BlackRock Denies XRP Trust Filing
Today, XRP holders were taken by surprise when news of the “BlackRock iShares XRP Trust” filing in Delaware caused a 12% spike in the crypto asset’s value within 30 minutes. However, it was later confirmed that the filing was fake. The corporate registration in Delaware was submitted by someone other than BlackRock, as confirmed by a company spokesperson to Decrypt. The fake XRP trust filing used the same address and contact information as BlackRock’s legitimate Ethereum filing from the previous week.
Ethereum ETF Speculation
BlackRock’s legitimate registration of the iShares Ethereum Trust name in Delaware last week led to a surge in Ethereum’s value, crossing the $2,000 mark for the first time in months. This type of registration typically precedes an ETF filing, and as expected, BlackRock confirmed its plans for an Ethereum ETF in a Nasdaq filing. There is significant anticipation and corresponding price movement surrounding Bitcoin and Ethereum ETFs, particularly those from BlackRock.
Analysts at Bloomberg have noted a small window until Nov. 17 for potential approval of at least 12 pending Bitcoin ETF applications by the Securities and Exchange Commission (SEC). Despite this, there has been no announcement regarding the approval of any Bitcoin ETFs by the SEC so far.
Fake News and Price Volatility
In addition to the false XRP trust filing, there have been other instances of misleading news affecting crypto prices while waiting for ETF approvals. In October, a fake report about the SEC approving BlackRock’s Bitcoin ETF application caused a temporary 10% surge in BTC price before it dropped back down.
And for good reason. The “BlackRock iShares XRP Trust” filing in Delaware that sent the crypto asset flying 12% in just half an hour was a fake.
Someone did indeed submit the corporate registration in Delaware—but it wasn’t BlackRock, a company spokesperson confirmed to Decrypt.
BlackRock, which did register the name for its iShares Ethereum Trust in Delaware last week, told Decrypt in an email that the XRP filing is false. The fake XRP trust filing was registered with the same address and contact information as BlackRock’s very real ETH filing last week.
When BlackRock confirmed that the iShares Ethereum Trust entity name registration in Delaware last week was real, Etheruem shot past $2,000 for the first time in a couple months. That’s because such registrations are typically a precursor to an ETF filing. In this case, things played out exactly as expected, with BlackRock later confirming its intentions for an Ethereum ETF in a Nasdaq filing.
There’s been a ton of anticipation and corresponding price action in connection with Bitcoin and Ethereum ETFs, especially those that would be issued by BlackRock if they’re approved. The $9 trillion asset manager is a Wall Street behemoth. BlackRock made waves in the crypto industry when it submitted a filing for its iShares Bitcoin Trust in June. And each amendment or update has been followed by price rallies.
Most recently, ETF analysts at Bloomberg noted that from now until Nov. 17 there’s a small window during which the Securities and Exchange Commission could approve at least 12 pending Bitcoin ETF applications. That’s because the SEC pushed the deadline on all its Bitcoin ETF filings to Nov. 18 and the period for comments just elapsed.
But so far there’s been no word on whether the SEC plans to approve any of the Bitcoin ETFs.
Besides the falsified XRP trust name registration today, there’s been other fake out news while the industry waits on an ETF approval. In October, a false report about the SEC having approved the BlackRock Bitcoin ETF application sent the BTC price up by 10% before it crashed back down.
Edited by Guillermo Jimenez
Editor’s note: This story was updated after publication to include additional details regarding BlackRock and its Bitcoin and Ethereum ETF ambitions.
Hot Take: Market Volatility Continues Amidst Fake News
The recent incident involving a false XRP trust filing highlights how misleading news can significantly impact crypto prices as investors await crucial developments such as ETF approvals. With speculation surrounding potential approvals for both Bitcoin and Ethereum ETFs, market volatility is likely to persist until concrete decisions are made by regulatory authorities.
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