Franklin Templeton files Bitcoin DRIP ETFs; Binance, Mashinsky

Franklin Templeton filed paperwork with the U.S. Securities and Exchange Commission for two exchange-traded funds: the Franklin US Equity Bitcoin DRIP Index ETF and the Franklin US Innovation Bitcoin DRIP Index ETF. Each fund would track indexes that automatically reinvest dividends and allocate about 95% of assets to U.S. equities and roughly 5% to Bitcoin exposure.

The filings allow the funds to gain Bitcoin exposure through spot Bitcoin ETFs, futures contracts or Bitcoin-backed depository receipts. The funds would convert dividend payments into crypto exposure by directing reinvested payouts to Bitcoin instruments within the index. Fund-flow data show U.S. spot Bitcoin ETFs posted six consecutive weeks of net outflows through June 18 and heavy outflows since mid-May.

In Europe, the European Central Bank registered reservations about Binance’s application for a Markets in Crypto-Assets Regulation (MiCA) license in Greece, raising questions about how EU institutions can influence national licensing decisions. MiCA assigns approval of crypto-asset service provider licenses to national competent authorities but does not bar other EU bodies from offering views during review processes.

David Lesperance, founder of Lesperance & Associates, noted the MiCA framework does not prevent a third party such as the ECB from providing an opinion to a national regulator. Greek authorities were preparing to reject Binance’s filing less than two weeks before MiCA’s transitional period ends on July 1, the deadline that will determine which firms can continue operating across the European Union under the new licensing regime.

In the United States, the Commodity Futures Trading Commission resolved its enforcement action against Celsius founder Alex Mashinsky by permanently banning him from registering with the agency and from trading in markets the CFTC regulates. The ban prevents Mashinsky from participating in commodities, futures and derivatives markets overseen by the commission.

The agency described the settlement as the CFTC’s first enforcement case against a digital asset lending platform filed in 2023. Mashinsky was sentenced in May 2025 to 12 years in prison after pleading guilty to securities and commodities fraud for statements that misled Celsius customers about the platform’s safety. The Securities and Exchange Commission has informed a federal court it has engaged in substantive settlement discussions with Mashinsky, but no agreement has been reached.

The Franklin Templeton filings propose a way for investors to gain Bitcoin exposure through traditional fund structures without direct cryptocurrency custody. Using spot ETFs, futures or depository receipts would involve different regulatory oversight, custody arrangements and tax treatments.

Firms operating under MiCA’s transitional arrangements need clear national approvals by July 1 to continue offering services EU-wide. The CFTC order finalizes one regulatory action against Mashinsky while other legal and regulatory processes related to the 2022 market events remain active.