April 30 was widely expected to mark a significant milestone for XRP, with multiple media outlets reporting that ProShares would launch the first U.S. spot-based XRP exchange-traded fund (ETF). The fund was said to give traditional investors direct exposure to XRP without requiring custody of the asset.
The ETF, however, did not launch.
No approval was issued by the Securities and Exchange Commission (SEC), and the reports of an April 30 launch were based on a misinterpretation of regulatory filings.
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Origin of the Confusion
The misunderstanding stems from a ProShares filing submitted on April 15. In that document, ProShares included a checkbox referencing April 30 as a proposed effective date. This standard procedural element was widely misinterpreted as confirmation of regulatory approval.
Shortly after, multiple social media accounts and crypto news sites shared posts stating that the ETF had been approved. This spread quickly, with many interpreting the placeholder date as a finalized launch timeline.
XRP’s price responded with a modest spike as traders attempted to position themselves ahead of the perceived announcement. That momentum faded once the facts became clear.
Clarification from Analysts
Bloomberg ETF analyst James Seyffart publicly confirmed that no spot XRP ETF had been approved. In his statement on X, he emphasized that the April 15 filing was not indicative of any SEC decision and that the information circulating was incorrect.
There was no supporting press release from ProShares, no official communication from regulators, and no rule changes filed in the Federal Register. The assumed launch was speculative, not confirmed.
Updated Filing and Delay
While a spot ETF has not been approved, ProShares is pursuing a different product – a leveraged XRP ETF. In an updated filing, the company revised the proposed effective date for this fund to May 14.
This revision is procedural and does not imply approval is forthcoming. As with the previous filing, the new date serves only as a placeholder and may change again depending on regulatory developments.
Outlook for XRP ETFs
Despite the setback, expectations for a U.S.-listed XRP ETF remain high. Forecasting platform Polymarket currently shows a roughly 80% implied probability of approval before the end of the year, based on active prediction markets.
There has been movement internationally as well. Brazil recently became the first country to approve a spot XRP ETF, and in the U.S., the first leveraged XRP product – Teucrium’s XXRP – was approved and launched in early April.
While the leveraged fund is structurally different from a spot ETF and does not imply imminent approval of one, it reflects a growing willingness by regulators to consider XRP-linked financial products. For now, the timing of any potential spot ETF approval remains uncertain.
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