- BlackRock Cryptocurrency ETF: Filed for a Bitcoin ETF and expressed interest in an Ethereum ETF in 2023, impacting market prices, particularly for Ethereum.
- Market response: Significant rise in cryptocurrency prices due to BlackRock’s strong track record of approving ETF applications.
- XRP ETF Speculation: No current filing for an XRP ETF by BlackRock, with the decision possibly influenced by Ripple’s ongoing legal issues with the SEC.
BlackRock is the world’s largest asset manager. Its involvement in the cryptocurrency space dates back several years, but it was in June of this year that the company got really serious.
On June 16, BlackRock filed an application for a spot Bitcoin ETF (exchange-traded fund) with the United States Securities and Exchange Commission.
The company plans to use Coinbase to provide custody of the BTC that will back the funds.
Additionally, the $10 trillion asset manager has also expressed interest in Ethereum. Let’s unpack.
BlackRock and Spot Crypto ETFs
In addition to the Spot Bitcoin ETF filing in June 2023, BlackRock has also signaled interest in filing for a Spot ETH ETF as well.
The company has registered the iShares Ethereum Trust in Delaware, indicating that an SEC filing could be made soon. The price of ETH surged in response, surpassing the coveted $2,000 level and currently trading near $2.1k.
It’s obvious that these filings have a huge impact on price, mainly because BlackRock has an astonishing track record of approving its applications. The market is optimistic that the SEC will finally approve a place for BTC and ETH ETFs.
That’s why we decided to test ChatGPT’s artificial brain to see if BlackRock would file for another incredibly popular, old-fashioned cryptocurrency – Ripple’s XRP.
Will BlackRock file an XRP ETF?
Needless to say, ChatGPT confirmed what we already knew:
There is currently no information or confirmation regarding BlackRock filing for a spot XRP ETF.
However, the AI also stated that:
It is important to note that the cryptocurrency ETF landscape is evolving rapidly and companies like BlackRock are increasingly interested in various digital assets.
It is also important to point out that Ripple, the company behind XRP, is currently going through a massive legal battle with the United States Securities and Exchange Commission. It seems unlikely that BlackRock will file for an XRP ETF until this is sorted out, and perhaps in favor of Ripple.