The multi-trillion American financial behemoth had entered the crypto space with two straight wins: the highly-successful iShares Bitcoin Trust (IBIT) ETF & the iShares Ethereum Trust ETF (ETHA).
Both of these exchange-traded funds saw immense success, garnering tens of billions since the 2024 launch.
BlackRock Wants XRP ETF Market Tripled For Confirmation
With those top-tier ETFs at-hand, BlackRock’s representatives explicitly stated that they’re not looking into filing a Solana (SOL) ETF, despite many of smaller competitors doing so. For XRP, the story is somewhat similar, but different at the same time. BlackRock’s CEO Larry Fink stated numerous times a new filling is not on the table in 2025.
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This year, with all active Ripple-based ETFs now exceeding $1.25 billion in capital inflows, some industry professionals are saying BlackRock might be simply playing a ‘wait & see’ game, seeking for a ‘proof of concept’ from the smaller competition.
According to Canary Capital’s CEO Steven McClurg, the wait might be over once XRP’s traditional market stock reaches $3 billion.
What’s brewing for Ripple’s exchange-traded funds (ETFs) now serves as proof that major institutions will be eventually racing for altcoin ETFs beyond Ethereum (ETH). With numerous altcoins already getting the ETF treatment from companies Canary Capital, Bitwise, Franklin Templeton & Grayscale, XRP stands out from the crowd as the institutional darling.
XRP’s Main Competitor For BlackRock’s ETF-Driven Attention
To compare, Ripple’s XRP Spot market-tracking ETF products now surround 1.20% of all XRP’s market capitalization. That’s $1.04 billion, a figure that most altcoin ETFs aside from Ethereum can only dream of. On the other hand, Solana’s ETFs inch pretty close with $855 million in total net assets, taking up 1.68% of all SOL token supply.
With BlackRock still moving conservatively, predictions like Canary Capital’s CEO are on the optimistic side, but plausible. If Ripple-based exchange-traded funds manage to triple its weight to $3 billion & beyond, BlackRock might need to rethink the decision to shelve Ripple ETF talks until 2027 and go for a late 2026 ETF submission.
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Not yet. BlackRock has repeatedly said they have no plans right now.
Other issuers (Canary, 21Shares, Grayscale) already launched spot XRP ETFs in late 2025 with ~$1–1.6B in assets. BlackRock usually waits for proof of demand before entering.
Canary Capital CEO Steven McClurg predicts BlackRock might file late 2026 or early 2027 — but only if existing XRP ETFs grow to ~$3B+ AUM and show strong liquidity.
Not proactively yet. They focus on BTC and ETH ETFs (IBIT $55–57B, ETHA ~$6.8–6.9B). Altcoins like XRP are still too small (3% market share) for their threshold.
Big inflows into current XRP ETFs, clearer U.S. regulations (Clarity Act progress), and proven institutional demand.
