BlackRock Eyes XRP ETF—Is Wall Street Ready for Ripple Exposure?

• Nate Geraci has explained that he expects BlackRock to soon file for an XRP ETF with the SEC.
• While the asset manager hasn’t made that move, others like Bitwise, Franklin Templeton, and Wisdom Tree are already ahead.

The SEC gave the green light to Bitcoin ETFs back in January 2024, and ever since, asset managers have been paying close attention. Now, with the Ripple vs. SEC case seemingly heading toward a resolution, there’s growing buzz: could BlackRock, the biggest asset manager in the world, be gearing up to file for an XRP ETF?

Nate Geraci, the ETF Store President, voiced this idea on an X post, stating,

Btw, I still fully expect BlackRock to file for spot sol & xrp ETFs. As a leader in both spot BTC & ETH ETFs, it would make *zero* sense to cede other top crypto asset ETF categories to competitors. Related, I also fully expect BlackRock to file for an index-based crypto asset ETF.

The timing of this speculation is also key. Ripple’s legal battle with the SEC, centered on whether XRP is a security, has dragged on for years, casting a long shadow over the token’s institutional viability.

BlackRock might be taking a step back from XRP for now. Back in 2023, there was a false XRP ETF filing that caused a bit of a stir, and although BlackRock denied any connection to it, the incident seems to have made them more cautious.

Rather than diving in headfirst, they appear to be taking a “wait and see” approach, keeping a close eye on how other players like Grayscale, Bitwise, and Franklin Templeton handle their own XRP ETF efforts. The U.S. SEC and Ripple have recently jointly refiled their request for an indicative ruling, addressing the procedural shortcomings raised by Judge Analisa Torres.

Who’s Filed for an XRP ETF?

Over the past months, asset managers have lined up to file for spot XRP ETFs in the U.S.. Bitwise Asset Management was the first to take the plunge, submitting its S‑1 filing back in October 2024 with key partners BNY Mellon and Coinbase Custody onboard. A month later, 21Shares followed suit with its own application, and by December 2024, WisdomTree had filed as well, planning to list on the Cboe BZX Exchange.

In January 2025, Grayscale Investments joined the race, seeking to convert its long-standing XRP Trust into a full-fledged ETF listed on NYSE Arca. There’s more. CoinShares, Canary Capital, ProShares, Rex‑Osprey, Tuttle Capital, and Franklin Templeton all jumped into the fray in early 2025, each submitting filings across a variety of U.S. exchanges.

The SEC has been moving cautiously. Franklin Templeton’s XRP ETF is expected to receive a decision on May 3, but its review has been extended to June 17 because the SEC invoked Section 19(b)(2) of the Securities Exchange Act to allow more time for evaluation. Bitwise and Grayscale’s filings were extended to mid-June, with Bitwise’s delay also tied to its Dogecoin ETF submission.

According to federal procedures, the SEC has a 45-day window to respond to such filings, but it can extend that review up to 90 days, or even longer, for novel financial products like crypto ETFs. Still, industry analysts such as James Seyffart and Eric Balchunas aren’t alarmed.

In a previous article, we discussed that they see the delays as standard procedural moves rather than signs of rejection. In a recent post, Balchunas pegged the odds of XRP ETF approval at around 85%, giving hopeful investors a reason to stay optimistic.