves diminishing, there is speculation that the introduction of ETFs could lead to a significant price re-evaluation.
The filing of Form 8-A by Franklin Templeton marks a pivotal moment in the evolving XRP ETF landscape. As several products seek approval, analysts anticipate robust market activity in late November and early December. Regardless of whether Franklin”s EZRP launches on November 24, December 1, or shortly thereafter, it is poised to become a formidable contender in the rapidly expanding XRP ETF market.
