ProShares Launches 2x Solana ETF, SEC Approves Ultra XRP ETF
ProShares has launched the ProShares Ultra Solana ETF (SLON) and, on July 14, 2025, the SEC approved the ProShares Ultra XRP ETF (UXRP), both offering 2x daily exposure via regulated futures contracts. Listed on NYSE Arca, these futures-based ETFs track Solana and XRP without holding spot tokens. Approval of the ProShares Ultra XRP ETF follows a 2023 court ruling that secondary XRP sales aren’t securities. Traders view the ProShares Ultra XRP ETF and SLON as efficient tools to capture leveraged crypto price moves. They signal growing institutional demand, enhance liquidity and price efficiency in crypto futures markets, and may boost prospects for spot SOL and XRP ETF approvals from asset managers like VanEck and Bitwise.
Bullish
The launch of SLON and SEC approval of the ProShares Ultra XRP ETF provide traders with new leverage tools, boosting short-term trading activity and volatility-driven opportunities. These futures-based products deepen institutional engagement, improve liquidity and price discovery in Solana and XRP futures markets, and strengthen the case for future spot ETF approvals. Overall, they support positive market sentiment and potential price appreciation for both SOL and XRP.