Franklin Templeton agreed to acquire 250 Digital, a cryptocurrency investment firm recently spun off from CoinFund. Financial terms of the transaction remain undisclosed.
The acquisition establishes Franklin Crypto, a new division focused on actively managed strategies for institutional clients. This unit specifically targets pension funds and sovereign-wealth funds.
The 250 Digital investment team will join Franklin Templeton to co-lead the new division. Christopher Perkins and Seth Ginns will head the leadership team.
Franklin Templeton currently manages approximately $1.8 billion in digital assets. The firm was among the first providers to issue a spot Bitcoin ETF.