ProShares Announces Official Launch Date for XRP Futures-Based ETF, Debunking Misleading Reports

ProShares has rescheduled the launch of its futures-based XRP exchange-traded fund (ETF) to May 14, according to a recent post-effective amendment.

This arose from confusion triggered by a regulatory filing on April 15, which was misunderstood by certain media outlets. ProShares subsequently clarified They do not have any XRP ETF planned for April 30 and will provide an update instead.

In light of the confusion, commentators explained that a potential ETF from ProShares could be based on futures contracts rather than being an XRP spot ETF. Such a futures-based ETF would offer exposure to XRP indirectly through derivatives, though these types of funds tend to exhibit higher volatility compared to direct holdings.

ProShares aims for a May 14 debut for its XRP futures ETF.

ProShares has submitted an updated filing to the U.S. Securities and Exchange Commission (SEC) indicating plans to introduce its futures-based XRP exchange-traded funds (ETFs) starting from May 14th. Nonetheless, this document merely represents a routine adjustment without guaranteeing ultimate SEC endorsement.

The initial filing led to confusion Across various financial platforms and social networks, some reports erroneously stated that the SEC had permitted the ETF to start trading on April 30.

Following this report, the price of XRP experienced a brief surge; nonetheless, it was subsequently clarified that no such endorsement had actually been issued.

ProShares has also filed papers for a direct XRP ETF as well as one based on futures. Other firms like Franklin Templeton, Bitwise, and Grayscale have similarly submitted applications for these types of financial products.

Franklin Templeton’s submission stands out among the various applications received. The SEC pushed back its ruling on Franklin Templeton’s proposition to June 17 from April 29. In March, the company filed paperwork for an XRP ETF following a comparable filing for a Solana ETF.

Eleanor Terrett, a reporter tracking the progress of ETFs, posted on social media stating that:

For the $XRP spot ETF, James [Seyffart] is looking at late October, possibly around the 18th, as the ultimate decision date.

Cryptocurrency ETF choices hang in the balance as SEC leadership changes

Major investment firms like BlackRock and Fidelity haven't submitted applications for XRP exchange-traded funds (ETFs) so far. However, speculations indicate they might join the market in 2025 should the demand for more competitors increase.

Although ProShares and Franklin Templeton have garnered the most interest, the U.S. Securities and Exchange Commission (SEC) has likewise pushed back deadlines for various other ETF submissions. These include Bitwise’s suggested Dogecoin ETF and Fidelity’s proposal to integrate staking features into its Ethereum spot ETF.

The SEC must render a final verdict on ETF proposals within 240 days after they are officially published in the Federal Register. Consequently, according to Bloomberg, multiple cryptocurrency-focused ETF rulings might be concluded during the fourth quarter of this year.

The recent changes in The direction set by SEC leadership might influence how quickly the agency processes applications for cryptocurrency ETFs. Paul Atkins He officially took over as the new SEC Chair earlier this month, bringing a pro-crypto position and support from the Senate. Previously, under the tenure of former Acting Chair Mark Uyeda, the SEC had adopted a more cautious approach, often prolonging examination durations for various filings.

However, even with these postponements, the present regulatory climate indicates that multiple significant XRP-related and other cryptocurrency ETF rulings are expected to be issued by October. In the meantime, futures-based products continue to be available. ProShares The proposal might hit the market shortly.

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