BlackRock Holds Back on XRP ETF Amid Growing Client Demand
BlackRock's decision not to launch an XRP ETF has left many in the crypto market wondering why. The company, known for its large spot Bitcoin and Ethereum ETFs, has never filed to create a BlackRock XRP ETF despite growing client demand.
In September 2025, seven other issuers launched spot XRP funds that together hold about $1.77 billion, which is roughly 1.9% of the total XRP in circulation.
BlackRock's head of digital assets, Robbie Mitchnick, stated that client demand is a top criterion for launching a crypto ETF, along with market value, liquidity, maturity, and how well the coin fits into a portfolio.
The existing seven US spot XRP ETFs generate only about $4 million in fees per year, which might not be enough to incentivize BlackRock to enter the space. However, if these funds were to grow significantly, it could create the demand that BlackRock is waiting for.