BlackRock Maintains Stance Against XRP ETF Launch
BlackRock continues to hold no plans for a spot XRP ETF, as analysts suggest the asset manager's absence remains a bearish signal for the token.
BlackRock, which manages approximately $15 trillion in assets, has confirmed it still has no plans to introduce a spot XRP ETF. The firm has maintained this position since August 2025, continuing through late September 2026.
The firm currently limits its crypto ETF offerings to Bitcoin and Ethereum. Robbie Mitchnick, BlackRock’s head of digital assets, previously outlined a five-factor framework for evaluating new crypto products, which includes client demand, market value, liquidity, maturity, and portfolio fit. Mitchnick identified client demand as the most critical factor.
According to the firm's criteria, XRP does not currently meet the requirements for an ETF. BlackRock appears to view the token as lacking sufficient market maturity, liquidity, and portfolio fit.
Despite BlackRock's absence, seven other US issuers have launched spot XRP ETFs. As of September 25, 2026, these funds held roughly $1.77 billion in assets, representing about 1.18 billion XRP tokens or 1.9% of the circulating supply.
Some market analysis suggests that BlackRock’s decision to pass on the token contributes to a more cautious outlook for XRP compared to Bitcoin and Ethereum. The firm's stance may influence other institutional participants.
While BlackRock accepts Ripple’s RLUSD stablecoin as collateral for its BUIDL tokenized Treasury fund, this does not indicate a shift in its position on XRP. The firm distinguishes between the dollar-pegged stablecoin and the volatile nature of the XRP token.
The existing $1.77 billion in rival XRP ETFs serves as an indicator of whether the token can sustain institutional interest without BlackRock's involvement. Future growth in these funds could impact the client demand metric that BlackRock prioritizes.
