BlackRock Sticks With Bitcoin and Ethereum as Rivals Chase XRP ETFs

BlackRock, the world's largest asset manager, is doubling down on Bitcoin and Ethereum while competitors rush into the emerging spot XRP exchange-traded fund market, a strategic divergence that industry analysts describe as both calculated and, in the words of one prominent consultant, "highly risky."

The firm has not filed any applications for XRP-related funds with the U.S. Securities and Exchange Commission, even as rivals including Goldman Sachs have begun tentative investments in the space. Instead, BlackRock continues to channel substantial capital into its established crypto products, with Coinbase Prime wallets linked to the asset manager withdrawing $312 million in digital assets over a recent 24-hour period. Of that total, $282 million went to the IBIT Bitcoin fund, while $30.6 million was allocated to the Ethereum products ETHA and ETHB.

Nate Geraci, president of The ETF Store, a consulting firm that advises on fund strategies, argued that BlackRock's restraint carries significant implications. By declining to enter the altcoin fund arena, he said, the company is effectively signaling that no other cryptocurrencies possess comparable long-term value. "At some point, they capitulate and launch additional spot crypto ETFs," Geraci remarked, suggesting that market dynamics may eventually compel the firm to broaden its crypto offering.