BlackRock has made daring strikes into bitcoin and ether ETFs, however on Friday, the asset supervisor said it had no rapid plans to file for a spot XRP exchange-traded fund (ETF), dashing the group’s hopes that its entry may assist prolong XRP’s 2025 rally.
This assertion — made the day after the U.S. Securities and Trade Fee (SEC) and Ripple Labs collectively asked an appeals courtroom to dismiss their respective appeals, signaling an finish to their almost five-year authorized battle — has left traders questioning why BlackRock stays on the sidelines.
Whereas a number of asset managers, together with ProShares, Grayscale, and Bitwise, have filed for XRP ETFs since late 2024, BlackRock’s absence is notable, particularly given its dominance within the bitcoin and ether ETF markets.
Listed here are 5 the explanation why BlackRock seems in no hurry to launch a spot XRP ETF, regardless of the XRP group’s anticipation of a demand-driven worth surge.
First, BlackRock has cited restricted consumer curiosity in cryptocurrencies past BTC and ETH. Again in March 2024, Robert Mitchnick, the asset supervisor’s head of digital property, said that there is a false impression that BlackRock could have a “lengthy tail” of different crypto companies.
“I can say that for our consumer base, bitcoin is overwhelmingly the No. 1 focus and just a little bit ethereum,” he mentioned throughout a hearth chat on the inaugural Bitcoin Investor Day convention in New York on March 22.
Second, BlackRock’s strategic warning round regulatory uncertainty performs a task.
Though XRP gross sales on public exchanges are deemed non-securities, the broader regulatory framework for altcoins stays murky. BlackRock could also be ready for clearer SEC tips earlier than getting into the altcoin ETF house.
The agency’s conservative strategy contrasts with rivals like ProShares, which filed for a spot XRP ETF in January 2025 alongside leveraged and futures-based XRP ETFs, the latter monitoring XRP futures contracts slightly than the token’s spot worth.
Third, BlackRock may even see diminishing returns in pursuing a spot XRP ETF given the crowded discipline. As of August 2025, a minimum of seven companies, together with Grayscale, Franklin Templeton and 21Shares, have a pending spot XRP ETF software.
Fourth, the XRP group’s expectations of a worth surge might not align with BlackRock’s data-driven technique. Polymarket odds for the SEC approving a spot XTP ETF in 2025 stand at 77%. BlackRock’s tokenized cash market fund on Ethereum and Solana reveals blockchain curiosity, however XRP’s smaller market footprint might not justify the operational prices of a brand new ETF.
Lastly, BlackRock’s world perspective prioritizes markets the place XRP demand is much less pronounced. Whereas the XRP group, energetic on platforms like X, anticipates a spot ETF driving demand, a lot of XRP’s buying and selling quantity comes from Asia, the place BlackRock’s ETF presence is much less dominant.
At press time, XRP was buying and selling round $3.1852, down 3.92% up to now 24 hours, in line with CoinDesk Information.