ProShares has announced that it is now targeting May 14, 2025, for the launch of its XRP futures exchange-traded fund (ETF), pending review by the U.S. Securities and Exchange Commission (SEC). This follows a series of misunderstandings and misleading reports which initially suggested the ETF would launch on April 30. However, ProShares clarified that the SEC had not yet granted approval for the launch at that time.
Futures ETF Launch Timeline
In a recent filing with the SEC, ProShares set May 14 as the revised date for launching its futures-based XRP ETF. This announcement aims to clear up confusion and correct earlier speculative reports that caused a brief, but sharp, spike in XRP’s price. Despite the announcement, the launch is still contingent on the SEC’s review and approval.
Spot XRP ETF Delays
Along with the futures ETF, ProShares has also applied for a spot XRP ETF. However, spot ETFs are subject to longer approval timelines. Franklin Templeton, Bitwise, and Grayscale are other firms that have also applied for XRP spot ETFs. Notably, Franklin Templeton’s proposal for a spot XRP ETF has been delayed by the SEC, with a decision now expected by June 17, 2025.
Eleanor Terrett, a journalist tracking the developments, speculates that the SEC could make a final decision on the XRP spot ETF by mid-October 2025, with October 18 as a likely deadline.
Broader Interest in Crypto ETFs
While ProShares and Franklin Templeton have garnered attention for their XRP ETF proposals, other major asset managers like BlackRock and Fidelity have yet to file applications for an XRP ETF. However, industry rumors suggest that these firms may consider entering the market if demand for such products rises throughout 2025.
In addition to XRP-related ETFs, the SEC has extended review deadlines for other cryptocurrency ETFs, including Bitwise’s proposed Dogecoin ETF and Fidelity’s plan to incorporate staking into its Ethereum spot ETF.
Regulatory Environment and Market Outlook
The SEC’s decision-making process on crypto ETFs has been slower due to recent changes in leadership. Paul Atkins, who became the SEC Chair earlier this month, is known for his pro-crypto stance, which could potentially speed up the review process. Under previous leadership, the SEC had adopted a more cautious approach, extending review periods for multiple crypto ETF applications.
Although the SEC’s delay in approving spot XRP ETFs has frustrated some, the overall regulatory environment suggests that key decisions on crypto ETFs, including XRP, may be finalized by the fourth quarter of 2025. In the meantime, futures-based products, such as the one proposed by ProShares, could enter the market sooner.
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