Huge Boost For XRP As ProShares Gets SEC’s Sign-Off To Launch Three XRP ETFs This Week
ETF issuer ProShares will introduce three futures-based funds that track the price of Ripple’s XRP token this week after securing tacit approval from the U.S. Securities and Exchange Commission (SEC).
Three XRP ETFs To Go Live On April 30
According to a post-effective amended prospectus filed on April 15, ProShares is set to launch three XRP-tracked products this week.
The funds include the Ultra XRP ETF (2x leverage), which delivers approximately twice the daily return of XRP’s price movements; a Short XRP ETF, which gives investors the chance to profit from declines in the XRP price; and the Ultra Short XRP ETF (-2x leverage), which seeks to provide approximately twice the inverse of XRP’s daily performance.
ProShares, which first filed for its XRP futures ETFs proposal in January, stated in the April prospectus that these products are slated to go live on Wednesday, April 30.
The ETFs recently received the tacit approval of the Securities and Exchange Commission, which declined to raise any objections during the review period.
ProShares’ approvals come weeks after Vermont-based asset manager Teucrium debuted the first-ever U.S.-listed XRP ETF earlier this month, offering leverage exposure to the price of the asset without directly holding it.
The news comes shortly after the CME Group announced it would add XRP futures to its derivatives exchange, the largest in the United States, for launch next month alongside Bitcoin, Ether, and Solana products.
Ripple’s Legal Resolution Fuels ETF Momentum
The slew of ETFs tracking XRP comes after closely related blockchain payments firm Ripple’s protracted legal brawl against the SEC was fully concluded in March, clearing long-standing regulatory hurdles for the fourth-largest cryptocurrency.
Bloomberg’s senior ETF analyst Eric Balchunas acknowledged it was “very odd” to see a new asset’s first ETF come in leveraged form; however, he added that the odds of a spot XRP ETF being approved remain “pretty high.”
Prominent asset managers, including Grayscale, Franklin Templeton, WisdomTree, Bitwise, 21Shares, and Canary Capital, have all submitted paperwork to bring spot XRP ETFs to US investors. Notably, the SEC has previously acknowledged some of these applications, and decisions expected in the coming months could set the stage for additional XRP investment products.
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Spot ETF Rumors Ignite XRP Demand and Market Activity
Huge Boost For XRP As ProShares Gets SEC’s Sign-Off To Launch Three XRP ETFs This Week
ETF issuer ProShares will introduce three futures-based funds that track the price of Ripple’s XRP token this week after securing tacit approval from the U.S. Securities and Exchange Commission (SEC).
Three XRP ETFs To Go Live On April 30
According to a post-effective amended prospectus filed on April 15, ProShares is set to launch three XRP-tracked products this week.
The funds include the Ultra XRP ETF (2x leverage), which delivers approximately twice the daily return of XRP’s price movements; a Short XRP ETF, which gives investors the chance to profit from declines in the XRP price; and the Ultra Short XRP ETF (-2x leverage), which seeks to provide approximately twice the inverse of XRP’s daily performance.
ProShares, which first filed for its XRP futures ETFs proposal in January, stated in the April prospectus that these products are slated to go live on Wednesday, April 30.
The ETFs recently received the tacit approval of the Securities and Exchange Commission, which declined to raise any objections during the review period.
ProShares’ approvals come weeks after Vermont-based asset manager Teucrium debuted the first-ever U.S.-listed XRP ETF earlier this month, offering leverage exposure to the price of the asset without directly holding it.
The news comes shortly after the CME Group announced it would add XRP futures to its derivatives exchange, the largest in the United States, for launch next month alongside Bitcoin, Ether, and Solana products.
Ripple’s Legal Resolution Fuels ETF Momentum
The slew of ETFs tracking XRP comes after closely related blockchain payments firm Ripple’s protracted legal brawl against the SEC was fully concluded in March, clearing long-standing regulatory hurdles for the fourth-largest cryptocurrency.
Bloomberg’s senior ETF analyst Eric Balchunas acknowledged it was “very odd” to see a new asset’s first ETF come in leveraged form; however, he added that the odds of a spot XRP ETF being approved remain “pretty high.”
Prominent asset managers, including Grayscale, Franklin Templeton, WisdomTree, Bitwise, 21Shares, and Canary Capital, have all submitted paperwork to bring spot XRP ETFs to US investors. Notably, the SEC has previously acknowledged some of these applications, and decisions expected in the coming months could set the stage for additional XRP investment products.
Read More