Speculation emerged this Monday suggesting that Blackrock, the leading global asset management firm, had filed for the creation of an XRP exchange-traded fund (ETF), hot on the heels of its application for a spot ether ETF. Blackrock has since refuted these claims, stating unequivocally that it has no plans to introduce an ETF for XRP.
Blackrock Refutes XRP ETF Registration Rumors
Amidst growing interest in cryptocurrency ETFs, social media buzz on Monday implied that Blackrock, the foremost asset manager worldwide, had lodged an application for a spot XRP ETF named “Ishares XRP Trust.”
This rumor was swiftly countered by several figures, including Eric Balchunas, a Senior ETF Analyst at Bloomberg. On social media platform X, Balchunas dismissed the speculation as baseless, pointing to Blackrock’s own disavowal of such claims. He suggested that the misinformation, which briefly drove XRP’s price up by 7% before it receded, might have been the work of an individual misusing names of Blackrock executives.
In September, there were whispers that Blackrock was pivoting its attention to XRP, shifting away from bitcoin. However, this was quickly challenged by numerous sources, underlining that Blackrock had no such intention of moving from bitcoin to XRP. Despite this, XRP has experienced some positive developments. The Dubai Financial Services Authority has recently acknowledged XRP as a valid crypto token. Additionally, in the Ripple lawsuit, District Judge Analisa Torres declared in July that XRP cannot legally be considered a security.
Blackrock has filed for a spot bitcoin ETF known as the Ishares Bitcoin Trust and recently applied for a spot ether ETF, the Ishares Ethereum Trust. While the U.S. Securities and Exchange Commission (SEC) has approved certain ETFs tied to crypto futures, it is yet to greenlight any spot crypto ETFs. SEC Chairman Gary Gensler has indicated that the agency is reviewing around eight to 10 applications for spot bitcoin ETFs. Experts, including those from JPMorgan, anticipate that the SEC might approve several spot bitcoin ETFs simultaneously.
What are your thoughts on the unfounded claims regarding Blackrock’s supposed filing for a spot XRP ETF? Share your views in the comments below.
Frequently Asked Questions (FAQs) about Blackrock XRP ETF
Did Blackrock file for an XRP exchange-traded fund?
No, Blackrock did not file for an XRP exchange-traded fund. Rumors suggesting this were circulated on social media but were quickly debunked by Blackrock and industry experts.
What was the impact of the false XRP ETF rumor?
The false rumor about Blackrock filing for an XRP ETF briefly caused a 7% increase in XRP’s price, which later receded. This misinformation was clarified by Bloomberg’s Senior ETF Analyst and other sources.
Has Blackrock shown interest in cryptocurrency ETFs?
Yes, Blackrock has shown interest in cryptocurrency ETFs. They have already filed for a spot bitcoin ETF, known as Ishares Bitcoin Trust, and recently for a spot ether ETF, named Ishares Ethereum Trust.
What recent positive development occurred for XRP?
Recently, XRP was recognized as a valid crypto token by the Dubai Financial Services Authority. Moreover, in the Ripple lawsuit, it was ruled that XRP is not legally considered a security.
Is the U.S. SEC considering spot crypto ETFs?
Yes, the U.S. Securities and Exchange Commission (SEC) is currently considering multiple applications for spot crypto ETFs, including around eight to 10 for spot bitcoin ETFs. However, no spot crypto ETFs have been approved yet.
More about Blackrock XRP ETF
- Blackrock’s Official Statement on XRP ETF Rumors
- Bloomberg’s Analysis on Cryptocurrency ETF Trends
- Dubai Financial Services Authority’s Recognition of XRP
- Legal Status of XRP in the Ripple Case
- Overview of Blackrock’s Cryptocurrency ETF Filings
- U.S. SEC’s Stance on Spot Crypto ETFs