The possibility of a spot XRP ETF from BlackRock may be closer than many expect, according to Canary Capital CEO Steven McClurg.

Speaking on a recent podcast, McClurg suggested that the world’s largest asset manager could make its move once a few key conditions fall into place.

Key Points

• Canary Capital CEO says BlackRock could file a spot XRP ETF by late 2026 or early 2027.
• McClurg notes delays are about timing and market readiness, not doubts around XRP itself.
• Rival firms like Franklin Templeton and Grayscale already offer XRP ETFs with strong inflows.
• BlackRock’s decision hinges on demand, market size, and growing institutional interest.

BlackRock’s XRP ETF Timeline

Responding to questions about what could trigger BlackRock’s entry into the XRP ETF race, McClurg said the timeline is tightening. He noted that it would not be surprising to see BlackRock file for a spot XRP ETF sometime toward the end of 2026 or into 2027.

In his view, the groundwork is already being laid, and the delay is more about timing and market readiness than uncertainty surrounding XRP itself.

Growing Competition Among ETF Giants

McClurg pointed out that BlackRock is no longer observing from the sidelines alone. Franklin Templeton has already entered the digital asset ETF conversation, while Invesco recently filed for a Solana ETF.

Notably, Franklin currently offers an XRP ETF, which has attracted $299.54 million in cumulative inflows. Other asset managers offering XRP ETFs include Canary Capital ($400 million), Bitwise ($331.56 million), and Grayscale ($234.39 million).

With multiple large asset managers moving deeper into crypto products, pressure is building on BlackRock to follow suit. As more traditional firms step in, XRP’s absence from BlackRock’s ETF lineup may become harder to justify.

Demand and Market Size Are the Key Triggers

According to McClurg, BlackRock’s decision will likely hinge on a few core factors: sustained demand, strong market capitalization, and continued institutional interest. These are the same benchmarks that previously paved the way for Bitcoin and Ethereum investment products.

He emphasized that once those conditions are clearly met, XRP’s inclusion becomes a matter of “when,” not “if.”

With institutional conversations around XRP growing louder and rival asset managers already making moves, McClurg believes patience is the final ingredient. As he put it, given enough time, XRP will inevitably reach the point where a BlackRock ETF filing makes strategic sense.

BlackRock’s Criteria Before Filing an ETF

In an interview in September 2025, BlackRock outlined the key criteria that would influence any decision to launch a spot XRP ETF.

BlackRock’s Head of Digital Assets, Robbie Mitchnick, explained that the firm evaluates new crypto ETFs primarily based on client demand, alongside fundamentals such as market capitalization, liquidity, maturity, and how the product fits into broader client portfolios. He stressed that this evaluation process is ongoing and cautious.

XRP is increasingly meeting BlackRock’s criteria, ranking as the fourth-largest non-stablecoin cryptocurrency with a $113 billion market cap and benefiting from improved regulatory clarity following the conclusion of the SEC lawsuit.