Franklin Templeton closes 250 Digital acquisition deal and sets up new Franklin Crypto division

The $1.7 trillion asset manager Franklin Templeton is establishing a new dedicated active crypto investment management arm through acquisition of 250 Digital.

Franklin Templeton has established Franklin Crypto to offer institutional investors actively managed cryptocurrency strategies the asset manager said in a statement.

The San Mateo, California-based asset manager first announced the acquisition and the new crypto division in April as part of its increasing push into digital assets. It has not disclosed financial terms of the deal

The new division will combine the investment capabilities of the former 250 Digital team with Franklin Templetons global distribution. Franklin Templeton will also invest its own capital into these liquid strategies as part of the closing agreement.

The new unit absorbs the entire 250 Digital investment team, alongside all liquid cryptocurrency strategies they previously ran under CoinFund, according to the statement.

Crypto industry veterans Christopher Perkins and Seth Ginns will co-lead the new division. Perkins will serve as Head of Franklin Crypto and Chief Investment Officer respectively.