U.S. Spot XRP ETF: Why BlackRock Still Waiting Despite Ripple’s Legal Win
Nowadays everyone in the crypto market is focused on one thing – the U.S. Spot XRP ETF. Ever since the almost 5-year long legal battle between the SEC and Ripple shows signs of coming to an end, the excitement of investors is sky high. But when the world’s largest asset manager BlackRock announces that it has no immediate plans to launch a Spot XRP ETF, a question naturally arises in people’s minds – why?
On 8 August 2025, BlackRock confirmed that it will not file for an XRP ETF in the U.S. market right now. This news came a day after SEC and Ripple Labs requested to withdraw their appeals. The market thought that BlackRock’s entry would give a new push to XRP’s 2025 rally, but now the wait is going to be longer.
At this time, players like ProShares, Grayscale, Bitwise, Franklin Templeton and 21Shares have already applied for XRP ETF in the market. Still, BlackRock’s absence is noticeable, especially when it is dominating Bitcoin and Ethereum ETFs. So let’s understand why BlackRock is so cautious.
U.S. Spot XRP ETF and Limited Client Demand Beyond BTC & ETH
The first reason is client demand. BlackRock’s Digital Assets head Robert Mitchnick clarified in March 2024 that the focus of their clients is primarily on Bitcoin, a little on Ethereum, but interest in other altcoins is quite limited. At the Bitcoin Investor Day conference held in New York, he said that people wrongly assume that BlackRock will provide “long tail” services in crypto. The reality is that BTC is the No. 1 priority and ETH comes after it.
U.S. Spot XRP ETF and Fear of Regulatory Uncertainty
Another reason is regulatory uncertainty. Yes, XRP sales are now being considered non-securities in the U.S., but overall the SEC framework for altcoins is still not clear. BlackRock is known for its conservative approach. He will wait until the rules are clearly clear. Competitors like ProShares had applied for leveraged and futures-based XRP ETFs along with Spot XRP ETF in January 2025, but BlackRock is in no mood to take risks.
Crowded Market Impact on U.S. Spot XRP ETF Plans
The third reason is crowded market. At least 7 companies have filed application for Spot XRP ETF as of August 2025. Entry into this competition means that both profit margin and market share can be reduced. BlackRock is a data-driven company that plans its moves carefully.
Price Surge Expectations vs. U.S. Spot XRP ETF Reality
The fourth reason is that the XRP community’s belief and BlackRock’s reality do not match. XRP holders expect ETF approval to drive the price up significantly. The chance of SEC approval is 77% according to Polymarket data. But BlackRock doesn’t just play on hype. It has its own data, research and projections that show XRP’s market size and demand are probably not strong enough to justify operational costs.
Global Market Perspective and U.S. Spot XRP ETF Delay
The fifth reason is BlackRock’s global perspective. The company focuses on markets where demand is high. XRP’s major trading volume comes from Asia, but BlackRock’s ETF business is not that strong there. U.S. The demand in the market also does not seem as powerful as it is for BTC and ETH. Therefore, BlackRock is still focused on Bitcoin and Ethereum ETFs.
Is BlackRock Future in U.S. Can you buy Spot XRP ETF?
It is quite possible that in the future when regulatory clarity increases, liquidity improves and institutional demand becomes strong, then BlackRock will launch its XRP ETF. But for now, it is observing the situation by staying on the sidelines. Patience is very important in the crypto market, and BlackRock is clearly playing a long-term game.
XRP price is currently trading around $3.1852, down 3.92% in the last 24 hours (according to CoinDesk data). Market enthusiasts are perhaps disappointed, but this does not mean that XRP’s potential is over. It is important to understand that every investor and asset manager has his own risk appetite and strategic approach.
Disclaimer:
This article is for informational purposes only. Any information provided here is not financial or investment advice. Crypto assets are highly volatile, so do your own research before investing.
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