BlackRock Snubs XRP as Focus Remains on BTC and ETH
Nate Geraci, president of The ETF Store, called BlackRock's decision to leave XRP behind 'highly risky'. He believes the financial giant is making a statement that no other crypto assets have enough value. While competitors are launching XRP ETFs and major banks like Goldman Sachs are investing in them, BlackRock has not filed an application with the SEC.
The total net assets of U.S. XRP funds currently stand at $1.40 billion, which is significantly lower than the $98.63 billion managed by Bitcoin ETFs or the $15.13 billion accumulated by Ethereum ETFs. Geraci predicts that BlackRock will 'capitulate' and launch XRP and other altcoin ETFs when they reach a stable $3 billion in net assets.
BlackRock's strategy is to focus on Bitcoin and Ethereum, which are considered more liquid and predictable. The company's digital asset executives have stated that their goal is not to accumulate hundreds of altcoins but to help conservative investors gain exposure to the two major cryptocurrencies.