What to know:
- ProShares’ new ETFs offer leveraged exposure to Solana and XRP using regulated futures contracts rather than holding the tokens directly.
- The launch follows NYSE Arca’s certification of listing approval in coordination with the SEC.
- The existence of regulated futures products could support pending applications for spot SOL and XRP ETFs by demonstrating market maturity.
In this article
SOLSOL$161.10◢1.91%
XRPXRP$2.9072◢1.27%Two new crypto exchange-traded funds (ETFs) targeting Solana
and XRP are launching in the U.S. on Tuesday, marking another step in the expanding intersection of traditional finance and digital assets.
the ProShares Ultra Solana ETF (SLON) and the ProShares Ultra XRP ETF (UXRP). These products are designed to provide twice the daily returns of their associated cryptocurrencies. However, instead of directly owning the tokens, they use regulated futures contracts as a means to achieve this goal, according to a press release from ProShares.
As a crypto investor, it was thrilling to learn that the launches were confirmed by NYSE Arca, having received their seal of approval from the U.S. Securities and Exchange Commission (SEC). This certification for both funds came as a result of correspondence submitted on Monday, making this moment even more significant.
As an analyst, I find it noteworthy that these ETFs do not provide investors with a direct link to the price fluctuations of Solana (SOL) or Ripple (XRP). However, their debut on American exchanges underscores a burgeoning acceptance among institutions for crypto-related investment products. This is particularly true when these products are associated with regulated derivative markets.
Historically, Exchange-Traded Funds (ETFs) based on futures have laid the groundwork for their spot counterparts. A well-established futures market, overseen by regulators, offers valuable insights into liquidity, pricing systems, and investor protection. These aspects are crucial when assessing applications for ETFs that track the spot price of an asset.
The existence of regulated futures markets has helped prepare the way for ETFs that track the actual market value (spot price) by providing insights into how they should be managed and protected, as well as their expected performance in the market.
Multiple investment firms such as VanEck and Bitwise are currently seeking approval from the Securities and Exchange Commission (SEC) for exchange-traded funds (ETFs) based on Solana and XRP, respectively. At this point, the SEC has not granted approval for any spot ETFs related to these assets, but existing futures products like SLON and UXRP may impact the way things progress.
As a researcher delving into this dynamic field, I can’t help but note the surge in interest from both individual traders and institutional entities. They are clamoring for opportunities that offer amplified exposure to significant altcoins, despite the ongoing evolution of regulations surrounding spot cryptocurrency products.
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2025-07-15 20:33