XRP ETF: BlackRock Could File by Late 2026

The world's largest asset manager could soon enter the XRP ETF race, according to Canary Capital CEO Steven McClurg. Speaking on February 25, McClurg predicted that BlackRock may file for a spot XRP ETF by late 2026 or early 2027, contingent on the XRP ETF market reaching critical mass in both assets under management and institutional adoption.

When Will BlackRock File for an XRP ETF?

BlackRock will likely remain on the sidelines until XRP ETF assets under management climb to roughly $3 billion, according to McClurg. Six XRP-linked exchange-traded funds have already secured full approval from the U.S. Securities and Exchange Commission and now hold more than $1 billion in combined assets. Those holdings peaked at $1.6 billion in January 2026 before approximately $500 million in outflows pulled the total back down.

McClurg also highlighted two additional catalysts that could accelerate BlackRock's timeline. First, if a competing major asset manager files for a spot XRP ETF, the resulting competitive pressure could compel BlackRock to respond ahead of its projected window. Second, and perhaps most decisive, would be direct demand from institutional clients such as state pension funds, university endowments, and sovereign wealth funds requesting XRP exposure within their approved allocations.

Ripple's Existing Ties to BlackRock

BlackRock's connection to Ripple's broader ecosystem may already run deeper than most market participants recognize. The asset manager's tokenized treasury fund, BUIDL, uses Ripple's RLUSD stablecoin as collateral, a relationship that signals operational familiarity with Ripple-linked infrastructure.

That existing integration could meaningfully narrow the gap between passively monitoring the XRP ETF landscape and formally filing a product, should demand from large institutional allocators intensify in the coming quarters. Industry observers note that BlackRock's demonstrated comfort with Ripple's technology stack removes one significant barrier to entry that other prospective issuers would still face.

What This Means Going Forward

For the time being, BlackRock remains absent from the XRP ETF market, even as six approved products continue building their track records. Whether it enters by late 2026, pushes into 2027, or delays further will almost certainly depend on whether institutional appetite grows large enough to make continued absence the greater strategic risk.

As of February 25, XRP was trading at $1.34, down 8% over the past seven days, according to market data. The token's near-term trajectory may itself influence how quickly major asset managers decide to move on dedicated ETF products.