BlackRock Doubles Down on Bitcoin ETFs While XRP Remains Ghosted - What’s Behind the Snub?

BlackRock just filed for its second Bitcoin ETF. The move signals deepening institutional commitment to the original crypto—but raises a glaring question. Where's the XRP ETF?

The Regulatory Shadow Over Ripple

XRP's ongoing legal saga with the SEC continues to cast a long shadow. While Bitcoin has carved a path toward regulatory clarity—or at least détente—Ripple's battle leaves the asset in a gray zone most traditional finance gatekeepers won't touch. An ETF sponsor needs a clean-ish bill of health, and XRP's docket is still full.

Market Maker vs. Settlement Token

Look at the narrative. Bitcoin sells itself as 'digital gold'—a simple, compelling story for fund prospectuses. XRP's utility as a cross-border settlement token is powerful but complex. Wall Street prefers its narratives neat, tidy, and easy to explain to retirees in Boca Raton. Complexity gets priced out.

The Liquidity Litmus Test

Then there's the cold, hard math of liquidity. Bitcoin's market depth dwarfs XRP's. For an ETF issuer, that means easier creation/redemption processes and lower market impact costs. Big funds think in basis points, and XRP's spread can still look like amateur hour next to Bitcoin's institutional plumbing.

Don't Hold Your Breath

So, will an XRP ETF happen? Not until the legal fog clears and demand from the wirehouse crowd becomes undeniable. For now, BlackRock and friends are sticking to the main attraction—because in finance, you always bet on the house favorite until the underdog proves it can pay out. And in this game, the house still views XRP as a liability, not an asset.

BlackRock Files For New Bitcoin ETF

BlackRock filed an S-1 form for its Bitcoin Premium Income ETF. According to the filing, the Bitcoin ETF will seek to track BTC’s price while providing premium income through an actively managed strategy of writing call options on IBIT shares. From time to time, the Trust may also write call options on ETP indices that track spot BTC investment products to generate premium income. 

This proposed Bitcoin premium Income ETF will mark BlackRock’s third major crypto ETF offering, as it already offers a spot Bitcoin ETF and an ethereum ETF. The world’s largest asset manager has, to date, opted against filing for an XRP ETF or funds that track other crypto assets, despite moves by other issuers such as Grayscale and Bitwise. 

It is worth noting that last year, BlackRock confirmed that it has no plans to file for a Solana or XRP ETF at this time, opting to focus on its existing Bitcoin and Ethereum ETFs. The asset manager is currently the largest BTC and ETH ETF issuer, with net assets of $69 billion and $10 billion, respectively, according to SoSoValue data. 

Meanwhile, other crypto ETFs have seen considerable success despite BlackRock’s hesitation to file for these funds. SoSoValue data shows that the XRP ETFs as a group already boast a net asset of $1.38 billion since launching in November. This accounts for just over 1% of the altcoin’s market cap. solana ETFs have net assets of almost $1.10 billion, accounting for 1.50% of SOL’s market cap. 

BlackRock May Explore A Basket Product Down The Line

Bloomberg analyst James Seyffart said during an interview with market expert Nate Geraci that BlackRock appears content to stick with just Bitcoin and Ethereum ETFs. However, he alluded to his previous statement that the asset manager could launch a basket product or an active ETF at some point. 

This could take the form of a crypto index ETF, which provides exposure to multiple crypto assets rather than a single asset. Such a MOVE will be similar to Ark Invest’s recent filing for a CoinDesk 20 ETF. Cathie Wood’s firm offers only a spot Bitcoin ETF but is now looking to provide exposure to other assets through an index fund, rather than filing for a spot XRP ETF or other individual crypto funds. 

Meanwhile, Seyffart made a case for a Solana ETF over an XRP ETF, stating that it is surprising that BlackRock hasn’t explored SOL. This came as he described BTC, ETH, and SOL as the ‘big 3’ in terms of crypto assets that institutional investors are looking to gain exposure to.