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yesterday

ProShares Launches 2x Leveraged Solana and XRP ETFs on NYSE Arca

The funds aim to test derivatives-market demand for altcoins as a barometer for future spot ETF approvals.

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Overview

  • ProShares Ultra Solana ETF (SLON) and ProShares Ultra XRP ETF (UXRP) began trading July 15, offering 2x daily exposure to SOL and XRP through regulated futures contracts.
  • NYSE Arca certified the listings in coordination with the SEC following letters that detailed the funds’ reliance on futures rather than direct token holdings.
  • The launches underscore institutional investors’ growing acceptance of crypto derivatives products tied to major altcoins.
  • Futures-based ETFs have historically informed regulators on liquidity and pricing metrics that could shape decisions on spot Solana and XRP ETF applications.
  • Several asset managers, including VanEck and Bitwise, continue seeking approval for spot Solana and XRP ETFs to meet rising demand for diversified crypto exposure.