BlackRock is the world’s largest asset manager. Its involvement with the field of cryptocurrencies can be traced back years, but it was in June this year when the company got really serious.
On June 16th, BlackRock 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 for the BTC that will be backing the funds.
Moreover, the $10 trillion asset manager has also expressed interest in Ethereum. Let’s unpack.
BlackRock and Spot Crypto ETFs
Apart from the application for a spot Bitcoin ETF filed in June 2023, BlackRock has alsoits interest in filing for a spot ETH ETF as well.
The company has registered the iShares Ethereum Trust in Delaware, which signals that there might be an SEC filing coming soon. The price of ETH has surged in response, climbing above the coveted $2K level and currently trading close to $2.1K.
It’s obvious that these filings have a massive impact on the price, mostly because BlackRock has an astonishing track record when it comes to getting their applications approved. The market is optimistic that the SEC will finally approve a spot for BTC and ETH ETFs.
That’s why we decided to poke the artificial brains of ChatGPT to see if BlackRock would file an application for another incredibly popular and old-school cryptocurrency – Ripple’s XRP.
Will BlackRock File for an XRP ETF?
Needless to say, ChatGPT confirmed what we already knew:
There is no current information or confirmation regarding BlackRock filing for a spot XRP ETF.
However, the AI also said that:
It’s important to note that the landscape of cryptocurrency ETFs is rapidly evolving, and companies like BlackRock are increasingly showing interest in various digital assets.
It’s also important to outline that Ripple, the company that’s behind XRP, is currently going through a massive legal battle with the US Securities and Exchange Commission. It doesn’t seem likely that BlackRock would file an application for an XRP ETF until that is settled, and possibly in Ripple’s favor.