Key Moments:
- ProShares Trust will launch several XRP ETFs on April 30th: Ultra XRP ETF, Short XRP ETF, and Ultra Short XRP ETF.
- The SEC did not object to ProShares Trust’s ETF plans.
- XRP’s price rose by 3.31%.
ProShares Wins SEC Approval for XRP Futures Funds
In a notable development for the digital asset space, the United States Securities and Exchange Commission (SEC) has essentially approved the launch of three exchange-traded funds (ETFs) by ProShares Trust that will track the price of XRP futures contracts. ProShares Trust is gearing up to introduce these new XRP futures ETFs to the market on April 30th.
SEC Opens Regulated XRP Investment Avenue
The company had initially filed its prospectus with the SEC in January, outlining its intention to offer three leveraged funds that would allow investors to gain exposure to the price fluctuations of XRP through futures contracts. These funds, namely the Ultra XRP ETF, the Short XRP ETF, and the Ultra Short XRP ETF, will provide investors with various levels of leveraged exposure to XRP’s price movements without requiring direct ownership of the underlying digital asset.
The SEC did not challenge ProShares Trust’s decision, which served as tacit approval of the company’s plans and marked a significant step for XRP, creating a regulated pathway for a wider array of investors to engage with its price fluctuations. This positive news for XRP coincided with a generally stable performance across the broader cryptocurrency market, making XRP a standout gainer among major digital assets.
XRP Jumped Over 3.31% on the ETF News
Enthusiasm surrounding XRP was bolstered by the news. Within a 24-hour period following the SEC’s decision, XRP’s price climbed by over 3.3% and managed to hit $2.327. Its market capitalization exceeded $312 billion on Monday.