BlackRock focuses on Bitcoin and Ethereum ETFs, avoiding overexpansion into less-proven assets.
The clarity of the regulations is lacking, and BlackRock will not act until the rules clearly define the class of crypto assets.
Meanwhile, BlackRock is waiting to see the SEC’s decision regarding the submission of XRP and Solana ETFs.
BlackRock, the world’s largest asset manager with an AUM of $11.6 trillion, leads fees in Bitcoin and Ethereum ETFs, but appears to be in a hurry when it comes to XRP. Despite growing interest and recent institutional futures launches, BlackRock has not applied for the XRP ETF.
So what is hindering them? Let’s break it down.
1. Regulations are still unknown
The biggest reason is regulatory uncertainty. A US court ruled that XRP is not security when traded on an exchange, but the SEC has not fully accepted this. In fact, the ETF decision continues to be further driven, but is currently expected in June or even October 2025.
BlackRock is known for playing safely. We will not file an XRP ETF until the regulator draws a clear line between crypto securities and products.
As one X user smartly pointed out, clarity may only come after a major law has been passed, such as the Stablecoin Act.
2. The derivatives market is still growing
For large institutions, the futures market is an important tool for managing risk. Although Bitcoin and Ethereum have a massive mature futures market, XRP just launched CME futures on May 19, 2025, with a volume of $19 million on the first day.
It’s a strong start, but it’s not enough yet. BlackRock and others want to see more consistent trading volumes over time.
3. Liquidity still needs to grow
XRP has a strong market depth, but for ETFs to function smoothly, they need stable liquidity that can handle billions of dollars in inflows and outflows. Until XRP reaches its maturity level, ETF approval remains unlikely.
4. Focus on winning play
BlackRock is currently focusing on Bitcoin and Ethereum ETFs and is working well. Rather than spreading that effort in a thin way, it’s doubling what’s working.
5. Strategic timing is everything
Finally, it can all come down to timing. With XRP and Solana’s major ETF application discussions, BlackRock may be waiting to see how the SEC handles current filings before joining the race.
This is a waiting game for more demand, stronger liquidity, and green lights from regulators.
So, while XRP fans may be enthusiastic, BlackRock has been playing a long game.
