Amid speculation that BlackRock could be preparing to launch an XRP ETF, a company executive provided an update.
In recent months, several XRP enthusiasts have been anticipating an XRP ETF presentation by BlackRock. It all started after a fake filing for the company’s XRP ETF was posted on the Delaware state website last year. At that time, the price of XRP skyrocketed enormously, increasing by more than 15%.
However, BlackRock quickly refuted the report and emphasized that the filing was false. Since then, several asset managers such as Bitwise, Canary Capital, 21Shares, and WisdomTree have filed separate applications with the SEC, seeking to launch XRP ETFs in the United States.
Latest update on the BlackRock XRP ETF
Consequently, speculation suggests that BlackRock could also join the race to offer an XRP ETF to its clients. In contrast, new comments from BlackRock’s ETF department head Jay Jacobs indicate that the world’s largest asset manager has no immediate plans to launch an XRP ETF.
According to Jacobs, BlackRock is currently focusing on its Bitcoin and Ethereum spot ETFs rather than introducing a similar product for other altcoins like XRP.
Recall that BlackRock launched its Bitcoin and Ethereum ETFs earlier this year, with both products attracting inflows of $35.88 billion and $3.19 billion, respectively.
Despite this notable feat, Jacobs noted that only a small fraction of BlackRock clients currently own shares of iShares Bitcoin Trust (IBIT) and iShares Ethereum Trust (ETHA).
Therefore, it emphasized the need to expand its accessibility to a wider range of clients, while emphasizing that there are no immediate plans to introduce new ETFs linked to altcoins, such as XRP.
Bloomberg ETF analyst Eric Balchunas shared Jacob’s comment on X earlier this week.
Will the SEC approve an XRP ETF application?
Meanwhile, XRP enthusiasts expect the US SEC to approve at least one of the XRP ETF applications next year. This speculation skyrocketed following the re-election of Donald Trump, who promised unwavering support for the crypto industry.
Interestingly, Trump has also appointed a new pro-crypto SEC chair, who could play a major role in deciding whether an XRP ETF could come to fruition.
However, it remains to be seen whether the SEC will approve a spot XRP ETF next year.
