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Amid speculation that BlackRock may be preparing to launch an XRP ETF, an executive from the company has provided an update.
Over the past few months, several XRP enthusiasts have been anticipating an XRP ETF filing from BlackRock. It all began after a fake XRP ETF filing from the company was filed on the State of Delaware website last year. At the time, the price of XRP skyrocketed tremendously, soaring by over 15%.
However, BlackRock quickly refuted the report, emphasizing that the filing was fake. Ever since, several asset managers like Bitwise, Canary Capital, 21Shares, and WisdomTree have submitted separate applications to the SEC, seeking to launch XRP ETFs in the United States.
Latest Update on BlackRock XRP ETF
Consequently, speculation suggests that BlackRock could also join the race to offer an XRP ETF to its clients. On the contrary, fresh comments from BlackRock’s Head of ETF Department, 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 focused on its spot Bitcoin and Ethereum 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 remarkable feat, Jacobs pointed out that only a small fraction of BlackRock’s clients currently own shares of iShares Bitcoin Trust (IBIT) and iShares Ethereum Trust (ETHA).
Therefore, he emphasized the need to broaden their accessibility to a wider range of clients while stressing that there are no immediate plans to introduce new ETFs tied to altcoins, such as XRP.
Bloomberg’s ETF Analyst Eric Balchunas shared Jacob’s comment on X earlier this week.
Will the SEC Approve an XRP ETF Application?
In the meantime, XRP enthusiasts are anticipating the U.S. SEC approval of at least one of the XRP ETF applications next year. This speculation soared following the reelection of Donald Trump, who has pledged an unwavering support for the crypto industry.
Interestingly, Trump has also appointed a new pro-crypto SEC chairman, who could play a major role in deciding whether an XRP ETF could come to fruition.
Nonetheless, whether the SEC will approve a spot XRP ETF next year remains to be seen.