BlackRock Slams the Door on XRP and Solana ETFs—For Now

Wall Street's trillion-dollar gorilla just swiped left on crypto's altcoin darlings.

BlackRock—the asset manager that moves markets with a whisper—confirmed it won't pursue ETFs for XRP or Solana anytime soon. The news drops like a lead balloon for traders who've been betting on institutional adoption.

Why the cold shoulder? Regulatory minefields and liquidity concerns top the list. While Bitcoin and Ethereum ETFs now trade like blue chips, regulators still see most altcoins as the wild west.

Funny how Wall Street only loves decentralization when it comes with an SEC filing.

Ripple Optimism Meets BlackRock’s Caution

Ripple Labs recently concluded its long-running legal battle with the U.S. Securities and Exchange Commission (SEC), a resolution that had fueled Optimism among analysts. Many expected that major fund managers would soon begin offering Ripple-linked financial products.

BlackRock’s move comes just after, president of ETF Store, suggested the firm would eventually enter the XRP ETF market, arguing that ignoring non-Bitcoin and non-Ethereum crypto assets would be “hard to justify.”

However,, senior ETF analyst at Bloomberg, holds a different view. He believes BlackRock is satisfied with its two existing crypto ETFs and sees little upside in expanding further. Balchunas also considers it unlikely that the firm will apply for a broaderlater this year.

BlackRock immediately calls me out…

Says *no* plans at this time to launch spot XRP (or sol) ETF.

IMO, this will be looked back on as a mistake.

We shall see.

via @ForTheWynn_ pic.twitter.com/9nQaA3ZYDO

— Nate Geraci (@NateGeraci) August 8, 2025

Client Demand Drives ETF Decisions

The cautious approach stems from. Robert Mitchnick, BlackRock’s Head of Digital Assets, stated at the Bitcoin 2024 conference that demand for ETFs outside Bitcoin and ethereum is “extremely low.”

Similarly,, BlackRock’s Chief Investment Officer for ETF and Index Investments, told Bloomberg that there arefor a Solana ETF. She stressed that only Bitcoin and Ethereum currently meet the firm’s ETF criteria and that it will take time for other cryptocurrencies to reach that standard.

Market Implications

The announcement dampens speculation about a wave of new institutional crypto ETFs beyond the top two assets. While major institutional interest remains concentrated in bitcoin and Ethereum, the broader market continues to evolve, with innovation aimed at expanding the Bitcoin ecosystem itself.

Bitcoin has already secured its position as “digital gold,” but scalability challenges such as transaction speed and cost remain focal points for future development

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