By Key Points
- BlackRock XRP ETF Rejection Leaves Investors Guessing
- BlackRock says no to XRP and Solana ETFs despite Ripple’s court win
- Client demand for altcoin ETFs seen as too low to justify launch
- Only Bitcoin and Ethereum meet the maturity and liquidity standards
- Analysts say “at this time” hints that the door isn’t fully closed
BlackRock, the world’s largest asset manager, has put to rest rumors of an imminent XRP spot ETF. Despite Ripple’s legal victory over the SEC, the firm says it has no plans to launch XRP or Solana (SOL) exchange-traded funds shortly.
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
The clarification came after speculation from ETF Store President Nate Geraci, who believed BlackRock might move on XRP once Ripple’s lawsuit ended. Geraci noted that Ethereum’s growing adoption by banks, fintech firms, and corporates was already reshaping the crypto ETF space.
However, BlackRock’s executives maintain that demand for crypto products beyond Bitcoin and Ethereum remains too small. Robert Mitchnick, BlackRock’s Head of Digital Assets, said last year that altcoins simply don’t meet the firm’s criteria for market maturity, liquidity, and track record.
Yes, I think BlackRock was waiting to see this before filing for iShares XRP ETF…
I’ll own it if I’m wrong.
IMO, makes *zero* sense for them to ignore crypto assets beyond btc & eth.
Otherwise, they’re basically saying btc & eth are only ones that will ever have value. Bold. pic.twitter.com/FtBqMRFpOl
— Nate Geraci (@NateGeraci) August 8, 2025
Bitcoin dominates roughly 55% of the crypto market’s capitalization, with Ethereum at about 18%. The next largest asset, like XRP, holds just around 3%, far from the scale BlackRock wants for an ETF product.
Jay Jacobs, head of BlackRock’s ETF division, echoed the sentiment. Speaking to analysts earlier, he stressed that the company’s priority is expanding its existing Bitcoin (IBIT) and Ethereum (ETHA) funds rather than diversifying into altcoin ETFs.
“We’re still at the tip of the iceberg with Bitcoin and especially Ethereum. Only a small fraction of our clients own these ETFs. That’s where our focus is,” Jacobs reportedly said.
ETFs & treasury cos have bought $19bil eth this yr…
$7bil ETFs
$12bil cos
“Btc dominance has started to fall meaningfully as banks, fintechs, & corporates embrace stablecoins, many of which will be settled on open-source blockchains like eth” –@matthew_sigel
via @sidcoins
— Nate Geraci (@NateGeraci) August 9, 2025
Cautious Strategy or Missed Opportunity?
Samara Cohen, BlackRock’s Chief Investment Officer for ETF and Index Investments, confirmed to Bloomberg that Bitcoin and Ether are the only cryptocurrencies currently meeting the firm’s investment standards. She suggested it will be “a while” before any other asset earns a place alongside them.
“We’re really just at the tip of the iceberg with Bitcoin and especially ethereum. Just a tiny fraction of our clients own ($IBIT and $ETHA) so that’s what we’re focused on (vs launching new alt coin ETFs)” – Jay Jacobs of BlackRock at ETFs in Depth.
— Eric Balchunas (@EricBalchunas) December 12, 2024
ETF analyst Eric Balchunas agrees, predicting BlackRock is unlikely to launch a broader crypto index fund that would include XRP anytime soon. He cited diminishing returns from expanding beyond Bitcoin and Ethereum as a major deterrent.
Still, the company’s repeated use of “at this time” when addressing XRP and Solana ETFs leaves a sliver of hope for investors. Some see this as strategic flexibility—keeping the option open should the demand or market dynamics change.
The cautious stance mirrors other market uncertainties, such as the Federal Reserve’s rate cut warning for crypto and the shifting institutional focus on Bitcoin and Ethereum ETFs over smaller-cap altcoins.
Yes, I think BlackRock was waiting to see this before filing for iShares XRP ETF…
I’ll own it if I’m wrong.
IMO, makes *zero* sense for them to ignore crypto assets beyond btc & eth.
Otherwise, they’re basically saying btc & eth are only ones that will ever have value. Bold. pic.twitter.com/FtBqMRFpOl
— Nate Geraci (@NateGeraci) August 8, 2025
What Could Change BlackRock’s Mind?
Industry watchers suggest that for BlackRock to consider an XRP ETF, two things must happen: significant growth in XRP’s market cap and sustained institutional adoption. Large-scale partnerships, integration with payment systems, and improved regulatory clarity could all push XRP into BlackRock’s comfort zone.
Some analysts believe that if Ripple continues to expand globally and secure major banking deals, it could boost both demand and liquidity—two metrics BlackRock cares deeply about. Moves like a potential Ripple IPO and its impact on XRP could also change the game.
The political climate might also influence timing. Major policy shifts, such as Trump’s proposed 401(k) crypto plan, could unlock billions in institutional flows into crypto assets, altering ETF demand dynamics.
Meanwhile, developments in other parts of the market—like Coinbase’s push into decentralized trading- highlight how rapidly the crypto landscape is evolving. For now, BlackRock appears committed to playing it safe with Bitcoin and Ethereum, where the client base is proven and growing.
Whether this proves to be disciplined focus or a missed first-mover advantage will only become clear with time.
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