BlackRock Says No To XRP ETF – What Are They Really Waiting For?

BlackRock has ruled out launching spot exchange-traded funds (ETFs) for XRP or Solana (SOL) soon.

The stance comes despite growing industry chatter and the recent conclusion of Ripple’s long-running legal battle with the US SEC (Securities and Exchange Commission).

Why BlackRock Is Staying Away From XRP

BlackRock reportedly has “no plans” to offer XRP spot ETFs or its prospective Solana ETF. The clarification came just hours after ETF Store President Nate Geraci suggested the asset management giant could eventually enter the XRP ETF market.

BlackRock immediately calls me out…Says *no* plans at this time to launch spot xrp (or sol) ETF.IMO, this will be looked back on as a mistake.We shall see.via @ForTheWynn_ pic.twitter.com/9nQaA3ZYDO

— Nate Geraci (@NateGeraci) August 8, 2025

Geraci had earlier posted that he thought BlackRock was waiting for the end of the longstanding Ripple vs. SEC case before filing for the iShares XRP ETF.

Geraci also pointed to Ethereum’s growing institutional traction, quoting Matthew Sigel’s view that Bitcoin dominance has started to drop as banks, fintechs, and corporates adopt stablecoins, many of which will be settled on open-source blockchains like Ethereum.

ETFs & treasury cos have bought $19bil eth this yr…$7bil ETFs$12bil cos“Btc dominance has started to fall meaningfully as banks, fintechs, & corporates embrace stablecoins, many of which will be settled on open-source blockchains like eth” –@matthew_sigelvia @sidcoins

— Nate Geraci (@NateGeraci) August 9, 2025

Low Demand Beyond Bitcoin and Ethereum

Meanwhile, BlackRock executives have repeatedly stressed that client interest outside Bitcoin and Ethereum remains minimal. In December, BeInCrypto reported Robert Mitchnick, Head of Digital Assets at BlackRock, saying there is “very little” demand for other crypto ETFs.

“I don’t think we’ll see a long list of crypto ETFs. If you think of Bitcoin, it represents about 55% of the market cap today. Ethereum is at 18%. The next plausible investible asset is at, like, 3%. It’s not close to being at that threshold or track record of maturity, liquidity, etc.,” Mitchnick said.

In the same tone, Jay Jacobs, the head of BlackRock’s ETF department, said BlackRock was not planning to launch any new altcoin-focused ETFs.

Jacobs also emphasized the company’s intention to expand the reach of its existing Bitcoin and Ethereum ETFs, which have performed exceptionally well so far.

“We’re just at the tip of the iceberg with Bitcoin and especially Ethereum. Just a tiny fraction of our clients own IBIT and ETHA, so that’s what we’re focused on (vs. launching new altcoin ETFs),” ETF analysts Eric Balchunas reported, citing Jay Jacobs’s statement at the time.

Samara Cohen, the firm’s Chief Investment Officer of ETF and Index Investments, told Bloomberg that for BlackRock, only Bitcoin and Ether meet that bar, for now, on metrics of investing ability considerations and client considerations.

“… I think it will be a while before we see anything else,” Cohen said in the interview.

Meanwhile, Balchunas agrees that BlackRock may see little incentive to expand beyond its two crypto ETFs.

He believes the firm will unlikely pursue an index-based crypto ETF, potentially including XRP, this year, citing diminishing returns from broadening its offering.

I just think they are happy w the two. Law of diminish returns from here on out. But again I’ve nothing to go on but my own spidey sense here.

— Eric Balchunas (@EricBalchunas) August 8, 2025

Meanwhile, while BlackRock’s stance may be a cautious, data-driven decision, it may also be a missed opportunity in the making, but only time will tell.