Securities and Exchange Commission (SEC) Authorizes Three ProShares Ripple Exchange-Traded Funds, Boosting XRP Token by 8%
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The US Securities and Exchange Commission (SEC) has given a green light to three ProShares XRP ETFs (exchange-traded funds), causing XRP to soar by nearly 8%.
These new ETFs set to launch on April 30 include an Ultra XRP ETF with 2x leverage, a Short XRP ETF, and an Ultra Short XRP ETF with -2x leverage. Although ProShares is yet to receive approval for a spot XRP ETF, a crucial decision from the SEC is expected on May 22 regarding another application.
The approval of these XRP futures ETFs marks an significant step in the adoption of Ripple's token by traditional financial markets.
🔥 SEC Approves an $XRP ETF - But Not What You Think! 🔥
It's not the Spot ETF many are expecting. Instead, it is a Futures ETF. The key difference lies in their operations:
❔ What’s the Difference?
A Spot ETF buys and holds actual XRP, injecting real demand into the market. On the other hand, a Futures ETF simply bets on XRP’s price without really dealing with any tokens.
📅 Deadline for Spot XRP ETF D approaching
The coming ProShares XRP ETFs allow investors exposure to XRP through derivatives, which likely won't cause considerable buy side pressure on XRP's price according to ETF Store President Nate Geraci. He also ponders why futures ETFs are being approved before Spot XRP ETFs.
Several spot XRP ETF applications are already in the pipeline, with the next deadline for fund manager Grayscale set for May 22.
This flurry of filings follows closely on the heels of the conclusion of Ripple’s multi-year legal battle with the SEC in March.
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- The Securities and Exchange Commission (SEC) has approved three ProShares XRP ETFs, but these are Futures ETFs, not the expected Spot ETFs.
- The approval of these XRP futures ETFs represents a significant step in the adoption of Ripple's token by traditional finance, but they may not cause significant buy side pressure on XRP's price.
- The coming ProShares XRP ETFs will allow investors exposure to XRP through derivatives, and the next deadline for fund manager Grayscale to possibly launch a Spot XRP ETF is May 22.
- The flurry of filings for spot XRP ETFs follows the conclusion of Ripple’s legal battle with the SEC in March, and other news includes the release of an NFT by the MegaETH Community, predictions by Citigroup about stablecoins, and the rise of Bitcoin's price.
