Nate Geraci, President of The ETF Store and one of the industry’s most trusted voices in exchange-traded fund commentary, has once again spotlighted XRP as the next major contender in the crypto ETF space.
According to Geraci, it is only a matter of time before investment giant BlackRock files for a spot XRP ETF, following its dominant presence in both the Bitcoin and Ethereum ETF markets.
Geraci believes that BlackRock, known for its calculated moves in the financial sector, will not willingly surrender ground to competitors such as Grayscale, 21Shares, or Franklin Templeton when it comes to ETFs for rising assets like XRP and Solana.
His latest comments come amid a wave of industry speculation around when the next major crypto ETF filing will be made, and by whom.
XRP is a Strategic Play for Institutional Giants
Meanwhile, XRP is close to regulatory clarity following its long-standing legal battle with the U.S. Securities and Exchange Commission. Earlier today, Ripple and the SEC filed a joint motion requesting the court to lift the injunction and release the $125 million held in escrow.
This, combined with recent market infrastructure developments like regulated XRP futures on the CME, lays a strong foundation for a spot ETF.
According to Geraci, futures contracts are often the canary in the coal mine. Their launch typically precedes spot ETFs, as they demonstrate institutional interest and regulatory oversight, two critical boxes that the SEC has historically required.
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Btw, I still fully expect BlackRock to file for spot sol & xrp ETFs…
As leader in both spot btc & eth ETFs, it would make *zero* sense to cede other top crypto asset ETF categories to competitors.
Related, I also fully expect BlackRock to file for index-based crypto asset ETF.
— Nate Geraci (@NateGeraci) June 12, 2025
He also referenced the Grayscale Digital Large Cap Fund, which includes XRP among its holdings, as a possible bridge to a standalone ETF. If the SEC were to approve the conversion of Grayscale’s larger fund or components of it, XRP could emerge as the next asset to graduate into a regulated investment product.
BlackRock’s Silence May Be Strategic, Not Dismissive
Despite mounting speculation, BlackRock has not publicly confirmed any interest in an XRP ETF. For now, the firm remains focused on its iShares Bitcoin Trust (IBIT) and iShares Ethereum Trust (ETHA), both of which have seen notable inflows since launch.
BlackRock’s head of ETF strategy, Samara Cohen, stated in 2024 that only Bitcoin and Ethereum had reached the necessary levels of liquidity and maturity to meet the company’s risk thresholds.
But Geraci and others believe that this stance could evolve, especially as XRP’s futures market matures and its legal risk profile continues to improve. With the SEC and Ripple nearing a final settlement, clarity around XRP’s classification and use case could invite heavyweight asset managers like BlackRock to make a move.
SEC Delays, But Global Momentum Builds
Domestically, the U.S. Securities and Exchange Commission has yet to approve a single spot XRP ETF, but activity is heating up. Major players, including Bitwise, WisdomTree, Grayscale, Franklin Templeton, and 21Shares, have all submitted applications. While none have received approval, the regulatory machinery is in motion.
The SEC postponed its decision on 21Shares’ application to October 2025, adhering to the maximum 240-day review period permitted under the law. Grayscale, which submitted its own proposal earlier, also reached a key deadline in May without an official response.
Meanwhile, WisdomTree’s XRP Trust became the first U.S.-based spot XRP ETF to enter a public comment period on May 28, a critical stage in the approval process. The Commission is now soliciting public input on core issues, including market integrity, liquidity, and investor protection.
Outside the U.S., the picture is very different. In Europe, 21Shares already lists an XRP-based ETP under the ticker AXRP, actively traded on Swiss exchanges. Even more significantly, Brazil recently approved the first-ever spot XRP ETF, making it the first jurisdiction in the world to do so.
These international moves underscore the growing global appetite for XRP-based financial products and could influence U.S. regulatory sentiment in the months ahead.
The Path Forward: XRP’s ETF Future Still Unfolding
While BlackRock’s entry into the XRP ETF space remains speculative for now, the conditions are becoming increasingly favorable. From the emergence of regulated futures to Ripple’s legal clarity and ongoing institutional interest, the groundwork is being laid for XRP to become the next major digital asset packaged into an exchange-traded fund.
Nate Geraci has long emphasized that ETF issuers tend to follow opportunity, not ideology. If XRP continues to demonstrate liquidity, demand, and regulatory viability, the logic for BlackRock, or any other top-tier issuer, to file becomes hard to ignore.
For now, market participants and investors will continue to monitor not just the SEC’s next move, but BlackRock’s silence.
As the digital asset landscape matures and the gap between institutional products and retail access narrows, XRP could be on the cusp of its next major evolution, from a controversial altcoin to a regulated, institutionally backed ETF holding.
Also Read: Why XRP is Down Today Amid Positive Development in Ripple-SEC Case
