Franklin Templeton’s XRPZ ETF Soars with 36% Premium as $107M Holdings Dwarf $78.67M NAV
An ETF is trading like a meme stock—and Wall Street's loving it.
Franklin Templeton's XRPZ exchange-traded fund is commanding a staggering 36% premium over its net asset value. The fund's market price reflects investor frenzy, valuing its holdings at $107 million against a core NAV of just $78.67 million. That's a gap wide enough to drive a truck through—or, in traditional finance terms, a classic case of the market voting with its wallet long before the accountants finish their sums.
The Premium Puzzle: What's Driving the Frenzy?
This isn't just a rounding error. A premium this large signals intense demand for exposure that outstrips the fund's immediate underlying assets. It's a bet on future inflows, scarcity, and pure momentum. In the staid world of ETFs, such a disconnect is a flashing neon sign, turning a structured product into a speculative darling overnight.
NAV vs. Market Reality: When Price Divorces Value
The net asset value is the calculated, by-the-books worth of the fund's holdings. The market price is what investors are willing to pay right now. When the latter races ahead of the former, you get this premium. It's a dynamic more common in closed-end funds, but seeing it play out so dramatically here underscores a raw, demand-driven market—one that traditional valuation models struggle to explain.
In the end, it's a powerful reminder: in modern markets, price is a narrative, not just a calculation. And right now, the narrative for this fund is written in bold, bullish ink—proving once again that sometimes, the most efficient market is the one that ignores its own homework.
ETF volumes balloon in new spot ETF enthusiastic spell
According to December 1 stats from spot ETF tracker SoSoValue, the broader ETF market is slowly recovering from November’s record outflows, with Bitcoin and ethereum redemptions reaching a combined $4.88 billion.
However, Ripple ETFs have yet to experience a single day of negative flows since the launch of Canary Capital’s XRPC in mid-November. XRPC’s debut on Nasdaq now holds the record for the biggest volume traded by crypto spot ETFs in 2025, posting over $58 million that day.
Some gloom hit the markets after 21Shares announced that its US listing WOULD be postponed due to a “final administrative alignment,” while CoinShares, Europe’s largest digital asset investment firm with a 34% market share on ETPs, pulled back from launching three ETFs in the US.
Last Friday, the company filed to withdraw its registration statements and amendments for three proposed crypto exchange-traded products, including the CoinShares XRP ETF, Solana staking ETF, and Litecoin ETF.
The $10 billion asset manager had previously revealed a $1.2 billion merger with Vine Hill Capital Investment to secure a Nasdaq listing, but has not specified why it abandoned its ETF applications.
XRP price extends loss streak as derivatives market unwinds
XRP’s spot price traded NEAR $2.05 at the time of this reporting after sliding more than 8% within the last seven days. Short-term holders and sellers have pushed the asset into the lower range of its descending channel, fueling a broader downtrend that began after the July-August peak at the $3.65 mark.
The weakening structure coincides with a reduction in open interest on XRP futures markets. According to Coinglass stats, $5.5 million liquidations have clouded the token’s leverage market in the last day, which has dragged open interest by 8.04% to $3.82 billion.
The decline is on the backdrop of several weeks of elevated long ratios in major exchanges, indicating that bullish traders entered aggressively during prior rallies and are now unwinding after repeated failures to break resistance levels.
The long ratios for the top traders on Binance and OKX are very high, between 2.25 and 2.99. This means that there were a lot of long positions, which made the market weak when momentum changed. Liquidation data shows that long-side bets lost more than $3 million, which made hodlers have to lower their exposure.
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