TL;DR
- ProShares denied the rumors about an XRP ETF for April 30 and clarified that it only evaluates futures-based products.
- Ripple managed to list in Brazil its first spot ETF, operated by Hashdex on the B3 exchange with management by Genial Investimentos.
- The approval of spot ETFs in the U.S. remains tied to the litigation between Ripple and the SEC.
ProShares dismissed the rumors about an XRP ETF scheduled for April 30 in the United States. The company clarified that it has no plans to launch a fund of this type on that date and that any product linked to the cryptocurrency will be based on futures contracts.
The confusion arose from a regulatory filing made on April 15, which some media outlets misinterpreted. ProShares pointed out that there are no pending announcements or scheduled updates.
Far from an XRP Spot ETF
Meanwhile, the market continues to wait for financial products based on XRP. Nate Geraci, president of The ETF Store, explained that the proposals under review are limited to futures-based funds. This type of instrument allows investors to gain exposure to price fluctuations without directly acquiring the asset. Among the available options are leveraged and inverse versions. Teucrium, for example, already operates an ETF that doubles the daily performance of the cryptocurrency through swap contracts.
The future of XRP spot ETFs in the United States remains subject to regulatory issues. Companies like Grayscale, Bitwise, Franklin Templeton, WisdomTree, and 21Shares have active applications, but no decisions are expected before October this year. According to Polymarket data, the approval odds for December reach 78%, an improvement from 68% in April, although still below the 87% recorded in March.
Progress in Brazil
Outside the U.S. market, Ripple managed to advance with the listing of its first spot ETF for its native token. The Brazilian firm Hashdex began operating the fund on the B3 exchange in São Paulo. This product allocates at least 95% of its assets to the cryptocurrency and replicates the Nasdaq XRP Reference Price Index. Under the management of Genial Investimentos, it aims to attract institutional capital within Brazil’s stock market system.
The legal conflict between Ripple and the SEC continues to affect the chances of spot ETFs being authorized in the United States. A motion filed on April 10 suggests that both parties might be considering a settlement. The future of these proposals will largely depend on the final decision regarding the SEC’s appeal and the stance adopted by its new chairman, Paul Atkins.
