Confusion has spread in the cryptographic community after rumors suggested that Proshares would launch the ETF XRP on April 30. However, Bloomberg ETF analyst James Seyffart confirmed that there was not yet an official launch date. False reports were based on an old regulatory deposit, leading to generalized online disinformation.
Proshares clarifies the launch plans of XRP ETF
According to Bloomberg ETF analyst, James Seyffar, the proshares reports would launch XRP ETF on a launch of April 30 were inaccurate. He added that, although no official date is set, a launch is expected in the short and medium term.
Simultaneously, a spokesperson For Proshares, also commented, saying: “Proshares has no launch ETF scheduled for Wednesday, April 30. We have no news to share for the moment. ” This declaration also confirmed that there were no immediate plans to introduce the ETF this week.
Rumors come from a regulatory file dated April 15, which some media have distorted a new development. These errors have led to incorrect reports and a sharing of social media before verification. However, despite the clarification of the launch of the FNB, the XRP price remained optimistic with the price of prices at $ 2.29, a 0.59% increase in the intra-day hollow. During the rally, the volume of market capitalization and negotiations 24 hours a day jumped by 1% and 28% respectively at 133.9 billion dollars and $ 4.53 billion.
FNB XRP based on expected future, not Spot products
Nate Geraci, president of the ETF store, had previously discussed the nature of the next ETF of Proshares XRP. He explained that new products are not ETF spots and will not directly hold XRP.
Instead, the ETF planned will offer an exposure to XRP through term contracts. According to Geraci, the ETF will include leveraging and reverse options, giving investors different ways to expose themselves to XRP price movements.
He also mentioned that Téucrium had launched an ETF XRP of 2x long (XXRP) earlier this month. This product uses exchange agreements and seeks to provide twice the daily return of XRP. Currently, the XXRP Fund manages approximately $ 42.79 million in assets under management.
Dry control remains on ETF applications
The Securities and Exchange Commission (SEC) has not yet approved the applications ETF Spot Ripple, unlike Brazil. Companies such as Grayscale, Bitwise and Franklin Templeton are still awaiting a regulator's decision.
Geraci has raised concerns about the reason why the dry allowed Ripple ETF based on future while being careful about the cashier products. FNBs in the long term are faced with less regulatory obstacles compared to ETF Spot, which are subject to more detailed risk examinations. According to Polymarket, the chances of an ETF Ripple to be approved this year increased by 8% to 78% increased by current talks of XRP proshares.
At the same time, Bloomberg noted that the SEC had carefully examined the requests and has not yet indicated when or if the approvals will be granted. The new American president of the SEC, Paul Atkins, is expected to play a crucial role in revising these applications later this year.
Kelvin Munene Murithi
Kelvin is a distinguished writer with an expertise in crypto and finance, holder of a baccalaureate in actuarial science. Known for its incisive analysis and its insightful content, it has a strong mastery of English and excels in carrying out in-depth research and the dissemination of appropriate updates of the cryptocurrency market.
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