NYSE Arca approves ProShares leveraged XRP futures ETF
NYSE Arca certified its approval for the listing of the futures-based ProShares XRP Ultra ETF and the fund has started trading under the ticker UXRP today. The leveraged ETF targets 2x the daily returns of XRP, Ripple’s native token.
XRP, the third-largest crypto by market cap, is down roughly 4% over the last 24 hours but is up an eye-popping 440% in the past year.
The company also launched the Proshares Ultra Solana ETF, another leveraged fund, this morning. Solana, the sixth-largest crypto, is down today.
“As cryptocurrencies become more widely adopted, investors are turning to platforms like Solana and XRP for exposure to next-generation blockchain technologies,” ProShares CEO Michael L. Sapir said in a press release. “SLON and UXRP provide the opportunity to target leveraged exposure to Solana and XRP, allowing investors to overcome the challenges of acquiring leveraged exposure to these cryptocurrencies.”
Mike Cahill, CEO of Douro Labs, told Sherwood News that the approval of a leveraged XRP ETF further underscores what the insiders have been saying all year: DeFi and TradFi are converging.
“Crypto is no longer being seen only as a speculative sideshow, but as a legitimate asset class worthy of sophisticated products. While the ETF is derivatives-based, the signal it sends to institutional investors is clear: the market structure for digital assets is maturing quickly. I expect to see a lot of similar developments coming our way soon,” he added.
On April 8, the first-ever XRP-based ETF hit the market, Teucrium Investment Advisors’ Teucrium 2x Long Daily XRP ETF, which is up 58% since launch.
Jake Hanley, managing director and senior portfolio specialist at Teucrium, said that while he cannot comment on other issuers’ funds, Teucrium’s “foresight has proven correct,” regarding the increased interest in XRP and XRP ETFs.
Mike Cahill, CEO of Douro Labs, told Sherwood News that the approval of a leveraged XRP ETF further underscores what the insiders have been saying all year: DeFi and TradFi are converging.
“Crypto is no longer being seen only as a speculative sideshow, but as a legitimate asset class worthy of sophisticated products. While the ETF is derivatives-based, the signal it sends to institutional investors is clear: the market structure for digital assets is maturing quickly. I expect to see a lot of similar developments coming our way soon,” he added.
On April 8, the first-ever XRP-based ETF hit the market, Teucrium Investment Advisors’ Teucrium 2x Long Daily XRP ETF, which is up 58% since launch.
Jake Hanley, managing director and senior portfolio specialist at Teucrium, said that while he cannot comment on other issuers’ funds, Teucrium’s “foresight has proven correct,” regarding the increased interest in XRP and XRP ETFs.
