ProShares Launches 2x Leveraged Solana and XRP ETFs on NYSE Arca Amid Institutional Demand

ProShares has launched two new leveraged ETFs: the ProShares Ultra Solana ETF (SLON) and the ProShares Ultra XRP ETF (UXRP).

These funds aim to deliver 2x the daily performance of SOL and XRP, respectively. Approved for listing on NYSE Arca in coordination with the U.S. SEC, the ETFs became available to investors on July 15, 2025.

Both SLON and UXRP offer indirect crypto exposure through cash‑settled futures contracts and swap agreements, rather than holding SOL or XRP directly. According to ProShares, this structure allows traders and institutions to access leveraged exposure without the challenges of custody or borrowing.

ProShares CEO Michael L. Sapir commented, “As cryptocurrencies become more widely adopted, investors are turning to platforms like Solana and XRP for next‑generation blockchain exposure.”

The launch adds to ProShares’ growing crypto-linked portfolio, which now includes over $1.5 billion in assets across 12 ETFs and 3 mutual funds, as of July 10, 2025.

Regulatory Advances and Market Reactions

The approval of SLON and UXRP highlights the maturing landscape of crypto regulation. NYSE Arca’s listing certification indicates a growing regulatory comfort with crypto-based financial products.

These launches follow earlier milestones such as Teucrium’s XRP futures ETF in April 2025 and Volatility Shares’ Solana ETFs in March 2025, underscoring a broader trend toward regulated crypto investment vehicles.

However, spot ETF proposals for Solana and XRP—submitted by firms like VanEck and Bitwise—remain under SEC review. The futures-based structure of ProShares’ products aligns with current regulatory preferences.

The introduction of SLON and UXRP may improve market liquidity and attract institutional capital, potentially paving the way for future spot ETF approvals.

Investor Risks and Strategic Opportunities

SLON and UXRP present potential for enhanced returns, but their leveraged nature also introduces significant risk. These non-diversified funds rely on derivatives to deliver 2x daily exposure, meaning that losses can be rapid and total.

“SLON and UXRP provide a way to overcome the challenges of acquiring leveraged positions in these assets,” said Michael Sapir, emphasizing that they offer more accessible tools for crypto allocation.

ProShares, which manages over $85 billion in assets, first entered the crypto ETF market in October 2021 with the launch of BITO, the first U.S. Bitcoin-linked ETF. The company continues to lead the space.

With Paul Atkins confirmed as SEC Chair on April 9, 2025, and signaling support for clear digital asset regulations, these ETFs could mark a pivotal moment in integrating cryptocurrencies into traditional finance.