BlackRock, which oversees roughly $15 trillion in assets, has reiterated it has no plans to launch a spot XRP ETF. The firm first stated this position in August 2025 following Ripple's settlement with the SEC and has maintained that stance through September 2026.
In September 2025, Robbie Mitchnick, BlackRock's head of digital assets, outlined a five-factor framework the firm uses to evaluate new crypto ETFs: client demand, market value, liquidity, maturity, and portfolio fit. BlackRock considers client demand the most critical factor. By these criteria, XRP currently falls short on market maturity, liquidity, and portfolio compatibility.
BlackRock has kept its crypto ETF offerings concentrated on Bitcoin and Ethereum, markets where it has launched products and dominates in the United States.
Competition in the XRP ETF Space
Despite BlackRock's absence, seven US issuers have launched spot XRP ETFs. As of September 25, 2026, these funds collectively held approximately $1.77 billion in assets, equivalent to roughly 1.18 billion XRP tokens or about 1.9% of the token's circulating supply.
RLUSD and BUIDL
BlackRock does accept Ripple's RLUSD stablecoin as collateral for BUIDL, its tokenized Treasury fund. However, RLUSD is a dollar-pegged stablecoin designed to maintain a steady value, distinct from XRP, which is a volatile crypto asset whose price fluctuates with market conditions.
Market Implications
Some analysts view BlackRock's continued absence from the XRP space as a bearish signal for the token. If the world's largest asset manager repeatedly evaluates XRP and concludes its clients do not demand it, institutional investors may follow that assessment.
The $1.77 billion currently held in competing XRP ETFs represents an ongoing test of whether the token can sustain institutional flows without BlackRock's involvement. Key metrics to monitor include assets under management across the seven existing XRP ETFs, any shifts in BlackRock's public statements on the token, and whether the ETF share of circulating supply increases materially beyond its current 1.9%.
