Crypto
crypto
Yaël Bizouati-Kennedy

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.

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While the crypto industry has shed $564.3 billion in 2026, Hyperliquid’s native token has bucked the downtrend and jumped 54.8% year to date.

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Payward, parent company of crypto exchange Kraken, puts plans for IPO on hold

Payward, crypto exchange Kraken’s parent company, has paused its plans for an initial public offering until market conditions improve, according to a report from CoinDesk that cited two people with knowledge of the matter. 

Since the firm announced in November its preparation for an IPO of its common stock, the total market capitalization of the crypto industry has shed around $652.2 billion, from $3.2 trillion to $2.5 trillion as of Wednesday, data from CoinGecko shows. 

The news comes two weeks after Kraken received approval for a master account from the Federal Reserve Bank of Kansas City, allowing the crypto exchange to connect to the Fed’s payment infrastructure used by traditional banks and credit unions. 

Last year, Kraken raised $800 million at a $20 billion valuation from institutional investors such as Jane Street and Citadel Securities.

Payward, parent of crypto exchange Kraken, has put its IPO plans on hold

Payward, parent of crypto exchange Kraken, has put its IPO plans on hold

The news comes two weeks after Kraken received approval for a master account from the Federal Reserve Bank of Kansas City, allowing the crypto exchange to connect to the Fed’s payment infrastructure used by traditional banks and credit unions. 

Last year, Kraken raised $800 million at a $20 billion valuation from institutional investors such as Jane Street and Citadel Securities.

crypto
Sage D. Young

SEC and CFTC issue new guidance on how securities laws apply to crypto assets

On Tuesday, the US Securities and Exchange Commission, together with the Commodity Futures Trading Commission, issued an interpretation clarifying how federal securities law applies to crypto assets, a first step toward developing a clearer regulatory framework. 

The interpretive guidance introduces a token taxonomy for different types of cryptocurrencies, with SEC Chairman Paul S. Atkins adding that “most crypto assets are not themselves securities.”

Examples of a digital commodity, “a crypto asset that is intrinsically linked to and derives its value from the programmatic operation of a crypto system that is ‘functional,’” include:

The guidance also includes definitions of digital collectibles (such as NFTs), stablecoins, digital tools, and digital securities (such as tokenized real-world assets and stocks).

This is a monumental step in the mainstream adoption of the industry and clears a hurdle in how crypto can operate going forward, according to David Pakman, head of venture investments at CoinFund. “This will allow new token designs with the confidence that their existence does not require registration with the SEC, etc.,” Pakman told Sherwood News.

Despite the clarification efforts from the two organizations, the market capitalization of the crypto industry has dropped about 2% in the last 24 hours as each of the tokens mentioned in the guidance are trading lower in the period, data from CoinGecko shows.

The joint agency action also complements congressional efforts to turn a crypto market structure framework into law. With the goal of providing regulations on the offer and sale of digital commodities, the CLARITY Act passed the House of Representatives last year and is now sitting in the Senate.

Yaël Bizouati-Kennedy
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Citi analysts cut 12-month bitcoin projection to $112,000 from $143,000

The analysts’ bear-case scenario is $57,537, based on “recessionary macro-factors, especially weak equity markets,” which could cause ETF flows to stall.

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