XRP ETF Not Launching Soon, Why Are Investors Looking At These Two Dates?
Contrary to some earlier reports, asset manager ProShares has indicated that its XRP ETF will not be launching soon. Meanwhile, a prominent member of the XRP community has hinted that May 1st and June 9th are two dates that community members should look forward to.
ProShares Debunks XRP ETF Launch Data
A ProShares spokesperson has debunked reports that the firm’s XRP ETF is set to launch on April 30. The spokesperson confirmed that there are no ETF launches scheduled for April 30 and there was no update to share on a potential launch yet.
In an X post, Bloomberg analyst James Seyffart also debunked the April 30 rumors for the ProShares XRP ETF launch. He stated that they have confirmed that this is not the case and that there is no launch date yet. However, he stated that they believe the ETF will launch, likely in the short term or possibly the medium term.
Although the exact launch date remains unknown, ProShares, in a recent SEC filing, proposed that the XRP ETF should go live on May 14. However, this is undoubtedly still subject to approval from the Commission. It is worth mentioning that the ETF is based on XRP futures, not spot, and will not provide direct exposure to the altcoin but to leveraged contracts instead.
Earlier this month, Teucrium Investment Advisors launched the first-ever leveraged XRP ETFs in the US. Besides the potential launch of another leveraged XRP ETF, another event worth looking forward to in May is the launch of the CME Group XRP futures. The derivatives exchange announced earlier this month that it will add XRP futures to its crypto suite on May 19, pending regulatory approval.
The XRP futures launch would further solidify the case for the approval of a Spot XRP ETF. The SEC recently delayed its decision on Franklin Templeton’s XRP ETF, but Seyffart explained that it was to be expected. The analyst doesn’t expect the SEC to approve or deny the fund until later in the year, possibly in the fourth quarter.
Two Dates To Keep An Eye On
While asset managers have shown their intention to offer XRP-related investment products, others like BlackRock seem still hesitant, with the world’s largest asset manager yet to make any filing. However, Bale, a prominent XRP community member, suggested that it won’t be too long before BlackRock also files for an XRP ETF and revealed two dates to keep an eye on.
In an X post, he stated that he had met with someone from BlackRock who gave him May 1 and June 9 as the two dates to watch. This has raised speculations that the asset manager could file for an XRP ETF on one of these days.
Featured image from Pexels, chart from Tradingview.com
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