How Scrypt’s On-Chain Treasury Move With BENJI Has Changed Franklin Resources’ (BEN) Investment Story

sahmcapital.com3 min read
How Scrypt’s On-Chain Treasury Move With BENJI Has Changed Franklin Resources’ (BEN) Investment Story
Image: sahmcapital.com

RWA Signal Insight

U.S. Treasuries

Franklin Resources is leveraging its BENJI on-chain money fund to modernize its investment narrative amidst ongoing fee pressure and market volatility. The recent integration with Scrypt Swiss AG serves as a strategic move to bolster the firm's blockchain credentials and expand the utility of its tokenized products. This initiative is further supported by a June 2026 partnership with MoonPay, which aims to broaden distribution channels for the BENJI fund. While these developments highlight Franklin's commitment to digital asset innovation, analysts remain divided on whether these efforts will generate significant revenue in the near term. Current financial projections for 2029 estimate revenues of $8.7 billion, though optimistic scenarios suggest potential for $9.3 billion if tokenization efforts scale effectively. The core challenge for Franklin Resources remains balancing the uncertain economic payoff of these digital initiatives against the structural decline in traditional management fees. Ultimately, the success of the BENJI ecosystem will depend on its ability to transition from a technological experiment into a high-margin revenue driver for the firm.

Key points

  • Franklin Resources targets $8.7 billion in revenue and $1.1 billion in earnings by 2029.
  • Scrypt Swiss AG integration aims to enhance BENJI on-chain money fund distribution.
  • MoonPay partnership in June 2026 expands access to Franklin's tokenized product offerings.
  • Analysts project a potential $27.36 fair value for Franklin Resources stock.

Background

Franklin Resources, operating under the Franklin Templeton brand, is a global investment management firm that launched the Franklin OnChain U.S. Government Money Fund (BENJI). The fund utilizes blockchain technology to record share ownership, allowing investors to hold tokenized shares in a digital wallet. It represents one of the first instances of a major traditional asset manager bringing a regulated mutual fund onto a public blockchain.

Relevance score

6.5/10
Lower relevanceHigher relevance
Source: RWA Signal relevance modelHow we score
Read the full article at sahmcapital.com
All articles