XRP news today: ProShares Delays XRP Futures ETF Launch, SEC Approval Secured

ProShares has clarified that its XRP futures exchange-traded funds (ETFs) will not be launching on April 30. This confirmation comes from Bloomberg ETF analyst James Seyffart, who stated that no launch has been planned for that date. The delay in the launch of ProShares' XRP futures ETFs was initially reported by various sources, including Seyffart, who confirmed that the ETFs would not start trading as expected.

The U.S. Securities and Exchange Commission (SEC) has approved the ETFs, but Seyffart clarified that the products do not have a confirmed launch date yet. However, they are expected to start trading in the near to medium term. The ProShares XRP futures ETFs are designed to cater to institutional investors seeking a regulated way to speculate on XRP's price volatility. Futures-based ETFs offer an alternative investment vehicle that eliminates the need for direct custody of digital assets, addressing the regulatory, security, and operational challenges typically associated with holding digital assets directly.

ProShares has secured SEC approval to launch three XRP futures-based ETFs: the Ultra XRP ETF offering 2x leverage, the Short XRP ETF offering -1x inverse exposure, and the Ultra Short XRP ETF offering -2x inverse exposure. According to SEC filings, the regulator finalized the approval earlier this year during a period of increased momentum in crypto-related financial products. These ProShares ETFs will become the second, third, and fourth XRP-related ETFs approved in the U.S. The first XRP futures ETF, managed by Teucrium, began trading on the New York Stock Exchange on April 8 and reported positive initial trading volumes.

ProShares also has a pending application for a spot XRP ETF with the SEC, along with seven other similar filings. Many of the filings have a second deadline set for late May, as their first deadline in April passed with no resolution from the SEC. Additionally, some filings have a final deadline of mid-October, similar to the conversion requirement by Grayscale and the 21shares proposal. According to the analyst's forecast, XRP exchange-traded products (ETPs) could reach between $4 billion and $8 billion in net inflows, based on the track record of ETFs exposed to Bitcoin (BTC) and Ethereum (ETH).