BlackRock skips XRP ETFs, keeps $69.6B crypto lineup on BTC, ETH

BlackRock holds $69.6 billion in Bitcoin and Ethereum ETFs but has filed zero altcoin applications as seven rivals split the $1.4 billion XRP market.

Nate Geraci, president of consulting firm The ETF Store, called the position "highly risky," predicting BlackRock will eventually "capitulate" and launch additional spot crypto ETFs.

BlackRock's IBIT held $60.52 billion in net assets as of Aug. 26, while ETHA held approximately $8.26 billion and the staking-enabled ETHB managed about $832.7 million. In the past day alone, wallets linked to the company withdrew $312 million from Coinbase Prime, with $282 million going to IBIT and $30.6 million distributed between ETHA and ETHB.

Canary Capital CEO Steven McClurg said BlackRock is unlikely to enter the XRP market until competitor funds reach a stable $3 billion in net assets — a threshold that would prove systemic institutional demand. Until then, the $15 trillion asset manager continues to concentrate capital in its two flagship products.

Scale, Not Skepticism, Drives the Decision

The XRP ETF market is still too small for BlackRock. Total net assets of U.S. XRP funds currently stand at $1.40 billion, compared with $98.63 billion across Bitcoin ETFs and $15.13 billion across Ethereum ETFs. Solana funds hold $1.26 billion, multi-asset HYPE ETFs hold $419.48 million, and DOGE ETFs hold a modest $12.37 million.

BlackRock's digital asset executives have repeatedly stated that their goal is not to accumulate hundreds of altcoins but to help conservative investors gain exposure to Bitcoin and Ethereum. Most of its traditional clients have not even started buying crypto, and diluting their attention with new products would be economically counterproductive at this stage.

The firm's behavior on-chain confirms the strategy. In the past day, wallets linked to BlackRock withdrew $312 million from Coinbase Prime — $282 million to IBIT and $30.6 million split between ETHA and ETHB. Spot Bitcoin ETFs overall pulled in $606.29 million on Thursday, their biggest single-day haul since May 1, with IBIT collecting $502.99 million — roughly 83 cents of every dollar that entered the category. Fidelity's FBTC took $64.74 million, Bitwise's BITB $26.4 million, and Ark and 21Shares' ARKB $12.2 million.

Competitors Test the Waters While BlackRock Watches

Seven U.S. spot XRP ETFs collectively held approximately $1 billion in assets during August, accumulating about $1.57 billion in cumulative net inflows by Aug. 24. Spot Solana products have also crossed $1 billion in combined assets, led by Bitwise and Fidelity. The SEC has approved broader structures as well, including T. Rowe Price's active crypto ETF, which allows exposure to Bitcoin, Ether, XRP, Solana, and other qualifying assets.

Ethereum ETFs added almost $221 million in a single day, their largest intake since October 2025. XRP funds took $13 million against $2.35 million the prior day, while Solana funds took $15 million against $2.10 million. Every listed asset drew inflows, including Hyperliquid's product, which had been the lone outflow a day earlier.

The market's concentration within Bitcoin is also narrowing. Across four consecutive sessions, IBIT alone accounted for about $1.09 billion of the $1.61 billion total inflow. That pattern mirrors earlier August sessions when roughly 80 percent of inflows arrived through IBIT. The squeeze has already claimed a casualty: Hashdex shut its DEFI Bitcoin ETF, the first U.S. spot Bitcoin fund ever liquidated, with a final trading day of Aug. 17. It charged the same 0.25 percent as IBIT but held $14.7 million against IBIT's $47 billion, throwing off roughly $26,000 a year in fees — not enough to run a fund.

BlackRock is behaving like a classic heavyweight — allowing competitors to test demand, absorb initial regulatory risks, and make the first mistakes. If the XRP ETF market proves its financial maturity and liquidity, BlackRock can enter at any time and use its name to take the lead within weeks. Until then, the firm prefers to move hundreds of millions of dollars into the more familiar BTC and ETH.

This article is for informational purposes only and does not constitute investment advice.