News 
May 21, 2025 
3 min. 
BlackRock, the world’s largest asset manager overseeing $11.6 trillion in assets, has been making waves with its Bitcoin and Ethereum ETFs. However, when it comes to XRP, the financial giant is noticeably staying on the sidelines. Despite a surge in institutional interest and the debut of XRP futures trading, BlackRock is holding back on an XRP ETF, and here’s why.
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1. Regulatory Clarity Remains Elusive
The primary roadblock is regulatory ambiguity. Although a U.S. court has clarified that XRP isn’t classified as a security when traded on exchanges, the SEC has yet to offer conclusive guidance. Until regulators definitively distinguish between crypto commodities and securities, BlackRock is unlikely to move forward. As one industry observer noted, meaningful clarity might only arrive after major legislation, such as the long-anticipated Stablecoin Act, is passed.
2. XRP Derivatives Are Just Getting Started
Institutions rely on robust derivatives markets for risk management. Bitcoin and Ethereum boast well-established futures ecosystems. However, XRP’s futures only launched on CME on May 19, 2025, with $19 million in first-day volume. While promising, it’s still early days. BlackRock prefers to see sustained volume and maturity before jumping in.
3. Liquidity Isn’t There Yet
Though XRP enjoys solid market depth, ETF infrastructure demands liquidity capable of handling massive daily inflows and outflows. For now, XRP lacks the scale needed to support a seamless ETF product without slippage or disruption.
4. Focused Strategy Over Expansion
Rather than chase every opportunity, BlackRock is doubling down on its high-performing Bitcoin and Ethereum ETFs. With these products attracting significant institutional demand, the firm is avoiding unnecessary dilution of focus.
5. Timing Is a Tactical Move
BlackRock’s hesitation may be entirely strategic. As other asset managers push forward with XRP and Solana ETF applications, BlackRock could be monitoring the SEC’s reaction to gauge the optimal moment to enter. Waiting allows them to assess both regulatory trends and competitor outcomes.
Bottom Line
While the XRP community remains hopeful, BlackRock is holding back on an XRP ETF for calculated reasons. The company is prioritizing clarity, market maturity, and timing. For now, XRP remains off the ETF table. However, the door isn’t closed. It’s just not open yet.
