What to know:
- BlackRock confirmed Aug. 8 it has no immediate plans for a U.S. spot XRP ETF, even after the SEC-Ripple settlement. 🐺
- The asset manager is likely waiting for deeper liquidity and stronger institutional demand before entering. ❄️
- Multiple spot XRP ETF applications from other issuers are already pending. 💰
BlackRock’s been a crypto Viking, storming the BTC and ETH beaches, but on Friday, they said nay to a spot XRP ETF, leaving the XRP community howling like wolves in the snow. “Wait, what?!” they screamed. “We were gonna ride this rally to Valhalla!”
This statement – made the day after the SEC and Ripple asked a court to end their legal war, which was about as dramatic as a Viking’s retirement party – has investors wondering why BlackRock’s still sipping cocoa by the fire instead of charging into the fray. 🐺❄️
While ProShares, Grayscale, and Bitwise are throwing their hats into the XRP ETF ring like seagulls at a fish fry, BlackRock’s just watching the snow fall. Here are five reasons why they’re still chilling like a Viking in the SEC’s eternal winter:
1. Client Interest? More Like Client Ice-Interest. BlackRock’s digital assets head, Robert Mitchnick, said in March 2024: “People think we’ll have a ‘long tail’ of crypto services. But our clients are all about BTC and ETH. XRP? That’s for the kids who watch too much Netflix.”
2. Regulatory Uncertainty: The SEC’s Legal Snowball. The SEC’s throwing around paperwork like confetti at a Norse feast. BlackRock’s waiting for the legal blizzard to clear before charging in. Meanwhile, ProShares is already filing like a madman, tracking XRP futures like a Viking chasing a dragon.
3. Crowded Field? Seven Firms Are Already in the Game! With Grayscale, Franklin Templeton, and 21Shares all circling like wolves, BlackRock’s probably thinking, “Why be the 10th Viking to storm the wall when I can build a fire and roast marshmallows?”
4. XRP’s Market Footprint? Smaller Than a Dodo’s. Polymarket says there’s a 77% chance the SEC approves an XRP ETF in 2025. But BlackRock’s tokenized money market fund on Ethereum and Solana shows they’re blockchain enthusiasts, not XRP fanatics. The operational costs? Probably more than the cost of a Viking longship.
5. Global Perspective: XRP’s Big in Asia, But BlackRock’s in Europe. While the XRP community’s hyped up on X, most of XRP’s volume comes from Asia, where BlackRock’s ETF presence is about as strong as a Viking in a sauna. They’re prioritizing where the real treasure lies.
At press time, XRP was trading around $3.1852, down 3.92% in the past 24 hours, according to CoinDesk Data. It’s like watching a Viking ship sink in a snowstorm. ❄️🌊
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2025-08-10 18:12