The cryptocurrency world is buzzing with speculation: could BlackRock, the world’s largest asset manager, be laying the groundwork for a spot XRP ETF? Recent reports of meetings between BlackRock and the U.S. Securities and Exchange Commission (SEC) have reignited interest in this possibility. While no official filing has been made—and BlackRock has denied involvement with XRP—the conversation around regulatory clarity, institutional adoption, and market momentum is growing louder.
In this deep dive, we’ll explore the facts behind the rumors, analyze why BlackRock may be holding back, and assess what it would take for an XRP ETF to become a reality.
The Spark Behind the XRP ETF Rumors
On May 9, 2025, news broke that BlackRock held discussions with the SEC’s newly formed crypto task force. According to a shared memo from the SEC, the meeting covered key topics including:
- Staking within ETF structures
- Tokenization of assets
- Approval standards for crypto-based exchange-traded products (ETPs)
- Potential interim frameworks under Section 6(b) of the Securities Exchange Act
“BlackRock met w/ SEC Crypto Task Force today… Discussed staking in ETFs, tokenization, crypto ETF approval standards, & more. World's largest asset manager fully engaged on crypto.”
— Nate Geraci, ETF expert and market analyst
While the meeting did not mention XRP specifically, its broad focus on expanding crypto ETF infrastructure has led many investors to wonder: Could XRP be next after Bitcoin and Ethereum?
👉 Discover how institutional interest could reshape the future of digital assets.
No Official Filing—Yet
Despite rising speculation, there is currently no official application for a BlackRock spot XRP ETF. The SEC has not received any such proposal, and BlackRock has not announced plans to pursue one.
To date, the firm has concentrated its efforts on Bitcoin (BTC) and Ethereum (ETH) ETFs—both of which received regulatory approval in early 2024. These flagship products, including iShares Bitcoin Trust ($IBIT) and iShares Ethereum Trust ($ETHA), remain central to BlackRock’s digital asset strategy.
Jay Jacobs, head of ETFs at BlackRock, made the company’s stance clear during a December 2024 industry event:
“We’re really 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—for now—versus launching new altcoin ETFs.”
This strategic prioritization reflects both market demand and regulatory caution.
Why XRP Remains Off the Table—for Now
XRP ranks as the fourth-largest cryptocurrency by market capitalization, making its absence from BlackRock’s roadmap notable. However, several critical factors explain why XRP remains on the sidelines.
1. Ongoing SEC Legal Battle
The most significant barrier is the unresolved legal dispute between Ripple Labs and the SEC. Since 2020, the SEC has pursued litigation claiming that XRP was sold as an unregistered security. Although recent developments—including a court proposal to lift restrictions on institutional sales and reduce penalties—signal progress toward resolution, a final judgment has yet to be issued.
Until this case concludes definitively, major financial institutions like BlackRock are unlikely to engage with XRP. Regulatory ambiguity poses too great a risk for asset managers managing trillions in client funds.
2. Fake Filing Incident Damaged Credibility
In November 2023, a fraudulent "XRP Trust" filing falsely attributed to BlackRock went viral across social media. The document, which mimicked official formats, suggested BlackRock was preparing an XRP ETF. However, the company quickly denied any involvement.
Eric Balchunas, senior ETF analyst at Bloomberg, confirmed via Twitter that the filing was entirely fabricated. This incident not only misled investors but also highlighted how sensitive the market is to even unverified signals from institutional players.
Could an XRP ETF Happen in the Future?
Yes—but only under specific conditions.
Industry experts agree that if Ripple secures a full legal settlement with the SEC, clearing XRP from securities classification concerns, the door could open for institutional products like ETFs.
Such clarity would likely trigger interest from major asset managers, including BlackRock, Fidelity, and Grayscale. With proven frameworks now in place for BTC and ETH ETFs, adapting those models for XRP would be technically straightforward.
Moreover, growing adoption of XRP in cross-border payments—particularly through RippleNet and CBDC integrations—adds long-term utility and appeal for institutional investors.
👉 See how real-world use cases are driving next-gen crypto innovation.
XRP Price Analysis: Momentum Amid Uncertainty
As of this writing, XRP is trading at $2.54, down approximately 2% over the past 24 hours but up over 20% in the past week. This surge reflects renewed market optimism tied to both regulatory progress and broader crypto sector momentum.
While short-term volatility persists, many analysts believe that a spot XRP ETF approval could catalyze substantial institutional inflows, similar to what was seen with Bitcoin ETFs in 2024.
Should legal clarity emerge and major firms like BlackRock enter the space, XRP could potentially reach new all-time highs—driven by increased liquidity, enhanced credibility, and expanded access for retail and institutional investors alike.
Frequently Asked Questions (FAQ)
Q: Has BlackRock filed for an XRP ETF?
A: No. There is no official filing with the SEC for a BlackRock spot XRP ETF. All current reports are speculative.
Q: Why hasn’t BlackRock launched an XRP ETF yet?
A: The primary reason is regulatory uncertainty due to the ongoing SEC vs. Ripple lawsuit. Until there's a final legal resolution classifying XRP, major financial institutions will likely avoid exposure.
Q: Is XRP considered a security by the SEC?
A: The classification remains contested. In July 2023, a U.S. District Court ruled that XRP is not inherently a security when sold to retail investors—but institutional sales may fall under securities laws. The case is still being finalized.
Q: Could BlackRock launch an XRP ETF in the future?
A: Yes—if Ripple achieves full regulatory clarity and the SEC accepts XRP as a non-security or commodity, similar to Bitcoin or Ethereum.
Q: What impact would an XRP ETF have on price?
A: Historically, ETF approvals have led to significant price increases due to institutional investment inflows. A spot XRP ETF could drive substantial demand and market expansion.
Q: Are other companies considering XRP ETFs?
A: While firms like Bitwise and Grayscale have expressed interest in diverse crypto ETFs, none have formally applied for an XRP-specific product yet.
Final Thoughts: Watch the Regulatory Horizon
While BlackRock has not—and likely will not—pursue an XRP ETF in the near term, the evolving regulatory landscape keeps the possibility alive. The outcome of the Ripple vs. SEC case will serve as a pivotal determinant.
For now, BlackRock remains focused on Bitcoin and Ethereum, where regulatory pathways are clearer and investor demand is strongest. But should 2025 bring a definitive resolution on XRP’s status, don’t be surprised if Wall Street’s biggest names come calling.
The convergence of legal clarity, technological maturity, and financial innovation suggests that an XRP ETF isn’t a question of if—but when.
👉 Stay ahead of regulatory shifts shaping tomorrow’s crypto markets.