The ETF expert stated that BlackRock is waiting for the legal framework to file for the Spot XRP ETF, leveraging its leading position in crypto assets.
Nate Geraci, President of Novadius Wealth Management and a leading expert on ETFs, predicted BlackRock would file for a Spot XRP ETF during the Thinking Crypto podcast on August 6, 2025. Geraci – the host of ETF Prime and co-founder of the ETF Institute – noted that the world’s largest asset manager is adopting a “wait-and-see” strategy to wait for a clearer legal framework.
“I have publicly stated that I believe BlackRock will file for both spot XRP and Solana ETFs,” Geraci affirmed. He explained the lack of filings: “We are in a slightly late stage… approaching the finish line but they still haven't filed. They may be waiting for an official legal framework to be issued, and then will ‘strike’ at the last minute.”
Dominance in crypto asset ETFs
BlackRock is currently the “absolute leader” in the crypto asset ETF market according to Geraci. “They own the largest bitcoin ETF, distinctly ahead. They also have the largest ether ETF,” he emphasized. Based on the strategy of prioritizing index-based access across all asset classes, limiting crypto asset ETFs to bitcoin and ethereum would contradict BlackRock's overall direction.
Geraci sees this as a defensive decision, as it would be too early to determine the “winner” in the crypto asset space without providing access to other blockchains like XRP or Solana. This motivation aligns with the trend of diversifying portfolios among large asset managers.
Regarding market sentiment, Geraci emphasized that BlackRock's decisions are primarily “driven by profits,” rather than assessing the decentralization or reputation of crypto assets. “That’s not the field they’re oriented towards evaluating. I think it ultimately comes back to this factor,” he said, implying that BlackRock is heavily focused on profit.
Investor demand clearly reflects market potential. “We have seen quite good demand for future XRP ETFs and Solana ETFs,” Geraci noted. This level of interest indicates significant potential for spot versions once launched, especially when legal barriers are removed.
The legal context has changed positively as Ripple and the U.S. Securities and Exchange Commission agreed to withdraw their appeals in the years-long lawsuit on August 7. This decision closed a prominent case and the market reacted with an increase in XRP price along with clearer regulatory prospects.
