Markets, News The funds will monitor costs of XRP-based futures and supply merchants a technique to earn a living on longs and shorts.
Exchange-traded funds (ETF) issuer ProShares will introduce three XRP-tracked merchandise this week after a tacit U.S. Securities and Exchange Commission (SEC) approval.
It will launch an Ultra XRP ETF (2x leverage), a Short XRP ETF and an Ultra Short XRP ETF (-2x leverage), filings show. Its spot XRP approval stays hanging, nonetheless. The SEC has acknowledged a number of XRP spot ETF functions thus far, with fund supervisor Grayscale’s submitting dealing with a important May 22 deadline.
ProShares’ approvals come weeks after Teucrium’s 2x XRP ETF began buying and selling earlier this month, changing into the primary XRP ETF within the U.S. It racked over $5 million in buying and selling volumes on the primary day, changing into the agency’s “most successful” launch to this point.
Last week, the CME Group added XRP futures to its largest derivatives change within the U.S. for launch subsequent month, alongside BTC, ETH and SOL merchandise.
The flurry of ETFs monitoring XRP comes after intently associated firm Ripple’s long-standing courtroom battle towards the SEC, which was fully concluded in March, clearing in depth regulatory headwinds for the tokens.
CoinDesk: Bitcoin, Ethereum, Crypto News and Price Data Read More