The exchange-traded fund (ETF) space is undergoing rapid evolution, especially with the growing acceptance of crypto-based ETFs like those for Bitcoin and Ethereum. Now, all eyes are on XRP — and recent buzz suggests that BlackRock, the largest asset manager in the world, may soon enter the XRP ETF race.
Why This Matters
Historically, BlackRock has maintained a cautious stance toward altcoins, choosing to focus primarily on Bitcoin and, later, Ethereum. But that may be changing. Prominent ETF analyst Nate Geraci recently speculated whether XRP or Solana ETFs could be batch-approved — that is, approved alongside other filings as part of a broader acceptance strategy.
This would mirror how BlackRock previously filed Bitcoin and Ethereum ETF applications, setting a precedent. If they were to apply for an XRP ETF, it could not only legitimize the token further but also pressure regulators into making quicker decisions.
Competitive Landscape
The current XRP ETF race already features notable players like:
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Bitwise
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Canary Capital
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21Shares
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Franklin Templeton
All are hoping to lead the charge, but none command the influence or credibility with the SEC that BlackRock does. This means if BlackRock enters the race, the dynamics could change overnight, pushing other applicants into the background.
Regulatory Favoritism?
Smaller firms are already pushing back. VanEck, a major player that was early to the crypto ETF movement, sent a letter to the SEC accusing it of favoritism. According to VanEck, the SEC’s bias toward bigger firms like BlackRock and Fidelity undermines competition and innovation in the ETF space. They are demanding a return to a “first-to-file” approach, where early applications are prioritized regardless of company size.
Approval Odds for XRP
Despite no official BlackRock filing yet, sentiment around XRP ETF approval is surprisingly optimistic. Polymarket bettors currently put the odds at quite favorable. Bloomberg suggests that approval could come as soon as July 2025, with a slim possibility of an earlier nod.
If BlackRock does jump in, the odds could soar. The firm’s influence, legal resources, and track record give it an edge that could catalyze approval — not just for itself, but possibly for the entire batch of pending applications.
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