Rewritten & Refined Article
No Clear Launch Date Yet for ProShares' XRP ETFs
XRP Investors Mark Your Calendars: Crucial ETF Decision Looming
The Buzz Around XRP ETFs and Their Launch
All cryptocurrency fans have been eagerly waiting for a spot XRP ETF in the US. Recently, some exciting news about three approved XRP ETFs from ProShares sent the market buzzing. The announced products include the Ultra XRP ETF, Short XRP ETF, and Ultra Short XRP ETF, offering leveraged exposure to XRP through futures contracts.
But hold on! Despite initial reports suggesting an April 30 release date, esteemed research analyst James Seyffart of Bloomberg Intelligence clarified that there's actually no confirmed launch date yet.
The Clarification Divides the Community
Seyffart, in his announcement, mentioned that while there's no confirmed date, he believes the ETFs will launch in the short or medium term. This left some users disgruntled, with one commenting, "Nice try....but the spirit does not go back into the bottle."
However, others appreciated the clarification, understanding that a confirmed date would likely have been announced by now if it were imminent.
Previously Approved XRP ETF in the USA
Before ProShares' announced XRP ETFs, Vermont-based asset manager Teucrium introduced the first XRP-based ETF in the US, listing it on NYSE Arca in March. The fund provided leveraged exposure to the daily price movements of XRP. While the world awaits a spot XRP ETF, other entities like Grayscale, Franklin Templeton, and Bitwise are actively pushing for approval.
Spot XRP ETF in the Global Landscape
In February 2023, Brazil became the first country to launch a spot XRP ETF. The product, managed by Hashdex, is available on the B3 stock exchange and gained a nod from the CVM, the Brazilian Securities and Exchange Commission. Axial Wisdom, another company, also recently filed to launch a spot XRP ETF in Canada.
Rumors Swirl About Top Financial Giants
BlackRock and Fidelity are among the entities rumored to be considering a move into the XRP ETF market, although they have not made any official announcements as of yet. As mentioned, Grayscale, Franklin Templeton, and Bitwise have submitted their own applications for spot XRP ETFs in the US, with broader decisions on spot ETFs expected by October 2025.
In summary, while the Expected launch of ProShares' XRP ETFs in the US has been updated, and is now anticipated for May 14th (pending final SEC review), the market eagerly waits for a spot XRP ETF to be approved in the US. Various entities have applied for such a product, with BlackRock and Fidelity potentially joining the race.
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- Despite initial reports suggesting an April 30 release date, a confirmed launch date for ProShares' XRP ETFs remains unconfirmed, as stated by research analyst James Seyffart of Bloomberg Intelligence.
- ProShares recently announced three XRP ETFs, including the Ultra XRP ETF, Short XRP ETF, and Ultra Short XRP ETF, offering leveraged exposure to XRP through futures contracts.
- Other financial entities, such as BlackRock and Fidelity, are rumored to be considering a move into the XRP ETF market, although no official announcements have been made.
- In February 2023, Brazil became the first country to launch a spot XRP ETF, and Axial Wisdom recently filed to launch a spot XRP ETF in Canada.
- Various entities, including Grayscale, Franklin Templeton, and Bitwise, have submitted applications for spot XRP ETFs in the US, with broader decisions on spot ETFs expected by October 2025.
