Why BlackRock Hasn’t Filed an XRP ETF Yet, According to Canary Capital

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Talk of an XRP exchange-traded fund (ETF) may be moving from speculation to possibility, according to Steven McClurg, CEO of Canary Capital.

In a recent interview, McClurg said it would not surprise him if BlackRock files for a spot XRP ETF by late 2026 or 2027, as institutional interest in crypto products continues to expand beyond Bitcoin.

Why BlackRock Could Eventually Look at XRP

McClurg explained that large ETF providers typically respond to demand rather than lead it. He pointed out that BlackRock launched its Bitcoin product only after seeing strong and consistent institutional interest.

“The reason they launched Bitcoin ETFs is simple,” McClurg said. “Enough institutions were asking for them.”

He says the same process could eventually apply to XRP, once demand reaches a similar level.

Other Asset Managers Are Already Moving

According to McClurg, the ETF race is no longer limited to Bitcoin. Firms such as Fidelity and Franklin Templeton are already exploring broader crypto exposure, while Invesco has recently filed for a Solana ETF.

“With that kind of momentum,” McClurg said, “it’s only a matter of time before XRP enters the conversation.”

How Institutions View XRP Versus Bitcoin and Ethereum

McClurg said institutional investors clearly separate crypto assets by purpose:

• Bitcoin is seen as a hedge, similar to gold
  
• Ethereum is increasingly viewed as expensive to operate and easy to replicate
  
• XRP stands out for efficiency, low costs, and financial-market use cases
  

He added that institutions care less about hype and more about whether a network can support large-scale financial activity.

What ETF Issuers Look For Before Filing

McClurg outlined three conditions ETF issuers like BlackRock typically want to see before launching new products:

1. Sustained institutional demand
   
2. A large and liquid market cap
   
3. Regulatory clarity and operational readiness
   

In his view, XRP is gradually checking those boxes.