BlackRock, the largest asset manager in the world, has not yet submitted an application for an XRP ETF. According to ETF expert Nate Geraci, this could be due to a clear reason: the company is likely waiting for the new approval guidelines from the U.S. regulator, the Securities and Exchange Commission (SEC). These could come into effect in October.
“They are waiting for the right moment”📈⛓️💥
In a recent podcast, Nate Geraci, president of NovaDius Wealth Management, stated that he was surprised that BlackRock has not yet applied for an XRP or Solana (SOL) ETF. He suspects that BlackRock wants certainty about how the SEC will approve these products.
"We are close to the goal, but they have not submitted any applications yet," Geraci said. He expects that once the new valuation framework comes into effect, BlackRock will quickly follow suit with new applications.
🤔Will an XRP ETF be launched in October?
According to sources from the SEC, the approval process for spot ETFs based on currencies other than Bitcoin (BTC) and Ethereum (ETH) could begin as early as October. If true, it makes sense that BlackRock is waiting until then to make a decision and that the company is deliberately adopting a wait-and-see approach.
Other important players like Fidelity could also get involved in the race at the last moment, thinks Geraci.
BlackRock loves indexed products, does it also apply in the realm of cryptocurrencies?
Another possible scenario is that BlackRock opts for a broader approach. The company is known for its preference for indexed strategies for stocks and bonds. According to Geraci, it is likely that BlackRock will launch not only individual ETFs for altcoins in the future but also a cryptocurrency index fund.
"They believe in indexed investing as a gateway to different asset classes. I don’t see why it should be different with cryptocurrencies," says Geraci.