ProShares sets a launch date for futures-based XRP ETF, clarifying misleading reports

ProShares has set May 14 as the revised date for launching its futures-based XRP exchange-traded fund (ETF), per a recent post-effective amendment.

This follows confusion that began due to an April 15 regulatory filing, which some media outlets misinterpreted. ProShares later clarified that they have no XRP ETF scheduled for April 30 and would make an update.

With the confusion, commentators clarified that such a possible ETF by ProShares would be a futures-based ETF, not an XRP spot ETF. Futures ETFs can provide exposure to XRP without holding it directly, but futures ETFs are generally more sensitive.

ProShares targets May 14 launch for XRP futures ETF

With a new filing amendment with the U.S. Securities and Exchange Commission (SEC), ProShares reveals that it will launch its futures-based XRP ETFs on May 14. However, the document is a procedural update and does not confirm final SEC approval.

The initial filing led to confusion across financial media and social networks. Some sources incorrectly reported that the SEC had allowed the ETF to begin trading on April 30.

This news led to a short-lived price jump for XRP; however, it was later clarified that no such approval had been granted.

ProShares also submitted a filing for an actual XRP ETF along with the futures-based ETF. Franklin Templeton, Bitwise, and Grayscale are among the other companies that have applied for such funds.

Franklin Templeton’s application can be regarded as one of the most popular of all the applications submitted. On April 29, the SEC extended its decision on Franklin Templeton’s proposal until June 17. The firm registered the XRP ETF in March after registering a similar request for the Solana ETF.

Eleanor Terrett, a journalist following ETF developments, wrote on social media that:

“For the $XRP spot ETF, James [Seyffart] is eyeing mid-October, around the 18th, as a final decision deadline.”

Crypto ETF decisions loom as SEC leadership shifts

Large asset managers such as BlackRock and Fidelity have yet to file for XRP ETFs, but rumors suggest they may enter the market in 2025 if demand for competition rises.

While ProShares and Franklin Templeton have captured the most attention, the U.S. SEC has also extended deadlines for other ETF filings, including Bitwise’s proposed Dogecoin ETF and Fidelity’s plan to incorporate staking into its Ethereum spot ETF.

The SEC is required to make a final decision on ETF proposals within 240 days of their official publication in the Federal Register. As a result, Bloomberg reports that several cryptocurrency-related ETF decisions could be finalized in the fourth quarter of the year.

The recent changes in the SEC leadership could affect the agency’s approval pace of crypto ETF filings. Paul Atkins officially became the new SEC Chair earlier this month, with a pro-crypto stance and Senate backing. Under prior leadership — including former Acting Chair Mark Uyeda — the SEC was more conservative, with the commissioner’s office extending review periods for numerous applications.

But, despite these delays, the current regulatory situation suggests that several key XRP-related and other crypto ETF decisions are due to be made by October. Meanwhile, futures-based products like ProShares proposed could reach the market soon.

Cryptopolitan Academy: Coming Soon - A New Way to Earn Passive Income with DeFi in 2025. Learn More