- ProShares will launch three leveraged and inverse XRP ETFs this week.
- Futures-based XRP ETFs are moving forward while spot funds are still pending.
- XRP's price surged 7% following the news.
Three XRP exchange-traded funds will hit the market this week, but they aren’t the ones traders are banking on to unleash a wave of trades.
ProShares will launch the ProShares Ultra XRP ETF, ProShares UltraShort XRP ETF, and ProShares Short XRP ETF on Wednesday after filing an update with the Securities and Exchange Commission.
“This is not a spot XRP ETF,” Nate Geraci, president of ETFStore, tweeted. “It’s several leveraged and inverse ETFs obtaining XRP exposure via derivatives.”
While XRP’s price popped more than 7% over the past 24 hours following the news, traders await news about whether or not the SEC will approve a wave of spot XRP ETFs that have flooded the agency this year, and potentially unleash a $8 billion bonanza.
What’s in ProShares’ ETFs?
ProShares’ funds will offer traders exposure to XRP through derivatives contracts, allowing them to bet both for and against the cryptocurrency’s price movements with leverage.
The new ETFs give XRP a foothold in regulated markets.
“Why are these being allowed before spot?” Geraci asked.
That’s a fair question.
In most markets, spot ETFs come first and leveraged funds follow. With crypto, the reverse has been more common — futures products are getting through while spot ETFs remain stuck in limbo.
Bitcoin and Ethereum followed a similar pattern, with futures ETFs getting approved before any spot products were.
The SEC has acknowledged several issuers’ — including Bitwise, 21Shares, and Grayscale — spot XRP ETF applications in recent months.
Acknowledgement starts the official review clock, with final deadlines for decisions likely falling around mid-October 2025, according to Bloomberg data.
Still, it’s real progress compared to just a year ago, when XRP ETF applications were routinely tossed without consideration.
On prediction market platform Polymarket, sentiment is mixed. Bettors currently give just a 42% chance of a spot XRP ETF being approved by July 31, but odds rise to around 76% for approval by the end of 2025.
Crypto market movers
- Bitcoin has gained 0.7% in the past 24 hours and is trading at $94,800.
- Ethereum is down 0.2% in the same period to $1,805.
What we’re reading
- El Salvador pauses public Bitcoin buys under IMF deal but its stash keeps growing ― DL News
- A Draft Crypto Market Structure Bill Could Come as Soon as This Week ― Unchained
- The bull case for Coinbase ― Milk Road
- Georgia Senator calls Trump memecoin dinner ‘impeachable offense’ ― DL News
Kyle Baird is DL News’ Weekend Editor. Got a tip? Email at kbaird@dlnews.com.
