Franklin Templeton has named Coinbase Custody as the custodian for its proposed spot XRP exchange-traded fund, according to the final prospectus submitted to the U.S. Securities and Exchange Commission.
The asset manager, which manages about $1.6 trillion, disclosed that the product is scheduled to begin trading on November 18 once regulatory conditions are met. The move forms one of the first fully structured spot XRP ETF frameworks filed in the United States and adds to a growing slate of crypto-related submissions awaiting SEC review.
🚨 🚨 BREAKING NEWS:
Coinbase Custody will serve as the custodian for Franklin Templeton’s spot XRP ETF (ticker: EZRP).This is confirmed in the final prospectus filed with the SEC and in Franklin Templeton’s official announcements. $1.6T FT will launch tomorrow November 18 pic.twitter.com/O7vMJ0BBez
— Kenny Nguyen (@mrnguyen007) November 17, 2025
The fund, which would trade on the Cboe BZX Exchange, is intended to offer exposure to XRP, currently the fourth-largest cryptocurrency by market capitalization. Coinbase Custody would safeguard the ETF’s XRP assets, while Coinbase, operating separately, would act as the prime broker for trade execution services.
CSC Delaware Trust Company would oversee trust management responsibilities as trustee. Franklin Templeton stated that the ETF shares will be issued and redeemed at net asset value through authorized participants, consistent with other spot crypto ETF mechanisms.
Key Disclosures in the Filing
The net asset value of the fund would be based on the CME CF XRP -Dollar Reference Rate, a standard asset price index that is typically applied across financial products in the digital-asset sector. In the framework described in the filing, the sponsor of the fund, Franklin Holdings, has consented to pay the majority of typical operating expenses in exchange with a sponsor fee. The trust is classified as an emerging growth company under the JOBS Act, which provides it with some reporting accommodations in its initial years of operation.
The SEC acknowledged the filing within days of multiple other XRP ETF submissions, including Grayscale’s February 14 application, which initiated a 240-day review process. The acknowledgment marked the first time the regulator has formally responded to proposals involving investment products that directly hold XRP, even as the SEC continues its separate litigation against Ripple Labs concerning XRP’s regulatory classification.
Institutional XRP Products Begin to Expand
There has been an increase in interest in XRP investment vehicles. Bitwise, just under two days after Franklin Templeton indicated that it would launch, began to announce that it would start trading its own spot XRP fund on November 20. The company claimed that its product is targeted at institutional investors, including hedge funds and family offices, who require a regulated investment in the asset.
The new investment products on XRP have been given a boost by their recent market performance. Furthermore, the Canary Capital XRPC product generated approximately $58 million during its initial trading on the first day. An XRP-based product raised $243 million in its initial launch, outperforming the $111.7 million raised by the first launch of the BlackRock Bitcoin ETF.
Market Observations Following ETF Developments
Although XRP has suffered a pullback following these product launches, analysts quoted by market trackers have noted that the downtrend occurred during an overall weak market period. In commentary, analysts, including E. Grag Crypto, Javon Marks, and Ripple Bull Winkle, assert that the recent price action was not in line with changes in ETF trading volumes.
Their publicly issued evaluations cited historical price patterns and previous market responses, but failed to attribute the retracement to ETF-related activity.
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