BlackRock Expected to Submit Applications for Solana and XRP ETFs, According to President of ETF Retailer

Key Takeaways:

• A prominent asset manager is preparing ETF submissions focused on select cryptocurrency tokens.
• Firms are expanding their product lines as competition in digital assets intensifies.
• Regulatory outcomes influence the timing of filings and investor confidence.
• A wider array of cryptocurrency investment options may soon become available.

On March 14, Nate Geraci, President of The ETF Retailer, indicated that BlackRock, the largest asset manager globally, is likely to submit applications for Solana and XRP ETFs to remain competitive with other firms launching similar products.

He pointed out that Solana and XRP are among the top five non-stablecoin cryptocurrencies, making them strong candidates for ETF offerings.

Given BlackRock’s competitive nature, Geraci believes the firm will not allow competitors to introduce these ETFs without a response.

XRP ETF Filing Likely Dependent on Ripple’s Legal Outcome

In a recent post, Nate Geraci, President of The ETF Retailer, highlighted that while Solana and XRP ETFs are expected to materialize, their timelines may vary.

He mentioned that a Solana ETF could be filed at any moment, whereas an XRP ETF would likely follow only after the conclusion of Ripple’s legal dispute with the U.S. Securities and Exchange Commission (SEC).

I’m ready to log formal prediction…
BlackRock will file for *both* Solana & XRP ETFs.
Solana could be any day. Think XRP once SEC lawsuit concluded.

— Nate Geraci (@NateGeraci) March 14, 2025

The SEC initiated a lawsuit against Ripple in December 2020, claiming that its sale of XRP constituted unregistered securities transactions.

This prolonged legal battle has affected XRP’s price and limited its adoption within the U.S. financial system.

Some industry analysts suggest that a change in U.S. leadership could lead to more crypto-friendly regulations, which might indirectly influence XRP’s regulatory status.

Recent SEC actions, including case dismissals, suggest a potential easing of the stance on cryptocurrency regulation, which could impact pending ETF applications.

The agency recently dismissed its lawsuit against Coinbase, which accused the exchange of operating as an unregistered securities platform.

In another development, Uniswap Labs announced that the regulator closed its investigation without filing charges.

In April, the SEC issued a Wells notice claiming that Uniswap Labs operated as an unregistered broker, ran an exchange, and issued an unregistered security.
As of yesterday, that investigation has officially been closed, and the SEC is taking no enforcement action.
It is a…

— Uniswap Labs (@Uniswap) February 25, 2025

With the SEC winding down several cases, speculation is growing that Ripple could be next.

On March 12, crypto journalist Eleanor Terrett reported that the legal proceedings between Ripple and the SEC are nearing conclusion.

She noted that negotiations had been delayed due to Ripple’s attempts to secure better terms regarding a previous court ruling that imposed a $125 million fine and restricted XRP sales to institutional investors.

SCOOP: Two well-placed sources inform me that the @SECGov vs. @Ripple case is in the process of wrapping up and could be over soon.
My understanding is that the delay in reaching an agreement is due to Ripple’s legal team negotiating more favorable terms regarding the August…

— Eleanor Terrett (@EleanorTerrett) March 12, 2025

If this matter is resolved promptly, industry experts, including Geraci, believe BlackRock will proceed with filings for Solana and XRP ETFs.

Competition Intensifies for Solana and XRP ETFs

Several asset managers have already filed applications or are preparing to launch Solana and XRP ETFs, increasing competition in the market.

In June 2024, 21Shares submitted an S-1 form with the SEC to introduce a spot Solana ETF in the U.S. Around the same time, VanEck also applied for a Solana ETF, aiming to provide investors with exposure to Solana’s price movements.

More recently, Franklin Templeton sought approval to list a Solana ETF on the Chicago Board Options BZX Exchange.

BREAKING: $1.3 trillion asset manager Franklin Templeton (@FTDA_US) files for Spot @Solana ETF with @CBOE. pic.twitter.com/Y9xRnSMPiz

— SolanaFloor (@SolanaFloor) March 12, 2025

Interest in XRP ETFs has also surged. In October 2024, Bitwise submitted a registration statement for a spot XRP ETF, providing direct exposure to Ripple’s native token.

Towards the end of the year, 21Shares and WisdomTree followed suit, filing for their own XRP ETFs in November and December, respectively.

The competition escalated on January 17, 2025, when ProShares entered the fray by submitting applications for multiple XRP investment products, including the ProShares XRP ETF.

Geraci expects that BlackRock will join the competition for Solana and XRP ETFs to maintain its market position.

BlackRock Expected to File for Crypto Index ETFs

Geraci’s forecasts extend beyond individual crypto ETFs. He anticipates that BlackRock will soon file for crypto index ETFs, funds intended to track the performance of a diversified basket of cryptocurrencies.

BlackRock is currently the leader by assets in both bitcoin & ether ETFs…
I simply don’t see them allowing competitors to come in & launch ETFs on 2 of the top 5 non-stablecoin crypto assets without some form of fight.
I also believe BlackRock will file for crypto index ETFs by the way.

— Nate Geraci (@NateGeraci) March 14, 2025

Crypto index ETFs function similarly to traditional stock market indices, bundling several digital assets into a single investment product—an approach BlackRock may adopt as it broadens its crypto offerings.

A significant factor that could be driving BlackRock’s interest in crypto index ETFs is the recent outflow from Bitcoin ETFs.

As a key player in the Bitcoin ETF market, BlackRock has experienced substantial capital flight from these investment products.

On February 25, the U.S. spot Bitcoin ETF market saw net outflows totaling $937 million, pushing weekly losses to nearly $1.5 billion, marking one of the largest withdrawals since their inception.

Bitcoin ETFs are getting annihilated
After $2.7B in net outflows in ONE WEEK at the end of February, they’ve now seen an additional ~$1.5B in outflows.
Someone get Fink back on CNBC pic.twitter.com/cMrHN2ldB7

— Joey (@joeygcamp) March 14, 2025

This trend has continued into March. According to data from Farside, Bitcoin ETF outflows have already surpassed $1.4 billion this month, indicating growing uncertainty among investors.

This decline in Bitcoin ETF inflows may prompt asset managers like BlackRock to explore alternative crypto investment products, including XRP ETFs.

Charting a New Course in Crypto

As BlackRock prepares to expand its range of offerings with crypto ETFs, the investment landscape is undergoing a subtle yet significant transformation.

The introduction of Solana and XRP funds signals a potential shift in how digital assets are viewed by major market participants.

This development encourages investors to consider the evolving legal context and its potential to reshape market dynamics.

In doing so, one might identify opportunities to adjust risk exposure while embracing new market insights.

The current momentum presents an opportunity to blend established principles with fresh market data for a more informed investment strategy.

Frequently Asked Questions (FAQs)

How might BlackRock’s ETF filings impact market dynamics?

BlackRock’s ETF filing could transform crypto competition. This move may compel others to expand their offerings and adjust strategies. Such dynamics could lead to a variety of digital products and shifts in investor focus.

What role do legal outcomes play in the timing of filings?

Legal proceedings influence filing timelines. Uncertainties and court decisions shape how quickly asset managers introduce crypto products. The outcome can affect market readiness and investor confidence in digital assets.

What future developments might follow from these ETF initiatives?

New crypto products may emerge as asset managers diversify their offerings. Market trends could evolve with a combination of traditional investment practices and modern digital asset strategies, altering investor behavior.

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