ProShares launches leveraged Solana and XRP ETF following approval from NYSE ARCA

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Two new crypto exchange trade funds (ETFs) targeting Solana

XRP also launched in the US on Tuesday, marking another step in expanding the intersection of traditional financial and digital assets.

ProShares, the leading player in leveraged ETFs, has deployed the ProShares Ultra Solana ETF (Slon) and the ProShares Ultra XRP ETF (UXRP). Both products aim to provide twice the daily performance of their respective underlying cryptocurrencies, but do so using regulated futures contracts rather than retaining the token itself, Proshares said in a press release.

The launch follows confirmation from NYSE Arca, which has certified “listing approval” for both the US Securities and Exchange Commission (SEC) and the adjusted funds, according to two letters filed Monday.

While these ETFs do not directly touch the price movement of SOL or XRP to investors, arrivals to US exchanges reflect increased institutional amenities with crypto-assisted products, particularly when tied to regulated derivatives markets.

Futures-based ETFs have historically played a role in paving the way for spot-based versions. The existence of a regulated futures market helps regulators assess liquidity, pricing mechanisms and investor protection. This is all important factors when evaluating the application of Spot ETFs.

Several asset managers, including Vaneck and Bitwise, are currently making aggressive proposals in the SEC of SPOT Solana and Spot XRP ETF. The SEC has not yet approved spot ETFs associated with any asset, but futures-based products such as Slon and UXRP could affect that path.

The new funds also speak of increased demand from traders and institutions looking for leveraged exposure to major Altcoins, despite the continued evolution of the overall regulation of Spot Crypto products.

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