The world’s largest asset manager has yet to file for a spot XRP exchange-traded fund, but a growing body of evidence suggests the distance between BlackRock and that step is narrowing.
Discussion regarding whether BlackRock is preparing to move into XRP has picked up again, but the real reason is not coming from filings or official announcements. It is coming from recent comments on how the investment firm is talking about the next phase of crypto ETFs and the criteria it is watching closely.
BlackRock’s ETF Strategy
BlackRock was among the earliest major institutions to push into crypto-based spot ETFs, setting the pace with the launch of the iShares Bitcoin Trust ETF (IBIT). IBIT quickly became the most traded spot Bitcoin ETP, with assets surpassing $100 billion by early 2026.
The firm has since expanded that strategy beyond Bitcoin. Its spot Ethereum ETF followed, and more recently, the iShares Staked Ethereum Trust (ETHB) began trading on Nasdaq on March 12, 2026.
The leading investment manager has yet to enter into XRP-based spot ETFs, though this hasn’t stopped XRP investors from dissecting every signal coming from its leadership. The most recent window into BlackRock’s thinking on a possible XRP ETF came from Robert Mitchnick, Head of Digital Assets at BlackRock, during an appearance on CNBC’s Crypto World.
In a recent interview on CNBC Crypto World, BlackRock’s Head of Digital Assets Robert Mitchnick made it clear that the firm is not rushing into new crypto ETFs, but it is actively evaluating them.
He explained that Bitcoin and Ethereum are where “overwhelmingly, the interest” is but added that there are pockets of interest in other digital assets. He went further to state that BlackRock continues to assess these assets as maturity, liquidity, scale and use cases develop, while maintaining a very discerning approach to what qualifies for an iShares ETF.
Does XRP Fit The iShares ETF Template?
XRP already operates at a level that aligns with the criteria Mitchnick outlined. It has deep liquidity across global markets, a large market cap, and a clear use case tied to payments, settlement, and now tokenized assets.
BlackRock has not yet signaled that the altcoin meets the bar required for its iShares ETF lineup, which explains the absence of a filing so far. However, XRP already ticks the box for other investment companies, as there are XRP-based spot ETFs in the US from investment firms such as Canary, Bitwise, Franklin Templeton, Grayscale, and 21Shares.
Canary Capital CEO Steven McClurg expects BlackRock could file a Spot XRP ETF by late 2026 or 2027. According to him, XRP ETF assets would need to reach above $3 billion in net inflow before the commercial case is strong enough for BlackRock to act. This is about three times the current level.
