MrSquidward

ProShares Trust has received approval from the U.S. Securities and Exchange Commission (SEC) to launch a series of XRP-based ETF products, with the official effective date set for April 30, 2025.

According to the newly filed Form N-1A documents, this launch will include several ETFs focused on XRP, including the ProShares UltraShort XRP ETF, ProShares Ultra XRP ETF, and ProShares Short XRP ETF. In the filing, the SEC noted that the changes are solely intended to establish a new effective date without any other substantive changes.

ProShares Trust is headquartered in Bethesda, Maryland, with ProShare Advisors LLC acting as the investment advisor and Richard Morris listed as the service agent, supported by the law firm Dechert LLP in New York.

This move marks a strategic expansion of ProShares Trust into the digital asset sector, in line with the company's efforts to broaden its lineup of crypto-based investment products. These XRP ETFs will operate under the mutual fund framework and will be registered in accordance with the provisions of the Securities Act and the Investment Company Act.

This product is designed to provide leveraged and inverse exposure to the price movements of XRP, offering new options for investors seeking access to cryptocurrencies through regulated financial instruments.
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Cantor Equity Partners Inc. shares surged 220% since the close of trading on April 22, a day before the company announced a merger with Twenty One Capital Inc., a company backed by Tether Holdings SA, Bitfinex, and SoftBank Group Corp.

This surge pushed the company's market valuation to about three times the value of the Bitcoin they would hold. By Friday afternoon local time, Cantor shares were trading at $33.99.

According to a presentation to investors, the deal includes a convertible bond offering, with a total diluted share count of 370.7 million shares.

At the current share price, the full market value of Twenty One is estimated to exceed $12 billion — far above the estimated value of Bitcoin they will own, around $4 billion based on an average price of $84,864 per BTC in the filing documents.

Interest in Cantor reflects the huge demand for Bitcoin investment "proxies" from both retail and institutional investors. Keefe, Bruyette & Woods analyst Bill Papanastasiou described this trend as a bet on the “fastest horse” for Bitcoin exposure.

After the merger, public SPAC shareholders are expected to own only 2.7% of the outstanding shares, with Tether holding 43%, Bitfinex 16%, SoftBank 24%, and Cantor affiliates 1.9%.

This phenomenon follows the successful path of MicroStrategy Inc. led by Michael Saylor, which bought Bitcoin in large quantities funded through convertible bonds and stock issuance.

“With the joining of these three major digital asset players, the market sees a huge opportunity,” said Papanastasiou.

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