Key Insights & Facts on BlackRock's XRP ETF Filing

Last Updated November 15th 2023
3 Min Read

Key Takeaways -

  • The BlackRock XRP ETF story highlights how with just $500 and basic documentation, almost anyone can file for an ETF Trust, raising questions about the authenticity of such filings.
  • Despite initial debunking, the persistent listing of the XRP ETF filing on the Delaware Corp. Commission website has reignited speculation about BlackRock's potential involvement in the cryptocurrency space.
  • As of now, there is no definitive statement from BlackRock confirming or denying the legitimacy of the XRP ETF filing, leaving the crypto community in a state of anticipation and speculation.

The cryptocurrency world has recently been captivated by a developing story about a BlackRock XRP ETF filing in Delaware. This news, initially refuted by financial analysts, has gained traction with new revelations, sparking a mix of skepticism and curiosity in the crypto community.

The BlackRock XRP ETF Filing

As the week commenced, an unexpected headline caught the attention of crypto enthusiasts and investors alike. A filing for an XRP ETF, purportedly linked to BlackRock, surfaced in Delaware's corporate records. Bloomberg's Eric Balchunas was quick to challenge the authenticity of this filing, but as more information came to light, the narrative began to shift, leading to a resurgence of interest and debate.

The Mechanics Behind the Filing

Is It Really That Simple to File?

Jeremy Hogan, a lawyer known for his insights into the XRP community, shed light on a surprising aspect of the ETF filing process. He pointed out that with a modest investment of $500 and the completion of essential documents like the 'State of Delaware Certificate of Trust' and the 'Division of Corporations document, virtually anyone could initiate an ETF Trust filing. This revelation opened up possibilities ranging from simple pranks to more calculated market manipulations.

Exploring the Underlying Intentions

The reasons behind such a filing are varied and intriguing. On one hand, it could be a deceptive maneuver aimed at creating a false sense of market movement or to capitalize on the ensuing confusion. On the other hand, it might represent a strategic move by BlackRock to diversify its cryptocurrency offerings, particularly in the XRP realm.

A Look at the Alleged 'Fake' Filing

A Closer Look at the Alleged 'Fake' Filing

Attorney Fred Rispoli delved deeper into the specifics of the filing. He noted significant similarities between this XRP Trust filing and BlackRock's previous Ethereum ETF filing, particularly in structure and content, with only the name and date differing. The choice of registered agent for the XRP Trust, aligning with the Ethereum Trust but differing from the Bitcoin Trust, added another layer of complexity to the situation.

The Bigger Picture: SEC Filings and Market Impact

The absence of the iShares Ethereum and XRP Trust from the SEC's Edgar site, especially when contrasted with the presence of the iShares Bitcoin filing, raises questions about the legitimacy and potential impact of these filings. This discrepancy has not gone unnoticed by market analysts and investors, who are keenly observing the developments for any signs of market influence or regulatory response.

Contextualizing Within the Crypto Landscape

The story of Grayscale's XRP Trust, which operated between 2018 and 2021 before being discontinued in the wake of the SEC's lawsuit against Ripple, provides a historical backdrop to this unfolding narrative. The persistence of the BlackRock XRP filing on the Delaware Corp. Commission website, despite Bloomberg's initial report of its inauthenticity, has only fueled further speculation and investor interest.

The crypto community remains in a state of watchful waiting, as there has yet to be an official statement from BlackRock regarding the authenticity of the XRP ETF filing. This ongoing uncertainty continues to be a topic of intense discussion and analysis among crypto enthusiasts and financial experts.

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