Franklin Bitcoin ETF (EZBC) is a digital asset exchange-traded fund that holds bitcoin as its sole investment. The Fund earns no operating revenue; investor returns derive entirely from changes in the price of bitcoin, as each share represents a fractional ownership interest in the Fund's bitcoin holdings. The Fund is a series of Franklin Templeton Digital Holdings Trust, sponsored by Franklin Holdings, LLC, an affiliate of Franklin Resources, Inc. Operations commenced January 11, 2024, following seed capital investment by Franklin Resources, Inc. on December 15, 2023. Shares are issued and redeemed in Creation Units of 50,000 shares each, with Authorized Participants transacting in cash. Coinbase serves as Prime Broker, Bitcoin Custodian, and Trade Credit Lender. The Bank of New York Mellon serves as Administrator and Cash Custodian. The Fund filed its 10-K for the fiscal year ended March 31, 2025 on June 30, 2025.

Revenue model

The Fund generates no fee revenue or operating income. Investor returns are purely transactional, tied to bitcoin price appreciation or depreciation. The Fund holds bitcoin purchased with cash proceeds from share issuances; no dividend or income distribution is made to shareholders.

Products and services

A single exchange-traded product holding bitcoin. Shares are created and redeemed in blocks of 50,000 (one Creation Unit). Seed Capital Investor purchased 4,000 initial shares at $25.00 per share on December 15, 2023, redeemed January 8, 2024. Seed Creation Units comprised 58.00 bitcoins purchased at $44,973.58 per bitcoin on January 8, 2024.

Customers and end markets

Authorized Participants create and redeem shares via cash transactions. End investors gain bitcoin price exposure through exchange-traded shares without directly holding bitcoin.

Value-chain role

The Fund sits between bitcoin markets and equity-market investors. Coinbase (Prime Broker) executes bitcoin purchases and sales, custodies bitcoin in vault and trading balances across cold wallets, hot wallets, and omnibus accounts. The Bank of New York Mellon handles fund administration, accounting, and cash custody.

Geographic exposure

United States. The Fund is registered with the SEC and operates under U.S. securities and commodity laws.

Source: SEC 10-K, filed 2025-06-30

Industry: Commodity Contracts Brokers & Dealers