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BlackRock-XRP Buying Rumors Debunked: No Evidence of Secret Accumulation
A viral claim circulating on social media platform X has suggested that BlackRock, the world’s largest asset manager with $14 trillion in assets under management, is secretly accumulating XRP through cryptocurrency exchange Coinbase. The speculation gained momentum after reports emerged that Coinbase’s XRP reserves had allegedly dropped by 90% over six months.
The rumor, initially shared by an X user known as “Ledger Man,” suggested that BlackRock may have purchased between 200 and 400 million XRP tokens. The speculation connected BlackRock’s institutional crypto partnership with Coinbase as evidence for this supposed accumulation.
Financial news outlet Coinpedia conducted a fact-checking investigation into these claims, concluding they are unfounded and lack supporting evidence.
The investigation revealed no official confirmation that BlackRock has purchased XRP through Coinbase or any other avenue. Neither BlackRock nor its CEO Larry Fink has publicly disclosed any XRP holdings, and available information shows no evidence that the asset manager currently holds XRP on its balance sheet.
While BlackRock did form a partnership with Coinbase in August 2022, the arrangement simply provides institutional clients with access to crypto custody, trading services, and portfolio tools. This partnership alone does not indicate XRP purchases, particularly as the service has limited digital asset support.
The speculation around BlackRock’s interest in XRP gained further traction following the successful launches of spot Bitcoin and Ethereum ETFs earlier this year. Some crypto enthusiasts began questioning when a BlackRock XRP ETF might follow. However, the asset manager has explicitly stated it has “no plans to launch a BlackRock XRP ETF at this time.”
Coinpedia’s investigation also clarified another point of confusion. BlackRock is indeed exploring infrastructure related to the XRP Ledger (XRPL), but this does not equate to purchasing XRP tokens. Ripple has partnered with Securitize to enable investors in BlackRock’s BUIDL fund to swap their shares for RLUSD, with Securitize connecting its system to the XRPL to expand access within the XRP network. This technological integration, however, does not necessitate BlackRock buying XRP tokens.
The false rumors highlight the ongoing challenge of misinformation in cryptocurrency markets. Speculative claims often spread rapidly across social media, particularly when involving major traditional financial institutions like BlackRock, whose moves into the crypto space are closely watched.
BlackRock has made significant inroads into cryptocurrency over the past year, most notably with its spot Bitcoin ETF (IBIT), which has attracted billions in inflows since its January launch. The firm followed this with a spot Ethereum ETF application, currently awaiting regulatory approval.
These verifiable moves into cryptocurrency likely contribute to the believability of rumors connecting BlackRock to other digital assets like XRP, even without supporting evidence.
Coinpedia’s verdict on the claim that BlackRock is buying XRP through Coinbase is definitive: false. The rumor stems from speculation around Coinbase XRP outflows and BlackRock’s institutional crypto partnership, but remains unverified and speculative.
For cryptocurrency investors, this case serves as a reminder of the importance of verifying information through official channels and trusted sources before making investment decisions based on social media speculation.
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5 Comments
While the XRP buying rumors sounded juicy, it’s reassuring to see they didn’t hold up under scrutiny. Responsible reporting that separates fact from fiction is crucial, especially around high-stakes financial topics.
Interesting story, but it sounds like the rumors about BlackRock secretly buying XRP are unfounded. Good to see the report debunked the claims – speculation like that can be misleading without solid evidence.
This highlights the need for diligent research and verification, rather than just taking viral social media claims at face value. Good on the journalists for diving into the facts here and setting the record straight.
Hmm, this is a good reminder to be skeptical of unsubstantiated claims, even when they seem plausible. It’s wise that the investigation couldn’t find any official confirmation of BlackRock holding XRP. Fact-checking is important, especially for high-profile financial news.
Appreciate the comprehensive fact-check on this story. It’s concerning to see misinformation spreading, even about major institutions like BlackRock. But I’m glad the report was able to debunk the XRP accumulation rumors conclusively.