The world's largest asset manager BlackRock has announced that, despite Bitcoin (BTC) and Ethereum (ETH) ETFs being traded, it has no plans to file for an ETF for XRP or Solana (SOL).
The conclusion of the U.S. Securities and Exchange Commission's (SEC) long-standing lawsuit against Ripple had increased expectations in the market that BlackRock might submit a spot XRP ETF application. However, an official statement from the company dispelled those possibilities. A BlackRock spokesperson stated, "We currently have no plans to file for an XRP or SOL ETF."
Expectations After the Ripple Case
Ripple was accused by the SEC in 2020 of selling unregistered securities worth $1.3 billion. Recently, the case officially ended with both parties withdrawing their mutual appeals. Some market experts suggested that BlackRock was waiting for the conclusion of this case. However, Bloomberg ETF analyst James Seyffart indicated that the company had sufficient time to apply and that the case did not pose an obstacle.
Competitors Have Filed ETF Applications
While BlackRock remains on hold, companies such as ProShares, 21Shares, Canary, and Bitwise have submitted XRP ETF applications to the SEC. Bloomberg analysts had assessed the likelihood of XRP, Dogecoin, and Cardano ETF approval at 90% by the end of the year.
BlackRock's Priority is BTC and ETH
Alexander Blume, CEO of Two Prime Digital Assets, stated that BlackRock's strategy is to strengthen BTC and ETH ETFs. Professor Vivian Fang from Indiana University mentioned that public blockchain-based altcoins like SOL are more likely to receive ETF approval than XRP.