It was stated by James Seyffart that, despite the SEC’s approval, the ETFs are expected to launch in the short or medium term, rather than on April 30.
According to an April 28 statement by Bloomberg ETF analyst James Seyffart, it was announced that ProShares’ XRP futures exchange-traded funds (ETFs) will not begin trading on April 30.
Although the ETFs have been approved by the US Securities and Exchange Commission (SEC), it was clarified by Seyffart that a confirmed launch date has not yet been set, but the products are expected to begin trading in the short to medium term.
The ProShares XRP futures ETFs are designed to serve institutional investors seeking a regulated method for speculating on XRP’s price volatility.
An alternative investment vehicle is offered by futures-based ETFs, eliminating the need for direct custody of digital assets and addressing regulatory, security, and operational concerns typically associated with holding digital assets directly.
SEC approval has been secured by ProShares to launch three XRP futures-based ETFs: the Ultra XRP ETF, which offers 2x leverage; the Short XRP ETF, which offers -1x inverse exposure; and the Ultra Short XRP ETF, which offers -2x inverse exposure.
According to SEC filings, the approval was finalized by the regulator earlier this year, during a period of increased momentum in crypto-related financial products.
These ProShares ETFs will be the second, third, and fourth XRP-related ETFs to be approved in the US. The first XRP futures ETF, managed by Teucrium, was launched on the New York Stock Exchange (NYSE) on April 8, with positive initial trading volumes reported.
A pending application for a spot XRP ETF with the SEC is also held by ProShares, along with seven other similar applications. A second deadline has been set for late May for most of the filings, as the first deadline in April passed without a decision from the SEC.
Additionally, a final deadline of mid-October has been set for some filings, including the conversion requirement by Grayscale and the 21shares proposal.
A prediction made by JPMorgan in January estimates that net inflows into XRP exchange-traded products (ETPs) could reach between $4 billion and $8 billion, based on the track record of ETFs exposed to Bitcoin (BTC) and Ethereum (ETH).
