False BlackRock Filing Triggers Brief XRP Surge; Legitimate Ether ETF Confirmed
Summary:
A false filing indicated that BlackRock was developing an XRP-focused exchange-traded product, triggering a temporary 12% increase in the cryptocurrency's value. The situation was promptly corrected and the gains recouped after Bloomberg ETF analyst Eric Balchunas confirmed the filing was fake. It was theorized that a person impersonating a BlackRock executive made the false filing. Amid the confusion, the legitimacy of BlackRock's spot Ether ETF, filed on November 9, was reaffirmed.
BlackRock inadvertently triggered a 12% surge in the value of XRP following a false filing implying the company was developing an XRP-centered exchange-traded product. The misunderstanding was quickly resolved, and XRP relinquished its temporary gains, following confirmation that the paperwork was fraudulent. This brief episode unfolded late on November 14, beginning when social media users highlighted a Delaware filing appearing to be from BlackRock, registering the "iShares XRP Trust," a typical first step towards starting an ETF. XRP's value swiftly rose by 12%, hitting $0.73, but retraced this increase within the subsequent 30 minutes as Bloomberg ETF analyst Eric Balchunas verified the filing's falsehood after discussions with BlackRock.
Balchunas theorized that the fictitious filing was likely made by someone impersonating BlackRock's managing director, Daniel Schwieger. Immediate and early insights regarding this errant listing were first shared by Dylan LeClair, a Bitcoin Magazine analyst. Balchunas along with The Block reported on the misleading list, with all parties later removing the original posts.
Earlier on November 9, BlackRock signaled its intent to venture beyond Bitcoin into developing its own ETF, with an official filing for a spot Ether ETF. Following the confusion over the fake XRP ETF, Seyffart reaffirmed the legitimacy of the Ether ETF filing, citing official confirmation through a Nasdaq 19b-4 submission to the Securities and Exchange Commission.
Published At
11/13/2023 10:58:09 PM
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