Key Takeaways
- • Franklin Templeton's EZBC Bitcoin ETF launched on January 11, 2024, on the Cboe exchange, tracking the CME CF Bitcoin Reference Rate with a low net sponsor fee of 0.19%.
- • The fund holds 5,778.66 bitcoin as of August 6, 2026, with net assets of approximately $354.69 million and 10 million shares outstanding across passive management structure.
- • Performance since inception (January 11, 2024) through June 30, 2026 shows a 9.59% NAV return, though the one-year market price return stands at -45.67%, reflecting recent bitcoin price volatility.
- • Coinbase Custody Trust Company provides bitcoin custody, Bank of New York Mellon serves as administrator, and PricewaterhouseCoopers audits the fund, establishing institutional-grade operational infrastructure.
- • Daily trading volume averages 95,739 shares (20-day average), providing institutional investors with liquid bitcoin exposure without direct cryptocurrency custody requirements.
Summary
Franklin Templeton launched the Franklin Bitcoin ETF (EZBC) on January 11, 2024, as a passively managed vehicle offering direct bitcoin exposure through a traditional ETF structure listed on the Cboe. The fund tracks the CME CF Bitcoin Reference Rate using a New York variant benchmark and charges a competitive net sponsor fee of 0.19%, positioning it competitively within the bitcoin ETF landscape.
The fund's operational structure reflects institutional-grade governance. Bank of New York Mellon serves as administrator, Delaware Trust Company acts as trustee, and PricewaterhouseCoopers provides audit services. Bitcoin custody is held at Coinbase Custody Trust Company, addressing a critical consideration for institutional investors evaluating counterparty risk in cryptocurrency vehicles. Franklin Distributors handles marketing and distribution through traditional investment channels.
As of August 6, 2026, EZBC managed approximately $354.69 million in net assets with 5,778.66 bitcoin holdings, translating to 28.89 bitcoin per basket unit. The fund maintains 10 million shares outstanding with a 20-day average daily volume of approximately 95,739 shares, providing reasonable liquidity for institutional trading. The current share price levels and market capitalization reflect ongoing valuation dynamics in bitcoin markets.
Performance metrics reveal volatility consistent with underlying bitcoin price movements. Since inception through June 30, 2026, the fund generated a 9.59% NAV return. However, the one-year market price return of -45.67% reflects significant bitcoin price depreciation over that specific period. These returns underscore that the fund functions as a pure beta vehicle without active management, delivering returns directly tied to bitcoin spot price fluctuations before expense deduction.
EZBC provides institutional and retail investors with simplified bitcoin exposure through a regulated ETF wrapper, eliminating direct cryptocurrency custody, private key management, and counterparty complexity associated with spot bitcoin holdings. The Morningstar category classification as a Digital Assets fund positions it within the growing institutional acceptance of cryptocurrency-based investment vehicles.
The fund's operational structure reflects institutional-grade governance. Bank of New York Mellon serves as administrator, Delaware Trust Company acts as trustee, and PricewaterhouseCoopers provides audit services. Bitcoin custody is held at Coinbase Custody Trust Company, addressing a critical consideration for institutional investors evaluating counterparty risk in cryptocurrency vehicles. Franklin Distributors handles marketing and distribution through traditional investment channels.
As of August 6, 2026, EZBC managed approximately $354.69 million in net assets with 5,778.66 bitcoin holdings, translating to 28.89 bitcoin per basket unit. The fund maintains 10 million shares outstanding with a 20-day average daily volume of approximately 95,739 shares, providing reasonable liquidity for institutional trading. The current share price levels and market capitalization reflect ongoing valuation dynamics in bitcoin markets.
Performance metrics reveal volatility consistent with underlying bitcoin price movements. Since inception through June 30, 2026, the fund generated a 9.59% NAV return. However, the one-year market price return of -45.67% reflects significant bitcoin price depreciation over that specific period. These returns underscore that the fund functions as a pure beta vehicle without active management, delivering returns directly tied to bitcoin spot price fluctuations before expense deduction.
EZBC provides institutional and retail investors with simplified bitcoin exposure through a regulated ETF wrapper, eliminating direct cryptocurrency custody, private key management, and counterparty complexity associated with spot bitcoin holdings. The Morningstar category classification as a Digital Assets fund positions it within the growing institutional acceptance of cryptocurrency-based investment vehicles.
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