Summary:
- ProShares confirms no XRP ETF will launch on April 30, despite widespread rumors.
- Bloomberg ETF analyst James Seyffart clarifies the misunderstanding stemmed from an old regulatory filing.
- The upcoming ProShares XRP products are futures-based, not spot ETFs.
- The SEC is still reviewing applications for spot XRP ETFs from Grayscale, Bitwise, and Franklin Templeton.
- Market interest remains strong, as seen in the recent Teucrium 2x Long XRP ETF (XXRP).
ProShares Refutes Rumors of April 30 XRP ETF Launch
Anticipation surged recently in the crypto community after reports suggested ProShares was set to launch an XRP ETF on April 30. However, this speculation has now been debunked. Bloomberg ETF analyst James Seyffart addressed the confusion, stating that no such launch is planned and that the misinformation originated from an outdated filing dated April 15.
Adding to the clarification, a ProShares spokesperson confirmed:
“ProShares does not have any ETF launches scheduled for Wednesday, April 30.”
This official confirmation effectively silences the ongoing rumors and sets the record straight.
Futures-Based XRP Exposure, Not Spot ETF
Although ProShares is indeed working on XRP-linked products, these are not spot ETFs. Instead, they will be futures-based, offering exposure through XRP futures contracts. This means investors won’t own XRP directly but can still benefit from XRP price movements.
Nate Geraci, President of The ETF Store, weighed in:
“The soon-to-be-launched ProShares XRP products are futures-based… providing leveraged and inverse exposure instead of direct investment.”
This approach follows the model seen earlier this month when Teucrium launched a 2x Long XRP ETF (XXRP). This fund uses swap agreements to aim for twice the daily return of XRP, and has already amassed $42.79 million in assets, demonstrating strong investor demand.
SEC Still Cautious on Spot XRP ETFs
While interest in spot XRP ETFs remains high, U.S. regulators are taking a cautious stance. The Securities and Exchange Commission (SEC) is still reviewing applications from Grayscale, Bitwise, and Franklin Templeton for spot XRP ETFs. Unlike futures-based products, spot ETFs are directly tied to the underlying cryptocurrency and face more intense regulatory scrutiny.
Although Brazil has already launched a spot XRP ETF, there is no definitive timeline for approvals in the U.S. market. With Paul Atkins recently assuming a leadership role at the SEC, observers hope spot ETF rulings may become a priority later this year.
What This Means for Investors
For now, investors eager to gain XRP exposure must rely on futures-based ETFs. ProShares may soon offer products in this category, but there will be no XRP ETF launch on April 30. As the SEC continues its review process, the wait for a true spot XRP ETF in the U.S. continues.