The largest player in the crypto ETF market refrains from the idea of pushing for an Ripple or Solana-based ETF.
BlackRock, the largest digital asset management company across the globe, has pushed back on the idea of launching a Ripple (XRP) or Solana (SOL) based Spot exchange-traded fund (ETF).
$11.5T Worth BlackRock Unmoved By XRP?
The digital asset heavyweight holds $11.55 trillion in assets under management (AUM) and is known in the crypto space for launching both Bitcoin (BTC) & Ethereum (ETH) Spot ETFs. While Ripple has recently closed in on the 6-year long XRP vs. the SEC case, many market observers expected BlackRock to be the next in line to pitch a Ripple-based ETF product.
Along with Ripple (XRP), Solana’s SOL candidacy for a BlackRock crypto ETF is also out of the question for now. BlackRock’s representatives stated in an interview for The Block that the firm’s roadmap revolves only on Bitcoin (BTC) & Ether (ETH) for now. Previously, Robbery Mitchnick, BlackRock’s Head Of Digital Assets, said there’s “very little demand” for other ETFs.
This comes just a few days after Nate Geraci, the President of the ETF Store, suggested that BlackRock would be entering the Ripple ETF Market next. Meanwhile, Bloomberg’s top ETF specialist Eric Balchunas claims the reason behind an XRP ETF refusal from BlackRocks stems in the high profitability of the current IBIT & ETHA ETF products, covering just BTC & ETH.
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