Global asset manager Franklin Templeton has announced the acquisition of 250 Digital, a crypto investment firm spun off from CoinFund. This move marks Franklin Templeton's expansion into digital assets through its new unit, Franklin Crypto. The acquisition, expected to close in Q2, includes the entire 250 Digital team led by Christopher Perkins and Seth Ginns, who will join Franklin Templeton as division leader and Chief Investment Officer, respectively.
Head of Franklin Crypto, Christopher Perkins, stated: "Crypto’s institutional moment has arrived, and Franklin Crypto will help our global clients navigate this complex and rapidly evolving asset class." Franklin Templeton CEO Jenny Johnson added that the addition strengthens their capabilities in digital assets, positioning them among leading global asset managers with dedicated crypto expertise.
The transaction uses BENJI tokens, representing Franklin Templeton's on-chain money market fund, marking an innovative approach to M&A deals. The firm first introduced BENJI tokens in 2021 and expanded their use across popular blockchain networks like Ethereum, Solana, Base, and Arbitrum. This acquisition follows Franklin Templeton's recent partnership with Ondo Finance to tokenize five ETFs.