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BlackRock Rules Out Plans To File For XRP ETF Despite Ripple Lawsuit End

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BlackRock has stated it will not file for an XRP or Solana ETF. This announcement was made after Ripple’s prolonged legal battle with the U.S. Securities and Exchange Commission officially ended this week.

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BlackRock Holds Off on XRP ETF Despite Legal Clarity

The top asset manager, which already lists Bitcoin and Ethereum ETFs, confirmed to The Block on Friday that it currently has no plans to submit applications for either product. This decision follows Thursday’s agreement between Ripple and the SEC to drop appeals, concluding a case launched in 2020.

Initially, industry observers speculated that the asset manager might have been waiting for the legal uncertainty to clear before applying for a BlackRock XRP ETF. But the firm’s statement proves that wasn’t the case.

However, Nate Geraci, president of NovaDius Wealth, criticized the asset manager’s narrow focus on Bitcoin and Ethereum. He warned that BlackRock risks ceding market share to competitors as the crypto ETF sector evolves.


In his X post, Eric Balchunas of Bloomberg Intelligence questioned where the ETF expansion would stop if XRP were included. He referenced assets like Solana and Tron, questioning whether the asset manager will also file for an ETF for these other cryptocurrencies.

Geraci responded that the ETF market is a “hugely moving target” and expressed surprise that BlackRock was not actively defending its leadership position in this category.

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Mixed Reactions to BlackRock’s ETF Decision

Community reactions were mixed. Community member Cam from suggested BlackRock might not see enough client demand for an XRP ETF. He noted a stronger interest in Litecoin and XRP from Asian markets recently.


Others, such as @xrpBreezy, emphasized XRP’s longevity as a reason BlackRock could consider filing for this ETF. According to Breezy, XRPL has existed for over twice as long as Solana and Tron. Also, it has a high market ranking consistently despite regulatory challenges.


Meanwhile, XRP lawyer John Deaton believes that the world’s largest asset manager will still file for this ETF. He stated that he will bet money that they will for one within a year.

While BlackRock has no plans to file for an XRP ETF for now, it is worth mentioning that eight asset managers have already filed to offer this fund. The SEC is currently reviewing these funds, with the final deadline on October 17. Balchunas again doubled down on their prediction that there is a 95% chance of approval this year, although approval odds have dropped on Polymarket.

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Paul

Paul Adedoyin is a crypto journalist with 4+ years experience who provides timely news, in-depth research, and insightful content to inform and empower his audience. His works have been featured on sites such as CryptoMode, CryptoNewsFlash among others. He holds a degree in Geophysics from OAU, Nigeria. When he's not writing, he loves watching soccer and reading educative journals. He can be reached via paul@coingape.com

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