Cryptocurrency

Will BlackRock Launch an XRP ETF?

BlackRock runs the biggest Bitcoin and Ethereum ETFs in the US, yet it skipped every XRP filing deadline while seven rivals already hold billions in the asset. The reason behind that decision could reshape how investors think about XRP's future.

By Sam Daodu

Published September 30, 2026, 3:25am ET · 3 min read

The Crypto Desk desk. Editor: Sam Daodu.

This post may contain links from our sponsors and affiliates, and Flywheel Publishing may receive compensation for actions taken through them.

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

A modern glass building with the 'BLACKROCK' logo prominently displayed in white letters. The building features a multi-layered glass exterior reflecting the blue sky and surrounding structures, with visible internal framework and architectural details.

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

Physical version of Ripple and dollar banknotes. Exchange xrp for a dollar symbol. Conceptual image for worldwide cryptocurrency and digital payment system.

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.

Contact [email protected] for any questions or corrections.

1INVESTMENTS ARE NOT FDIC INSURED • ARE NOT BANK GUARANTEED • MAY LOSE VALUE

Brokerage and Active investing products offered through SoFi Securities LLC, member FINRA(www.finra.org)/SIPC(www.sipc.org).2The probability of a member receiving $3,000 is 0.028%. If you don’t make a selection in 45 days, you’ll no longer qualify for the promo. Members must fund their account with a minimum of $50.00 to qualify. The probability percentage is subject to decrease. Members are only eligible for the Stock Award promotion upon opening their first brokerage account; subsequent cash brokerage accounts are ineligible for the promo, including for members with multiple accounts.

3Other fees, such as exchange fees, may apply. Please view our fee disclosure to view a full listing of fees.

4There are limitations with fractional shares to consider before investing. During market hours fractional share orders are transmitted immediately in the order received. There may be system delays from receipt of your order until execution and market conditions may adversely impact execution prices. Outside of market hours orders are received on a not held basis and will be aggregated for each security then executed in the morning trade window of the next business day at market open. Share will be delivered at an average price received for executing the securities through a single batched order. Fractional shares may not be transferred to another firm. Fractional shares will be sold when a transfer or closure request is initiated. Please consider that selling securities is a taxable event.

Sam Daodu

Sam Daodu is a crypto analyst who's spent nearly a decade making blockchain understandable—no easy task when most whitepapers read like fever dreams. He writes for 24/7 Wall St., covering Bitcoin, altcoins, and crypto market analysis for investors. Before crypto, he was a tech writer (back when explaining "the cloud" was peak innovation). Since 2018, he's written for CoinTelegraph, Yahoo Finance, The Block, Cryptonews, Zypto, Rain, and more—basically anywhere people want crypto news without the headache. Sam runs MacLabs Marketing, a content agency for crypto brands tired of sounding like AI wrote their website. He also publishes free crypto education on his site for Web3 enthusiasts who think "gas fees" is a typo. When he's not writing or staring at charts, Sam's either: - Watching anime (currently convinced One Piece has better tokenomics than most altcoins) - At the gym sculpting himself into a Greek god - Listening to the music your mum warned you only bad boys listen to Connect: LinkedIn | Email | MacLabs Marketing

All articles →