Legacy Asset Manager Enters Institutional Crypto with New Division
Franklin Templeton has completed its acquisition of 250 Digital and simultaneously launched Franklin Crypto, a new institutional business line dedicated to digital asset strategies. The closing occurred on June 22, 2026, roughly two months after the deal was first announced in April.
250 Digital was spun out of CoinFund in January 2026 as a standalone crypto investment firm. The acquisition marks Franklin Templeton’s most direct entry into institutional-grade cryptocurrency services. It moves the firm beyond its prior Bitcoin ETF filings and equity-linked digital asset products.
Christopher Perkins, who led 250 Digital, now heads Franklin Crypto. Seth Ginns serves as chief investment officer, working alongside Franklin Templeton Digital Assets veteran Tony Pecore. The division reports to Sandy Kaul, the firm’s head of innovation. It targets pensions, sovereign wealth funds, and large allocators seeking digital asset exposure through regulated structures.
Franklin Templeton used BENJI tokens as partial acquisition consideration. BENJI tokens represent on-chain holdings in Franklin’s OnChain U.S. Government Money Fund, giving holders regulated money market fund exposure recorded on a public blockchain. The exact dollar amount of the acquisition and the percentage of consideration paid in BENJI tokens were not disclosed.
Jenny Johnson, CEO of Franklin Templeton, has framed blockchain as structural pressure on traditional finance, arguing that it pressures Wall Street’s fee structures, not just its technology. That posture runs through the firm’s recent moves, from early Bitcoin ETF filings to ETFs that reinvest stock dividends into Bitcoin.
Franklin Crypto’s strategy spans liquid token markets, venture exposure, and structured products tied to blockchain infrastructure. The division joins Franklin Templeton’s existing crypto footprint, which includes previously filed Bitcoin ETF applications and ETFs that reinvest stock dividends into Bitcoin.
Franklin Templeton manages $1.78 trillion in assets as of May 31, 2026, and operates in more than 35 countries. The firm did not say when Franklin Crypto will begin accepting clients. It also gave no detail on initial portfolio composition or committed capital.
Strategic Rationale
The acquisition consolidates expertise from 250 Digital’s liquid crypto strategies and institutional-grade portfolio construction into a regulated subsidiary. By using BENJI tokens as consideration, Franklin Templeton embedded its own tokenized money market fund into the deal structure. The choice signals confidence in on-chain settlement for institutional transactions.
The move positions Franklin Templeton to serve institutional demand for digital asset exposure without building the crypto infrastructure in-house. 250 Digital’s January 2026 spinout from CoinFund created the standalone entity specifically to serve this market gap.
