BlackRock’s strong entry into crypto with its Bitcoin (IBIT) and Ethereum ETFs has raised expectations that the firm could soon expand into other assets like XRP or Solana. But Robbie Mitchnick, Global Head of Digital Assets at BlackRock, explained that the decision is not that simple.
In an interview with Nate Geraci, Mitchnick said product development is guided first by client demand. The firm evaluates whether there is enough interest from institutional and retail investors before launching a new ETF. He added that factors like market capitalization, liquidity, maturity, and the strength of the investment thesis all play an important role. BlackRock also considers how a product fits into long-term portfolio strategies. This measured approach, he explained, means the company is still reviewing opportunities rather than rushing into filings for XRP or Solana.
Tokenization Still in Early Stages
Beyond ETFs, Mitchnick addressed the future of tokenization. He said that tokenization remains in its early stages, with adoption still limited across most asset classes. The clearest use case so far, he said, has been money market funds. Tokenized versions of these funds, combined with stablecoins, allow investors to earn full yield while maintaining instant liquidity. He described this as a meaningful unlock compared to traditional systems, but emphasized that other asset classes still need clear solutions to real problems.
Stablecoins as Focus
Mitchnick also highlighted BlackRock’s role in stablecoins. The firm partnered with Circle in 2021 to manage reserves for USDC and made a direct investment. He said stablecoins remain a critical part of the financial system’s evolution, offering faster settlement and broader access to liquidity.
For now, BlackRock appears focused on building where client demand is strongest while continuing to explore tokenization and stablecoin adoption. An XRP ETF may come in the future, but only when the firm sees the right conditions.
