TL;DR

• Despite the excitement surrounding ProShares’s approved futures XRP ETFs, Bloomberg’s James Seyffart clarified that there is no confirmed launch date yet.
• US investors await a spot XRP ETF, with prominent names like Grayscale, Franklin Templeton, and Bitwise pushing for a green light.

Not so Fast?

Ripple took center stage recently due to the three approved XRP exchange-traded funds (ETFs) in the United States. The products in question are the Ultra XRP ETF, Short XRP ETF, and Ultra Short XRP ETF, all coming from ProShares. 

The news triggered a solid price uptick for the underlying cryptocurrency, while the official launch was supposedly set for April 30. 

In a recent announcement, though, James Seyffart (a research analyst at Bloomberg Intelligence) provided a vital update. He said the funds were not confirmed to go live on that date.

“We don’t have a confirmed launch date yet, but we believe they will launch – and likely launch in the short or possibly medium term,” Seyffart added.

Some X users commenting on the post appreciated the clarification. Others, though, blamed Seyffart for trying to hinder the excitement surrounding XRP following the ETF news.

“Nice try….but the spirit does not go back into the bottle,” one user said.

ETFs Pile Up

ProShares’ approval to launch the aforementioned products comes less than a month after Vermont-based asset manager Teucrium received the green light to introduce the first XRP-based ETF in the United States.

It is listed on NYSE Arca and offers investors leveraged exposure to the daily price movements of the underlying token. The fund had a pretty successful start, racking up $5 million in trading volume on its debut day.

It is important to note that a spot XRP ETF has yet to see the light of day in America. The well-known entities actively pursuing approval to launch such an investment vehicle include Grayscale, Franklin Templeton, Bitwise, 21Shares, and others. 

There have been rumors that the financial giants BlackRock and Fidelity may also follow suit. However, at this point, they continue to stand apart from the rest.

Meanwhile, the world’s first spot XRP ETF became a fact in February this year. The product, managed by Hashdex, received a nod from the Brazilian Securities and Exchange Commission (CVM) and is available on the local B3 stock exchange.