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By Helene Braun, AI Boost|Edited by Nikhilesh De
Jul 15, 2025, 5:00 p.m.
- ProShares’ new ETFs offer leveraged exposure to Solana and XRP using regulated futures contracts rather than holding the tokens directly.
- The launch follows NYSE Arca’s certification of listing approval in coordination with the SEC.
- The existence of regulated futures products could support pending applications for spot SOL and XRP ETFs by demonstrating market maturity.
Two new crypto exchange-traded funds (ETFs) targeting Solana
and XRP
are launching in the U.S. on Tuesday, marking another step in the expanding intersection of traditional finance and digital assets.
STORY CONTINUES BELOW
ProShares, a major player in leveraged ETFs, rolled out the ProShares Ultra Solana ETF (SLON) and the ProShares Ultra XRP ETF (UXRP). Both products aim to deliver twice the daily performance of their respective underlying cryptocurrencies, but do so using regulated futures contracts — not by holding the tokens themselves, ProShares said in a press release.
The launches follow confirmation from NYSE Arca, which certified the “approval for listing” of both funds in coordination with the U.S. Securities and Exchange Commission (SEC), according to two letters filed Monday.
While these ETFs won’t offer investors direct exposure to the price movements of SOL or XRP, their arrival on U.S. exchanges reflects growing institutional comfort with crypto-backed 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 presence of a regulated futures market can help regulators gauge liquidity, pricing mechanisms and investor protection, all key factors in evaluating applications for spot ETFs.
Several asset managers, including VanEck and Bitwise, currently have active proposals with the SEC for spot Solana and spot XRP ETFs. The SEC has not yet approved any spot ETFs tied to either asset, but futures-based products like SLON and UXRP could influence that path.
The new funds also speak to increasing demand from traders and institutions looking for leveraged exposure to major altcoins, even as the regulatory picture for spot crypto products continues to evolve.
Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.
Helene is a New York-based markets reporter at CoinDesk, covering the latest news from Wall Street, the rise of the spot bitcoin exchange-traded funds and updates on crypto markets. She is a graduate of New York University’s business and economic reporting program and has appeared on CBS News, YahooFinance and Nasdaq TradeTalks. She holds BTC and ETH.
“AI Boost” indicates a generative text tool, typically an AI chatbot, contributed to the article. In each and every case, the article was edited, fact-checked and published by a human. Read more about CoinDesk’s AI Policy.
