Blackrock, the largest asset manager in the world with alms of $ 11.6 billions of dollars, led the charge with Bitcoin and Ethereum Ethers, but as far as XRP is concerned, they do not seem to be in a hurry. Despite growing interest and the recent launch of institutional term contracts, Blackrock has not filed an FNB XRP.
So what holds them? Let’s decompose it.
1. Regulations are not clear
The main reason is regulatory uncertainty. Even if an American courtyard judged that XRP was not a guarantee when it is exchanged on the scholarships, the dry did not fully accept this. In fact, FNB decisions continue to be pushed further, some now expected in June or even in October 2025.
Blackrock is known to play safely, they will not deposit for an XRP ETF until regulators establish a clear line between titles and raw materials in crypto.
As a user X intelligently pointed out, clarity could only come once the major legislation, such as the stable law, is adopted.
2. The growing derivative market always
For large institutions, term markets are a key tool to manage risks. While Bitcoin and Ethereum have mature term markets with a massive volume, XRP has just launched CME Futures on May 19, 2025, with a volume of $ 19 million.
It’s a strong start, but not yet enough. Blackrock and others want to see a more coherent trading volume over time.
3. Liquidity must still grow
XRP has a high market depth, but for an ETF to work smoothly, it needs stable liquidity that can manage billions of entries and outputs. Until XRP reaches this level of maturity, ETF approval remains unlikely.
4. Concentrate on winning games
Blackrock is currently focusing on his Etf Bitcoin and Ethereum, which work well. Rather than spreading his thin efforts, he doubles what works.
5. Strategic timing is everything
Finally, all of this could be summed up in timing. With XRP and Solana, discussions on ETF applications, Blackrock could wait until the dry manages the current deposits before joining the race.
It is a pending game for more demand, stronger liquidity and a green light from regulators.
Thus, while XRP fans could be impatient, Blackrock plays a long match.
