As the crypto ETF landscape rapidly evolves, industry insiders suggest BlackRock may soon take its next big step. Nate Geraci, President of The ETF Store, has hinted that the world’s largest asset manager is unlikely to sit idle as demand grows for XRP and Solana-based ETFs. Though BlackRock has not made any official statement, Geraci says it’s just a matter of time.

Following its dominant role in introducing Bitcoin and Ethereum ETFs, BlackRock has already shown a strong appetite for leading the digital asset space. According to Geraci, XRP could be its next target—especially now that legal uncertainty surrounding the asset is beginning to clear up. With regulated XRP futures now live on the CME, the path to a spot ETF looks increasingly realistic. As Geraci points out, the approval of futures products often precedes spot ETF filings, just as it did with Bitcoin and Ethereum.

Geraci also speculates that Grayscale’s Digital Large Cap Fund—which already holds XRP—could be converted into a full-fledged ETF, potentially providing another onramp for institutional XRP exposure. That conversion could happen alongside growing market infrastructure and demand.

XRP vs. Solana: Who Leads the ETF Race?

While XRP’s case strengthens, Solana remains a close competitor. Prediction markets on Polymarket currently reflect slightly higher approval odds for Solana ETFs—90% compared to XRP’s 87%. This reflects growing investor optimism about both assets’ potential inclusion in the next wave of altcoin ETF approvals.

Bloomberg ETF analyst Eric Balchunas recently noted that an “Altcoin ETF Summer” may be approaching. He and fellow analyst James Seyffart have published updated ETF approval odds, suggesting that regulators might soon begin greenlighting both single-asset and basket-based altcoin products. Among these, Solana and XRP are viewed as front-runners.

Why Hasn’t BlackRock Filed Yet?

Despite the growing market momentum and legal progress around XRP, BlackRock has not yet submitted a formal application for an XRP ETF. The firm remains focused on its two flagship crypto products—the iShares Bitcoin Trust and the iShares Ethereum Trust—which have both seen consistent inflows and strong performance.

Last year, BlackRock’s Head of ETFs, Samara Cohen, emphasized that only Bitcoin and Ethereum met their standards for market maturity and liquidity. Whether that stance has evolved post-Ripple’s partial legal victory remains to be seen. Regulatory caution still lingers, especially as Ripple awaits final settlement approval with the SEC and XRP’s futures market continues to build liquidity.

XRP ETF Applications Are Gaining Steam

While BlackRock plays the waiting game, several other asset managers are already racing ahead. Bitwise, 21Shares, WisdomTree, Grayscale, and Franklin Templeton have all submitted applications for spot XRP ETFs.

However, progress has been slow. The SEC recently extended its decision timeline on 21Shares’ XRP ETF until October and has yet to respond to Grayscale’s May filing. Meanwhile, WisdomTree’s application is under formal review, with the SEC requesting public input—particularly around market manipulation risks and investor protections.

XRP ETFs Going Global

Outside the U.S., XRP ETF traction is more evident. In Switzerland, 21Shares already offers the AXRP ETP, allowing European investors to gain direct exposure to XRP. Brazil made headlines earlier this year as the first country to approve a spot XRP ETF—cementing its leadership in altcoin ETF adoption.

As regulatory clarity improves and global demand continues to rise, pressure is building for U.S.-based institutions like BlackRock to expand their offerings. Whether XRP or Solana takes the lead, the coming months could see a transformative shift in crypto ETF availability—and BlackRock may not stay on the sidelines for long.