BlackRock XRP ETF: Latest News, Impact, and Regulatory Context

BlackRock, the world's largest asset manager, keeps finding itself at the center of chatter about cryptocurrency exchange-traded funds. After rolling out successful Bitcoin and Ethereum ETFs, people are naturally asking: is XRP next?

BlackRock says it has no plans to launch an XRP ETF right now, despite the crypto community’s rumors and wishful thinking. Meanwhile, other big names like Grayscale and Bitwise have already filed with the SEC for XRP-related ETFs. BlackRock’s absence from the XRP ETF scene has stirred up debate about regulation and whether there's enough demand.

Things got interesting when BlackRock’s Digital Asset Director, Maxwell Stein, showed up on the agenda for Ripple’s Swell 2025 event in November. That announcement set off another round of speculation—maybe BlackRock will change its mind as the crypto ETF market evolves and regulations get a bit clearer. Who knows?

BlackRock and the XRP ETF Landscape

On August 8, 2025, BlackRock confirmed it isn’t filing for a U.S. spot XRP ETF anytime soon, even though the SEC vs. Ripple lawsuit finally wrapped up. This puts them at odds with other firms racing to launch XRP ETF products.

Current Status of BlackRock's XRP ETF Plans

BlackRock has shot down recent speculation about filing for an XRP exchange-traded fund. The firm says it won’t pursue a spot XRP ETF in the near future.

This announcement followed the resolution of the SEC vs. Ripple lawsuit in mid-2025. A lot of folks expected BlackRock to jump in once the legal dust settled.

Why is BlackRock holding back?

• Institutional demand for altcoins like XRP is way lower than for Bitcoin

  
  

• The ETF space is already crowded with big players

  
  

• They’re weighing the costs and benefits carefully

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• XRP’s trading is stronger in Asia, not the U.S.

BlackRock also isn’t planning to file for a Solana ETF right now. They’re sticking to Bitcoin and Ethereum, at least for the moment.

Their clients mostly want Bitcoin. Ethereum gets a bit of love. XRP? Not so much.

Key Influences from Ripple and the SEC Lawsuit

Ripple’s legal battle with the SEC had blocked XRP ETF products for years. Now that it’s over, a bunch of asset managers are eyeing XRP-focused funds.

XRP hit an all-time high of $3.45 in 2018 but then lost more than 90% of its value—regulatory worries and that 2020 SEC lawsuit against Ripple Labs didn’t help.

The lawsuit’s resolution made it clear: XRP isn’t considered a security on public exchanges. Still, BlackRock seems wary about the wider altcoin regulatory landscape.

Maxwell Stein, BlackRock’s Director of Digital Assets, will speak at Ripple’s Swell 2025 conference in New York City on November 4-5. The XRP crowd hopes he might drop some hints about possible ETF developments.

Industry Competition and Other ETF Filings

Right now, more than seven firms have XRP ETF applications sitting with regulators. That crowded field gives BlackRock less reason to rush in.

Major competitors filing for spot XRP ETFs:

• Grayscale

• Franklin Templeton

• 21Shares

• ProShares

• CoinShares

Throughout 2024 and 2025, dozens of U.S. asset managers have filed or proposed spot XRP ETFs. If any get the green light, they’ll shape the U.S. XRP ETF market.

Canada beat the U.S. to it, launching the 3iQ XRP ETF (TSX: XRPQ) in June 2025. That was a big step for XRP ETFs in North America, and the fund started out with a 0% management fee for six months.

Analysts think U.S. spot XRP ETF approvals in Q4 2025 could pull in serious cash—one estimate puts it at up to $8 billion in inflows.

Nate Geraci, President of The ETF Store, thinks BlackRock might eventually jump in if demand rises. For now, though, they’re content to watch from the sidelines.

Market Impact and Future Outlook

If BlackRock ever launches an XRP ETF, it could shake up the digital asset markets in a big way. Some projections put approval odds at 87%, with as much as $8 billion possibly flowing into these funds. But XRP’s place among altcoins still depends on regulation and how institutions approach adoption.

Potential Effects on XRP and Altcoins

XRP futures already hit a $1 billion open interest faster than any other crypto ETF—quicker than both Bitcoin and Ethereum. That kind of growth hints at strong institutional demand, which could ramp up if BlackRock gets involved.

Current ETF Filing Landscape:

• 93 active crypto ETF applications out there

  
  

• 23% involve XRP (19 dedicated funds, 7+ basket products)

Big names like Grayscale, Franklin Templeton, and 21Shares are in the mix

If the SEC approves an XRP ETF, expect a supply-demand imbalance much like what happened with Bitcoin and Ethereum ETFs. Analysts predict XRP holdings could see major value growth.

Altcoin ETFs aren’t all on the same timeline. Ethereum’s ETF success has opened the door for others, like Solana, but the market still favors established coins over newcomers.

Asset managers such as Bitwise, ProShares, and WisdomTree are moving quickly to offer more altcoin ETF products, not just Bitcoin and Ethereum anymore.

Regulatory and Liquidity Considerations

The SEC is reviewing XRP ETF applications but hasn’t nailed down custody and market maker frameworks yet. This lack of policy coordination could slow down actual trading, even if filings get approved.

XRP derivatives markets are slowly getting more liquid, which suggests institutions are preparing to trade. For now, regulations seem to favor established digital assets before opening the floodgates for other altcoins.

Key Regulatory Factors:

• Custody solution requirements

  
  

• Market maker partnerships

  
  

• Compliance with existing frameworks

  
  

• Integration with traditional financial systems

Liquidity is still a big concern for ETF success. The ETF Store and other industry watchers point out that XRP’s trading volume needs to be high enough to handle big institutional moves without causing wild price swings.

Polymarket data shows growing optimism about XRP ETF approval odds. Still, regulatory uncertainty keeps institutions cautious and shapes their strategies.

Perspectives from Industry Experts

BlackRock's Jay Jacobs has said the company puts Bitcoin and Ethereum ETFs ahead of expanding into altcoins. Honestly, that’s not too surprising—it’s what you’d expect from big institutions that want to stick with crypto assets that have a history and some credibility.

Ripple CEO Brad Garlinghouse made some pretty interesting comments back in October 2024 about the ETF market, and those are popping up again now that more filings are rolling in. He pointed out how quickly adoption is moving and seemed a bit cautious about the regulatory hurdles facing XRP applications.

Some industry folks notice that institutions tend to take a slow-and-steady approach with crypto ETFs. Asset managers like Franklin Templeton and 21Shares are piecing together altcoin strategies, but they’re still waiting for regulators to give the green light.

Market analysts think we could see some wild price swings if BlackRock actually files for an XRP ETF. The iShares Bitcoin Trust worked out pretty well, so maybe XRP could follow that path—though, who really knows?

Expert Consensus Points:

• Regulatory clarity seems to boost institutional confidence

  
  

• Liquidity requirements play a big role in whether an ETF works

  
  

• Market demand might be outpacing what’s available right now

  
  

• Altcoin ETF approvals usually stick to what’s already been set

Financial data shows more institutions looking beyond Bitcoin and Ethereum. That shift could open the door for more digital asset ETFs, maybe even some focused on XRP.