BlackRock has not filed for a spot XRP ETF even as rivals split a market that just crossed $1.55 billion in net inflows. ETF Store president Nate Geraci calls the stance risky, while on-chain data shows BlackRock funneling hundreds of millions into Bitcoin and Ethereum instead.
BlackRock has stayed on the sidelines while Goldman Sachs returned as the largest XRP ETF holder in recent 13F filings. Bank of America also boosted its Bitcoin, Ethereum, and XRP ETF positions while trimming its MicroStrategy stock, and Morgan Stanley disclosed new XRP ETF holdings of its own.
BlackRock moves into Bitcoin and Ethereum instead
Nate Geraci, president of the consulting firm The ETF Store, says a manager overseeing nearly 500 traditional funds is making an unambiguous market call by staying out — a stance he views as highly risky. Yet Geraci still expects BlackRock to change course eventually. According to Nate Geraci: "They capitulate at some point & launch addn'l spot crypto ETFs."
In the meantime, BlackRock-linked wallets withdrew $312 million from Coinbase Prime in a single day, with $282 million routed to its Bitcoin fund IBIT and the remaining $30.6 million split between the ETHA and ETHB Ethereum funds.
Scale keeps BlackRock on the sidelines
U.S. XRP ETFs currently hold $1.40 billion in total net assets, against $98.63 billion for Bitcoin ETFs and $15.13 billion for Ethereum ETFs. Canary Capital CEO Steven McClurg says BlackRock is unlikely to engage until competitors' XRP fund assets reach a stable $3 billion.
The rest of the altcoin sector looks similarly thin next to Bitcoin and Ethereum: Solana funds hold $1.26 billion, multi-asset HYPE ETFs hold $419.48 million, and DOGE ETFs hold $12.37 million. BlackRock's digital-asset executives have said their goal is exposing conservative clients to Bitcoin and Ethereum, not accumulating a wide basket of altcoins.
Wall Street builds exposure regardless
Institutional interest keeps arriving without BlackRock. Cumulative net inflows across the XRP ETF complex have crossed $1.55 billion, and the 21Shares XRP ETF has grown to roughly $149.67 million in assets as of August 26, 2026, placing it in the mid-pack of the seven U.S. spot XRP funds now trading.
BlackRock can still enter if the market proves its depth — and use its name to take the lead within weeks. For now, it is letting competitors absorb the early regulatory risk.
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