ProShares Has Announced May 14 as the New Target Date

ProShares is now targeting May 14 for the launch of its futures-based XRP exchange-traded funds (ETFs), according to a recent post-effective amendment filing with the U.S. Securities and Exchange Commission (SEC).

The filing, which was procedurally updated by the asset manager, marks a change from previous reports and speculation that the ETF would launch on April 30, which was later denied.

The earlier filing led to confusion across financial media and social networks, with some sources reporting that the SEC had allowed the ETF to begin trading on April 30. This misinformation also led to a short-lived price jump for XRP. However, it was later clarified that no such approval had been granted.

In addition to the futures-based ETF, ProShares has also submitted an application for an actual XRP ETF, as have Franklin Templeton, Bitwise and Grayscale, among other companies.

Out of all the applications submitted, Franklin Templeton’s application can be regarded as one of the most popular. On April 29, the SEC extended its decision on Franklin Templeton’s proposal until June 17. The firm registered the XRP ETF in March after registering a similar request for the Solana ETF.

Eleanor Terrett, a journalist who follows ETF developments, added in a post on X, formerly Twitter, that “for the $XRP spot ETF, James [Seyffart] is eyeing mid-October, around the 18th, as a final decision deadline.”

Other large asset managers like BlackRock and Fidelity have not applied for XRP ETFs yet but are rumored to join the party later in the year 2025 if the market demands for the competition.

While ProShares and Franklin Templeton have received most of the attention, the US SEC has also granted an extension on other ETF filings. They include Bitwise’s proposed launch of Dogecoin ETF and Fidelity’s attempt to introduce staking into its Ethereum spot ETF.

The SEC is required to issue a final decision on ETF proposals within 240 days from the time they are officially published in the Federal Register. Consequently, according to Bloomberg's report, several cryptocurrency-related ETF decisions may be finalized in the fourth quarter of the year.

The recent changes in SEC leadership may affect how quickly the agency acts on crypto ETF applications. Earlier this month, Paul Atkins officially became the US SEC Chair. Atkins is known for his pro-crypto stance and was confirmed with support in the Senate.

Under previous leadership, including former Acting Chair Mark Uyeda, the SEC took a cautious approach to crypto ETFs, leading to the agency extending review deadlines for multiple applications.

Despite the delays, the current regulatory framework suggests that several key decisions on XRP and other crypto ETFs will likely come by October. Until then, futures-based products like those proposed by ProShares may enter the market earlier.