ETF analyst Nate Geraci signaled on X that BlackRock could soon apply for a spot XRP ETF via its iShares platform. Geraci’s comments were attached to a court document that showed the conclusion of Ripple’s protracted legal battle with the U.S. Securities and Exchange Commission (SEC).
Geraci remarked, “I think BlackRock was waiting to see this before filing for iShares XRP ETF … makes zero sense for them to ignore crypto assets beyond BTC & ETH”. Bloomberg analyst Eric Balchunas was quick to weigh in, expressing skepticism about XRP’s popularity relative to Bitcoin and Ethereum. Balchunas was willing to challenge Geraci’s claim, saying that he would bet on it with “I just think they are happy with the two. Law of diminishing returns from here on out. But again I’ve nothing to go on but my own spidey sense here”.
On Thursday, Ripple Labs and the SEC jointly dismissed all remaining appeals in their nearly five-year legal dispute over XRP’s classification. The move upholds the 2023 ruling that XRP sold on public exchanges is not a security. It also maintains the liability for institutional sales and the associated $125 million penalty. The news sent XRP’s price soaring between 11% and 13% within hours.
BlackRock already dominates the crypto ETF space. In 2023, it filed for the first spot Bitcoin ETF, which, by May 2024, had amassed $10 billion in assets under management. The firm’s iShares Bitcoin Trust remains the market-leading product for institutional crypto exposure.
Multiple firms have preceded BlackRock in seeking SEC approval for XRP ETFs. Pending submissions include applications from Grayscale, 21Shares, Bitwise, Canary Capital, WisdomTree, Franklin Templeton, CoinShares, and RexShares/Osprey. The SEC is expected to issue final decisions on most of these by October 2025.