Bloomberg Reports: ProShares XRP Futures ETFs Set to Delay Launch Beyond April 30

ProShares’ XRP futures exchange-traded funds (ETFs) will not be launching on April 30, as confirmed by a statement from Bloomberg ETF analyst James Seyffart on April 28.

Despite receiving the go-ahead from the US Securities and Exchange Commission (SEC), Seyffart noted that there isn’t a set launch date, although trading is anticipated in the near future.

These ProShares XRP futures ETFs cater to institutional investors looking for a regulated means to engage in the speculation of XRP’s price fluctuations.

Futures-based ETFs provide an alternative investment strategy that avoids the need for direct handling of digital assets, addressing the various regulatory, security, and operational issues typically linked to direct asset ownership.

ProShares has obtained SEC approval to introduce three XRP futures-based ETFs: the Ultra XRP ETF, which offers 2x leverage, the Short XRP ETF that delivers -1x inverse exposure, and the Ultra Short XRP ETF, which provides -2x inverse exposure.

As per SEC documents, this approval was finalized earlier this year amidst a growing interest in crypto financial products.

These upcoming ETFs will rank as the second, third, and fourth XRP-related ETFs authorized in the US, following the first XRP futures ETF managed by Teucrium, which started trading on the New York Stock Exchange (NYSE) on April 8 and experienced strong initial trading activity.

ProShares is also awaiting approval for a spot XRP ETF from the SEC, alongside seven similar applications. Most of these submissions face a second deadline at the end of May, having passed their initial deadline in April without a response from the SEC.

Moreover, certain filings have a final cutoff in mid-October, applicable to proposals such as Grayscale’s conversion request and the initiative by 21Shares.

A forecast from January by JPMorgan suggested that XRP exchange-traded products (ETPs) could attract net inflows between $4 billion and $8 billion, influenced by the performance history of ETFs linked to Bitcoin (BTC) and Ethereum (ETH).