The world's largest asset manager, Blackrock, became the center of intense speculation this week over a potential spot XRP exchange-traded fund (ETF). However, a spokesperson for Blackrock clarified to Bitcoin.com News: “At this time we have no plans to file an XRP ETF.” The statement tempered immediate hype but did not extinguish market optimism that an XRP ETF will ultimately be approved.
Blackrock's Clarification and Market Reaction
Nate Geraci, president of registered investment advisor Novadius Wealth Management, had earlier fueled speculation by posting on X: “I think Blackrock was waiting to see this [the end of SEC v Ripple lawsuit] before filing for iShares XRP ETF… I’ll own it if I’m wrong. IMO, makes zero sense for them to ignore crypto assets beyond BTC & ETH.” After Blackrock's denial, Geraci responded: “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.”
Market observers note that Blackrock's history includes a dramatic reversal on Bitcoin. Lawyer Bill Morgan pointed out: “They were against bitcoin for years until then they suddenly were not.” This suggests that Blackrock could eventually change course on XRP as well.
Polymarket Odds Remain High Despite Denial
Even with Blackrock's clarification, prediction market Polymarket shows strong confidence in a spot XRP ETF approval, with odds recently reaching as high as 98%. While the odds fluctuate, they remain elevated, reflecting broader momentum in crypto ETF approvals and investor belief that regulatory clarity is improving.
Regulatory and Corporate Drivers
The improved outlook for an XRP ETF is underpinned by two key developments: the settlement of the SEC vs Ripple lawsuit (with both parties withdrawing appeals in August 2025) and growing corporate adoption of XRP for treasury management. These factors have given XRP a level of regulatory clarity that was previously lacking.
Industry participants believe that while Blackrock may be sitting out for now, other asset managers could file first. Once the first spot XRP ETF is approved, it would be difficult for Blackrock to ignore the asset class. As Geraci argued, ignoring crypto beyond BTC and ETH “makes zero sense.”