Will BlackRock Launch an XRP ETF?

BlackRock (NYSE:BLK | BLK Price Prediction) is well-known for running the largest spot Bitcoin and Ethereum ETFs in the United States. However, it has never filed to create a BlackRock XRP ETF. As of September 25, 2026, seven other issuers have launched spot XRP (CRYPTO:XRP) funds that together hold about $1.77 billion.

Currently, XRP trades around $1.50, down about 8% in the last week and about 59% from its all-time high of $3.65 in July 2025. So, why has the largest ETF issuer not entered this space, and what impact could a BlackRock fund have on XRP holders?

Seven Spot XRP ETFs Already Hold $1.77 Billion Without BlackRock

Several companies offer spot XRP ETFs, which buy and hold XRP, allowing investors to own XRP through a standard brokerage account. These seven US spot XRP ETFs, managed by firms like Bitwise, Franklin Templeton, and Canary Capital, hold about 1.18 billion XRP, accounting for roughly 1.9% of the total coins in circulation.

Since their launch, these funds have attracted approximately $1.79 billion in investments, after withdrawals. Currently, total assets stand at around $1.77 billion, meaning the average ETF buyer is experiencing a small loss. Nonetheless, investor contributions increased by about $76 million in the week leading up to September 25.

Interestingly, BlackRock opted out of the last big wave of XRP applications. In September 2025, seven firms updated their XRP fund submissions to the SEC, while BlackRock did not submit any applications.

BlackRock Says Client Demand Decides Its Next Crypto ETF

Robbie Mitchnick, BlackRock’s head of digital assets, stated in September 2025 that the launch of a crypto ETF depends on five main factors: client demand, market value, liquidity, maturity, and how well the coin fits into a portfolio. He emphasized that client demand is the top priority.

Currently, BlackRock collaborates with Ripple in a different capacity, accepting Ripple’s RLUSD stablecoin as collateral for its tokenized Treasury fund, BUIDL. However, this partnership relates to Ripple’s dollar token, not XRP itself.

Canary Capital’s CEO, Steven McClurg, who oversees a competing XRP fund, speculated in January 2026 that BlackRock might file for an XRP ETF by late 2026 or early 2027. However, BlackRock has not confirmed any timeline.

XRP ETF Fees Total Only About $4 Million a Year

ETF issuers earn a yearly fee based on the total amount of money in their fund. At a typical fee of 0.25%, all $1.77 billion in existing US spot XRP ETFs could generate around $4.4 million per year, split among the seven issuers. A new entrant like BlackRock might need to charge less to attract investors.

However, $4.4 million is relatively small for BlackRock, especially given that its iShares Bitcoin Trust (NASDAQ:IBIT) became the leading spot Bitcoin fund even after entering the market later than many competitors. Therefore, BlackRock may prefer to let smaller issuers gauge demand for XRP before making a move.

Will BlackRock Launch an XRP ETF?

A BlackRock XRP ETF doesn’t seem likely in the near future. With current XRP funds totaling only $1.77 billion and BlackRock prioritizing client demand, the company has so far refrained from initiating an application. Moreover, a fund application alone doesn’t guarantee any XRP purchases, since a spot fund buys coins only when investors inject money into it.

So, will BlackRock eventually launch an XRP ETF? It’s hard to say, especially while the overall size of XRP funds remains modest. However, an S-1 filing from iShares on the SEC’s EDGAR database could potentially change the scenario overnight. A significant increase in XRP fund assets beyond $1.77 billion could also create the demand that BlackRock has said it is waiting for.

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