Michaël van de Poppe Restructures his Portfolio as Franklin Templeton Bets on Altcoins
Franklin Templeton plans to launch a private altcoin fund for institutional investors. The fund will include staking rewards and may highlight the growth of the Solana network. Analyst Michaël van de Poppe rebalanced his portfolio to focus on promising altcoins.
Franklin Templeton, which manages about $1.64 trillion in assets, is considering launching a private fund for institutional investors focused on altcoins.
The move signals a strategic expansion beyond Bitcoin and Ethereum. It reflects growing institutional interest in diversified cryptoassets.
Franklin Templeton Seeks an Altcoin Fund
According to a recent report, Franklin Templeton plans to offer institutional investors exposure to altcoins through a new fund. The initiative also offers participation rewards, which could increase the attractiveness of investing in altcoins.
Although the specific altcoins were not disclosed, Franklin Templeton praised Solana’s significant growth:
“On Solana, we see Anatoly’s vision of a single atomic state machine as a powerful use case of decentralized blockchains, lowering information asymmetry. And we are impressed by all the activity seen on Solana in Q4 2023: DePIN, DeFi, Meme Coins, NFTs, Firedancer,” said Franklin Templeton.
Additionally, Messari reported that Solana’s decentralized spot exchange volume jumped 319% to $1.5 billion in Q1 2024:
““Network activity, as measured by non-voice transactions and fee payers, continued to grow in the first quarter. Average daily fee payers increased by 214% q-o-q to 597,000, peaking at over 2 million on March 17. The growth in addresses was largely driven by memecoin trading. Average daily non-vote transactions increased by 71% QoQ to 70 million,” Messari analysts wrote.
Franklin Templeton’s involvement in the crypto market is already substantial, with notable projects including a spot bitcoin exchange-traded fund (ETF) launched in January. The firm is also championing a spot Ethereum ETF, which is currently awaiting approval from the U.S. Securities and Exchange Commission (SEC).
This continued commitment to leading altcoins underscores Franklin Templeton’s commitment to expanding its cryptoasset portfolio:
“We are excited about ETH and its ecosystem. Despite the mid-life crisis it’s recently experienced, we see a bright future with many strong tailwinds to drive the Ethereum ecosystem forward,” Templeton wrote.
This potential move by Franklin Templeton sends a clear message to cryptocurrency analysts and investors. For example, analyst Michaël van de Poppe adjusted his cryptocurrency portfolio to focus more on altcoins in anticipation of higher returns.
Resetting Michaël van de Poppe’s Portfolio
Van de Poppe cited the growing interest in the Bitcoin ETF and the expected approval of the Ethereum ETF as important market drivers. He also highlighted the importance of cryptocurrency portfolio management to maximize returns.
As a result, it decided to exit Cosmos (ATOM) due to its recent underperformance. Despite a significant correction of up to 50%, it failed to meet their expectations for recovery and growth.
Another altcoin removed from the portfolio, Curve (CRV), experienced a rapid 130% run from January to March, only to pull back significantly. Finally, despite its fundamental strength, Polygon’s (MATIC) continued underperformance led Van de Poppe to remove it from his portfolio.
Despite the growing interest in altcoins, the broader crypto market has undergone significant changes. Customers Bank, which services large companies such as Galaxy Digital, Coinbase and Circle, has informed some altcoin hedge fund clients that it can no longer provide banking services.
This follows the collapse of Silvergate Bank and Signature Bank last year, reflecting the difficulties cryptocurrency companies face in accessing traditional banking systems.
By Audy Castaneda