ProShares Files for Three XRP Futures ETFs Ahead of April Launch
ProShares has filed with the US Securities and Exchange Commission to launch three XRP futures-based ETFs, driven by rising interest in XRP after Ripple's settlement with the SEC. The proposed funds are:
- ProShares UltraShort XRP ETF
- ProShares Ultra XRP ETF
- ProShares Short XRP ETF
These ETFs will not hold XRP directly but will use futures contracts to track its price. The planned launch date is April 30, following the Teucrium 2x Long Daily XRP ETF's successful debut on April 9.
Crypto data provider Kaiko noted XRP's potential for a spot ETF in the US market due to increased trading volume and the approval of leveraged ETFs. Ripple’s recent legal victory has further bolstered XRP's momentum, as evidenced by:
- Ripple locking 700 million XRP in escrow post-settlement
- 200 million XRP moved to an internal wallet
- XRP leading weekly inflows among altcoins while the broader crypto market saw $795 million in outflows
Market sentiment remains bullish, with predictions of a spot XRP ETF approval potentially attracting over $8 billion from institutional investors. ProShares' move increases pressure on regulators regarding XRP as a regulated investment product.