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The U.S. Securities and Exchange Commission (SEC) has approved the launch of three XRP exchange-traded funds (ETFs) from ProShares, setting a public offering date of April 30, 2025. However, unlike a spot ETF, which would hold XRP directly, ProShares’ offerings will provide exposure through derivatives, a structure that has raised eyebrows among analysts. “This is NOT a spot XRP ETF,” noted ETF expert Nate Geraci in a post on X. “It will actually be several leveraged and inverse ETFs obtaining XRP exposure via derivatives.” The products include the Ultra XRP ETF, offering a 2x leverage on the daily returns of XRP future prices, the Short XRP ETF, offering inverse exposure, which will enable investors to profit from XRP’s price decline, and the Ultra Short XRP ETF, providing nearly twice the inverse (-2x) of the cryptocurrency’s daily performance. The SEC’s decision to permit leveraged products before a spot ETF is unusual, as most crypto ETFs, including Bitcoin and Ethereum funds, followed the opposite trajectory. “Now, why are these being allowed before spot?” asked a perplexed Geraci. Earlier this month, the regulator authorized the first-ever leveraged XRP product: Vermont-based Teucrium’s 2x Long Daily XRP ETF (XXRP), trading on NYSE Arca. Some market watchers have speculated that this sequence of events, first, Teucrium’s XXRP and now ProShares’ XRP ETF, could be a sign that the financial markets watchdog might be more comfortable signing off on derivatives-based exposure instead of direct custody of crypto assets. “It might relate to regulatory comfort levels with derivatives versus holding the underlying asset directly,” said a user on X, answering Geraci’s question. “Or perhaps the demand for leveraged products is being tested before a spot ETF is considered.” The approval also comes just weeks after the SEC settled its high-profile lawsuit against Ripple Labs, the company behind the token. The case dragged on for years and ended with a $50 million fine, far less than the SEC’s original demands, effectively clearing a major regulatory hurdle for the cryptocurrency. ProShares, which manages over $60 billion in assets, is no stranger to crypto-based financial products, having made history in 2021 when it launched the first Bitcoin futures ETF (BITO). Its entry into the XRP space brings considerable clout and credibility. Arthur, an XRP-focused commentator on X, called it a “historic milestone” for XRP’s integration into mainstream finance, opening the doors for easier access by banks, institutional investors, as well as retail traders. “XRP is entering the big leagues,” he claimed , ticking off the various benefits that should come with the ETF, including regulatory validation and the possibility of “massive capital inflows.” Meanwhile, in the markets, the token climbed 4.6% in the last 24 hours and is currently trading around $2.28 after ranging between $2.17 and $2.29. Zooming out to a weekly view, it gained 7.4%, slightly underperforming the rest of the crypto market’s 8.2% rise in that period. Additionally, XRP registered a 5% uptick across the previous 30 days, continuing a broader trend that has seen it surge more than 335% over the last year.

Upcoming settlement network Lynq will be powered by the Arca Institutional US Treasury Fund (TFND)

The US Securities and Exchange Commission (SEC) is preparing to tackle a significant influx of cryptocurrency-related exchange-traded fund (ETF) applications. Currently, 72 such proposals are awaiting approval, ranging from funds that track major assets like Solana (SOL), and Dogecoin (DOGE) to more speculative options tied to meme coins and tokens such as the Bonk (BONK), Official Trump (TRUMP), and even Official Melania (MELANIA) token. According to Bloomberg ETF analyst Eric Balchunas, 2025 promises to be a “wild” ride for crypto investors and asset managers alike. The latest development comes as Paul Atkins was sworn into office as the 34th Chairman of the SEC two weeks after he was confirmed by the US Senate. His previous role at the securities regulator saw him championing deregulation, but the rapidly expanding crypto market will likely require him to make some tough decisions, particularly regarding which digital assets qualify as commodities. These choices will have significant implications for whether certain cryptocurrencies can be traded as commodity-based trusts, similar to gold and other traditional assets. Last year, under former SEC Chair Gary Gensler, the commission approved spot Bitcoin and Ethereum ETFs. The move set a precedent that opened the door for other digital assets to seek similar treatment. For its part, the SEC, under acting chair Mark Uyeda, had made it clear in its February statement that meme coins are not typically considered securities. XRP ETFs are part of the 72 applications pending with the SEC. Major asset managers such as Grayscale, 21Shares, Bitwise, CoinShares, Canary, WisdomTree, and Franklin have all submitted S-1 filings to launch these funds in the US. More than 10 asset managers are involved in these proposals. To top that, several exchanges, including Cboe and NYSE Arca, have filed 19b-4 applications with the agency to allow the trading of XRP ETF shares. Meanwhile, betting markets on Polymarket have currently placed the chances of an XRP ETF approval at 70% this year.

Upcoming settlement network Lynq will be powered by the Arca Institutional US Treasury Fund (TFND)

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