Rumors circulated on social media on Monday that Blackrock, the world’s largest asset manager, had filed for a spot XRP exchange-traded fund (ETF) called “Ishares XRP Trust.” The rumor quickly sent the price of XRP spiking 7% higher. However, Bloomberg analyst Eric Balchunas confirmed with Blackrock that this news is completely false.
Balchunas alerted his followers that the news was fabricated and that Blackrock executive names were likely used without permission. He emphasized that Blackrock has not filed for any sort of XRP ETF product. After the rumor was debunked, XRP erased all of its short-term gains.
This is not the first time rumors have suggested Blackrock was shifting its focus toward XRP and away from bitcoin. But many experts have dispelled this notion, underscoring that Blackrock remains laser-focused on bringing Bitcoin and Ether ETF products to market.
Blackrock has already filed applications for spot Bitcoin and Ether ETFs, called Ishares Bitcoin Trust and Ishares Ethereum Trust. While the SEC has approved several crypto ETFs based on futures, no spot crypto ETFs have yet been approved. However, the regulatory agency is actively reviewing numerous Bitcoin ETF applications.
Despite the fake news, XRP has seen real positive developments lately. The Dubai Financial Services Authority recently approved XRP as a recognized cryptocurrency token. And a judge ruled in July that “as a matter of law, XRP is not a security.” So while the Blackrock story was fabricated, the future continues to look bright for Ripple’s XRP token.
