Franklin Templeton has released the first quarterly report (Form 10-Q) for its Franklin XRP ETF (XRPZ).
According to the filing with the U.S. Securities and Exchange Commission, the fund held over 118 million XRP tokens as of the end of 2025.
Franklin Templeton, managing over $1.6 trillion in assets, has proven to be the most "degen" of the traditional giants.
Under CEO Jenny Johnson, the firm has actively experimented with node operation, tokenized money market funds on Polygon and Stellar, and now, a pioneering role in XRP.
Stagnating flows
According to the data provided by SoSoValue, the market has entered a period of stagnation regarding new capital inflows, despite healthy trading volumes and positive price action across the underlying asset.
The sector currently holds $1.06 billion in total net assets. This represents approximately 1.17% of the total XRP market capitalization.
The daily total net inflow across all five major issuers flatlined at $0.00. This pause comes on the heels of a volatile two-week period.
Canary Capital (XRPC) maintains the top spot in total net assets with $283.33 million, holding a narrow lead over Bitwise’s $272.84 million. Interestingly, this dominance comes despite Canary carrying the highest listed fee at 0.50%.
In contrast, Franklin Templeton (XRPZ) is aggressively positioning itself as the low-cost leader with a 0.19% fee. Franklin currently sits in third place with $243.60 million in assets.
The market is still recovering from a shock to the system in late January, and this applies to XRP ETF flows as well.
Vladislav Sopov
Dan Burgin