Out in the dusty, tangled web of crypto chatter, a wild rumor galloped through the saloon: ProShares was fixin’ to launch XRP ETFs come April 30. But then came James Seyffart from Bloomberg, calm as a Sunday river, hollering that no such rodeo date was set. Turns out some old regulation paper got itself all twisted up and folks went yippee before knowing the facts. 🐂🔥
ProShares Puts the Bridle on XRP ETF Launch Talk
That same straight-shooter, Seyffart, wrangled the story clear: the ProShares XRP ETF launch whispered ‘round the campfire for April 30? Pure hogwash. No official date’s been nailed to the barn door yet, though the long ride toward launch is expected sometime before the cows come home.
ProShares’ own mouthpiece even came out with a “Hold your horses—no ETF sprint this Wednesday, neighbor.” No news, no fuss, just quiet as a mouse hiding from a cat. That sealed the deal: no immediate XRP ETF saloon opening this week.
The rumor dust-up? Started with a regulatory filing from April 15 that got twisted like a snake in a boot. Media folks saw what they wanted and the social media campfire stories went viral faster than a prairie fire with a tailwind.
Futures-Based XRP ETFs: Ain’t No Crystal Ball Here
Nate Geraci, the head honcho over at The ETF Store, laid it out plain: these new ProShares ETFs aren’t the spot kind. They won’t be holding XRP in their saddle bags directly.
Instead, they’ll be riding futures contracts—sort of betting on what the herd will do tomorrow, instead of today’s trail. And for the thrill-seekers, some of these ETFs come with leveraged and inverse options—like saddlebags full of dynamite for the brave-hearted trader.
Meanwhile, Teucrium already rode into town earlier this month with a 2x Long XRP ETF called XXRP. It’s runnin’ on swap agreements and promises to double the daily haul from XRP’s ride. Right now, that outfit manages about $42.79 million, not chump change by any means.
SEC: The Sheriff Still Scoping the Premises
The SEC’s been sitting on the porch, squinting at spot XRP ETF applications like wary lawmen. Unlike Brazil, which let folks ride right in, here the big regulator keeps the gate shut tighter than a bank vault.
Geraci wonders out loud why the SEC’s letting futures-based pixel wranglers roam, while the spot ETF folks are left in the dust. Futures have fewer hoops to jump through, while spot ETFs get scrutinized with a microscope and a magnifying glass.
Bloomberg added that the SEC is still jawing quietly behind closed doors, with no clear “aye” or “nay” on the horizon. The new sheriff, Chair Paul Atkins, is expected to tip his hat and make some calls on these applications before the year’s out.
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2025-04-28 23:54