- Franklin Templeton is establishing a dedicated crypto unit, Franklin Crypto, through the acquisition of the CoinFund spinoff 250 Digital.
- The deal will bring the entire 250 Digital team and its investment strategies to Franklin Templeton, with the acquisition expected to close in the second quarter.
- The transaction will use BENJI tokens, the firm’s on-chain money market fund tokens, as payment, marking a novel on-chain M&A approach.
- This move follows the asset manager’s recent announcement of a deal with Ondo Finance to launch tokenized versions of five of its ETFs.
Global asset manager Franklin Templeton announced on Wednesday that it is forming a dedicated crypto division, Franklin Crypto, following its acquisition of crypto investment firm 250 Digital. This strategic move signals a major traditional finance player’s deepening commitment to the digital asset space, with the deal expected to close during the second quarter.
Consequently, the acquisition brings the entire 250 Digital team and all its crypto investment strategies to Franklin Templeton. The firm will also invest directly in those strategies as part of the transaction, further cementing its stake in the sector.
Christopher Perkins, who will lead Franklin Crypto, stated, “Crypto’s institutional moment has arrived, and Franklin Crypto will help our global clients navigate this complex and rapidly evolving asset class.” Perkins previously led 250 Digital alongside Seth Ginns, who will join as the Chief Investment Officer of the new crypto unit.
Meanwhile, while financial terms were not disclosed, the firm revealed an innovative payment method. It noted that BENJI tokens—representing its on-chain money market fund—will be used as payment considerations, marking a significant step toward conducting mergers and acquisitions on-chain.
Franklin Templeton first debuted its tokenized fund in 2021, later expanding its access to Ethereum in 2024. The fund has since expanded to other networks like Solana, and Ethereum scaling networks such as Base and Arbitrum.
This latest crypto initiative builds on recent momentum for the firm. It comes just one week after it announced a deal with Ondo Finance to launch tokenized versions of five of its exchange-traded funds.
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