BlackRock Decides Against Launching New Cryptocurrency ETFs Despite Ripple-SEC Case Conclusion
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BlackRock Says XRP And SOL ETFs Not In The Cards Despite Long-Running Ripple-SEC Case Officially Ending
Despite the recent conclusion of a nearly five-year-long legal battle between Ripple and the Securities and Exchange Commission (SEC), BlackRock has announced that it will not be introducing either an XRP or Solana-based exchange-traded fund. This news comes as a surprise to many, given the potential for new investment opportunities in the cryptocurrency space.
The decision was confirmed by a BlackRock representative, who stated that there are currently no plans to file ETFs for XRP or SOL. This move has sparked debate among industry experts and investors alike, with some arguing that this is an opportunity missed.
Some have pointed out that other asset managers, including ProShares, WisdomTree, 21Shares, Canary, and Bitwise, have already submitted paperwork with the SEC for potential XRP ETFs. Meanwhile, Bloomberg analysts recently increased their forecast of spot XRP, Dogecoin, and Cardano ETF approvals to be launched before the end of 2025.
It is worth noting that Canada has taken a step ahead in this regard. In mid-June, 3iQ’s spot XRP ETFs, XRPQ and XRPQ.U, started trading on the Toronto Stock Exchange, resulting in roughly $50 million in assets under management for the company.
Industry expert Nate Geraci, President of NovaDius Wealth, has expressed his disappointment with BlackRock’s decision. He argued that it is hard to justify ignoring crypto assets beyond Bitcoin and Ethereum, and that not issuing other ETFs would imply that only these two cryptocurrencies have value.
He further emphasized that futures-based SOL and XRP exchange-traded funds have already launched and attracted over $1 billion in new investor money, indicating strong demand for such products.
Source: zycrypto.com
