The world of cryptocurrency ETFs is evolving rapidly, and all eyes are now on one pivotal question: Will BlackRock file for an XRP ETF? With the SEC’s green light on Bitcoin ETFs in early 2024 and growing momentum behind Ethereum and other altcoin-based exchange-traded funds, institutional interest in digital assets has reached a new peak. Now, Ripple’s long-standing legal battle with the SEC appears to be nearing resolution—potentially clearing the path for a spot XRP ETF. And if history is any indicator, BlackRock won’t want to be left behind.
The Case for a BlackRock XRP ETF
Nate Geraci, president of The ETF Store, recently sparked widespread speculation with a social media post suggesting that BlackRock is likely to file for both spot Solana (SOL) and XRP ETFs in the near future. His reasoning is straightforward: as the world’s largest asset manager and a pioneer in spot Bitcoin and Ethereum ETFs, it would be strategically inconsistent for BlackRock to ignore other major crypto assets.
“Btw, I still fully expect BlackRock to file for spot sol & xrp ETFs. As a leader in both spot BTC & ETH ETFs, it would make zero sense to cede other top crypto asset ETF categories to competitors.”
This strategic logic aligns with BlackRock’s broader ambitions in digital finance. The firm has already integrated blockchain technology into its internal operations and has been actively exploring tokenized assets, stablecoins, and custodial solutions through its partnership with Coinbase.
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However, despite the mounting pressure to act, BlackRock has remained silent on XRP—for now.
Why Is BlackRock Holding Back?
The hesitation isn’t due to lack of interest, but rather caution rooted in regulatory uncertainty. Ripple’s legal fight with the SEC—centered on whether XRP qualifies as a security—has cast a shadow over its institutional accessibility for years. While recent developments suggest a potential resolution, including joint filings by Ripple and the SEC requesting an indicative ruling, the final verdict remains pending.
Moreover, BlackRock learned a lesson in 2023 when a fraudulent XRP ETF filing falsely linked to the company caused market confusion and volatility. Though quickly debunked, the incident likely reinforced the firm’s preference for a “wait-and-see” approach—monitoring how earlier movers navigate the approval process before committing.
Who’s Already Filed for an XRP ETF?
While BlackRock watches from the sidelines, several major asset managers have already taken bold steps:
- Bitwise Asset Management submitted the first S-1 filing for a spot XRP ETF in October 2024, backed by custodians BNY Mellon and Coinbase Custody.
- 21Shares followed in November 2024 with its own application.
- WisdomTree filed in December 2024, planning to list on Cboe BZX Exchange.
- Grayscale Investments entered the race in January 2025, seeking to convert its existing XRP Trust into a full ETF on NYSE Arca.
- Additional filings came from CoinShares, Canary Capital, ProShares, Rex-Osprey, Tuttle Capital, and Franklin Templeton throughout early 2025.
This wave of institutional interest signals growing confidence in XRP’s long-term viability—even before formal regulatory clarity.
SEC Review Timeline: What to Expect
The Securities and Exchange Commission (SEC) has responded cautiously. Under federal rules, the SEC has 45 days to respond to new ETF filings, with the option to extend review periods up to 90 days—or longer—for complex or novel financial products like crypto-based ETFs.
Key deadlines include:
- Franklin Templeton’s decision was initially expected May 3, 2025, but extended to June 17 under Section 19(b)(2) of the Securities Exchange Act.
- Bitwise and Grayscale filings were also pushed to mid-June 2025, partly due to overlapping reviews with their Dogecoin ETF applications.
Despite delays, industry experts remain optimistic. Analysts like James Seyffart and Eric Balchunas view these extensions as procedural—not punitive. Balchunas recently estimated the approval odds for an XRP ETF at around 85%, suggesting that regulatory hurdles are more about process than rejection.
Core Keywords Driving Market Sentiment
Understanding the evolving landscape requires familiarity with key terms shaping investor discourse:
- XRP ETF: A proposed exchange-traded fund offering direct exposure to Ripple’s native cryptocurrency.
- BlackRock: The world’s largest asset manager, seen as a bellwether for institutional crypto adoption.
- SEC approval: The critical regulatory hurdle determining whether spot crypto ETFs can launch in the U.S.
- Ripple vs SEC: The landmark legal case assessing whether XRP is a security.
- Spot ETF: A fund that holds actual cryptocurrency rather than futures or derivatives.
- Institutional adoption: Entry of traditional finance giants into digital asset markets.
- Crypto regulation: Evolving legal frameworks governing digital assets in the U.S.
- Market sentiment: Investor confidence influenced by regulatory news and institutional activity.
These keywords reflect not just technical details but broader shifts in market psychology and regulatory expectations.
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Frequently Asked Questions (FAQ)
Will BlackRock definitely file for an XRP ETF?
While no official announcement has been made, many analysts believe it’s highly likely—especially if the SEC approves competing XRP ETFs. BlackRock tends to lead or quickly follow in major asset categories.
What is the biggest obstacle to XRP ETF approval?
The primary challenge remains regulatory clarity on whether XRP is classified as a security. The ongoing Ripple vs SEC case will likely determine the outcome.
How do spot XRP ETFs differ from futures-based funds?
Spot ETFs hold actual XRP tokens, providing direct price exposure. Futures-based funds rely on derivatives contracts, which can deviate from real-time market prices.
Are XRP ETFs available outside the U.S.?
Currently, most filings are focused on U.S. exchanges. However, some international platforms offer XRP-linked financial products, though not standardized ETFs.
What happens if the SEC rejects XRP ETF applications?
Rejection could delay institutional inflows and dampen short-term price momentum. However, repeated filings and legal progress suggest eventual approval is probable.
How could an approved XRP ETF impact the crypto market?
Approval would signal broader regulatory acceptance of altcoins, potentially triggering an “altseason” and boosting investor confidence across non-Bitcoin cryptos.
The Road Ahead for Ripple and Institutional Crypto
The convergence of legal resolution, growing institutional demand, and regulatory precedent from Bitcoin and Ethereum ETFs creates a powerful tailwind for an XRP ETF. Even if BlackRock waits until after initial approvals, its eventual entry could bring unprecedented scale and legitimacy to Ripple’s ecosystem.
For investors, this moment represents more than speculation—it reflects a structural shift in how traditional finance views digital assets. As barriers fall and clarity emerges, XRP may soon join BTC and ETH as part of mainstream investment portfolios.
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Final Thoughts
While BlackRock hasn’t yet filed for an XRP ETF, the writing may be on the wall. With competitors lining up at the SEC’s door and regulatory signals trending positive, it’s increasingly plausible that one of Wall Street’s most influential firms will make its move—possibly before the end of 2025.
Until then, all eyes remain on Washington and Silicon Valley alike: watching courts, regulators, and asset managers shape the future of crypto finance.