BlackRock, managing assets worth approximately $15 trillion, maintains its decision not to launch a spot XRP ETF. The company first announced this position in August 2025 and has not changed its stance as of late September 2026.
The firm evaluates potential crypto ETFs based on five criteria: client demand, market value, liquidity, maturity, and portfolio fit. According to Robbie Mitchnick, head of digital assets at BlackRock, client demand is the most critical factor. Currently, XRP does not meet the company's requirements.
While BlackRock focuses on Bitcoin and Ethereum products, seven other US issuers have launched spot XRP ETFs. As of September 25, 2026, these funds held assets totaling roughly $1.77 billion, representing about 1.9% of the circulating XRP supply.
Although BlackRock accepts the Ripple RLUSD stablecoin as collateral for its BUIDL fund, the firm distinguishes this from the volatile XRP token. Analysts suggest that BlackRock's continued absence from the XRP market contributes to a cautious outlook for the asset.
