ProShares, a leading exchange-traded fund (ETF) issuer, is preparing to unveil three XRP-backed ETFs on April 30, after receiving approval from the U.S. Securities and Exchange Commission (SEC). This marks a significant milestone in the growing institutional interest in XRP, offering traders more options to gain exposure to the popular cryptocurrency without directly holding the asset.

The new XRP ETFs—ProShares’ Short XRP ETF, Ultra XRP ETF, and UltraShort XRP ETF—will provide varying levels of leverage, allowing traders to choose a product based on their market outlook. The Ultra XRP ETF offers 2x leverage, while the Ultra Short XRP ETF provides an inverse leverage of -2x, and the Short XRP ETF also offers inverse leverage at -1x. These futures-based ETFs will allow investors to speculate on the price movements of XRP without the need to purchase the cryptocurrency itself.

Unlike spot ETFs, which require investors to directly own the underlying asset, futures ETFs track the price of an asset through futures contracts. By launching these XRP futures ETFs, ProShares provides traders a way to bet on XRP’s price fluctuations, whether they expect it to rise or fall, without the complexities of owning or managing XRP tokens.

ProShares’ XRP ETFs join a growing list of crypto-related financial products making their way to traditional markets, following in the footsteps of Teucrium, which became the first firm to launch an XRP ETF on the New York Stock Exchange earlier this month. Teucrium’s approval, granted on April 8, marked a major step for XRP as a tradable asset in the ETF space, signaling increasing institutional interest in the digital asset.

At press time, XRP is experiencing a 4.86% price increase, trading at $2.28, with a market capitalization surpassing $133 billion. The token has seen a significant uptick in trading activity, with its 24-hour trading volume rising by 67.9% to $4.2 billion. These figures suggest a growing demand for XRP, which is further bolstered by institutional investment, especially following its inclusion in the Trump administration’s crypto reserve.

Despite the SEC’s approval for Teucrium and ProShares’ XRP ETFs, other firms are still awaiting their turn for approval. Grayscale, one of the most well-known asset managers in the crypto space, saw its XRP ETF application postponed by the SEC last month, with the agency requesting additional time for review. Other major players, including Franklin Templeton, Canary Capital, WisdomTree, Bitwise, CoinShares, and 21Shares, have also applied for institutional products tied to XRP, further fueling speculation that the token could play a more significant role in the financial markets moving forward.

With the launch of these new XRP ETFs, ProShares is positioning itself at the forefront of a burgeoning market, offering new opportunities for institutional investors and traders alike. As regulatory frameworks around cryptocurrency evolve, these developments could pave the way for more widespread adoption and integration of digital assets into traditional financial systems.