Wall Street Goes All In: NYSE Approves First 2× Leveraged XRP & Solana ETFs
- Mathew Jacob
- Jul 15, 2025
- 2 min read
In a groundbreaking move that could reshape the future of crypto investing, NYSE Arca has officially approved the first-ever 2× leveraged exchange-traded funds (ETFs) tied to XRP and Solana (SOL). The approval of the ProShares Ultra XRP ETF (UXRP) and the ProShares Ultra Solana ETF (SLON) marks a new era of financial innovation, bringing amplified crypto exposure to institutional investors via regulated Wall Street channels.
Both ETFs are designed to deliver twice the daily performance of their respective digital assets—XRP and Solana—by utilizing futures contracts, swaps, and other derivatives. Rather than holding the tokens themselves, these funds track the price movement indirectly, allowing traders to speculate on price swings with double the impact. The products are expected to begin trading as early as July 18, signaling a fast-track rollout following regulatory greenlight.
This development is monumental for several reasons. It’s the first time leveraged crypto ETFs outside of Bitcoin and Ethereum have gained approval in the U.S. market. It also shows a strong pivot from Wall Street, which until recently was hesitant to embrace crypto assets beyond the top two coins. ProShares, already known for launching the first Bitcoin-linked ETF in 2021, is once again at the forefront of this evolution.
The approvals coincide with a pivotal moment in U.S. crypto policy. As “Crypto Week” unfolds in Washington, D.C., lawmakers are debating landmark legislation like the FIT21 bill and the Anti-CBDC Surveillance State Act, which could significantly reshape the U.S. crypto landscape. Meanwhile, the SEC appears to be accelerating its ETF approval process, with timelines shrinking from the traditional 240 days to just 75 for some products.
Market reaction has been swift. XRP, which has seen a strong resurgence in recent weeks, surged close to $2.90 amid ETF speculation, while Solana is holding firm above $180. Traders and analysts alike see this as the beginning of a new wave of institutional demand that could propel these assets to new heights—especially if other issuers follow suit.
However, with opportunity comes risk. ProShares' official filings highlight the highly speculative nature of leveraged ETFs. These products are intended for short-term traders—not long-term holders. They carry heightened volatility, daily rebalancing risks, potential tracking errors, and are particularly vulnerable in choppy or sideways markets. The funds’ prospectus even warns that XRP and SOL “could theoretically reach zero” under extreme conditions.
Looking ahead, ProShares is reportedly preparing more crypto ETFs, including the Short XRP ETF (XRPS), which offers -1× daily exposure, and the UltraShort XRP ETF (RIPS), which offers -2× exposure. These inverse funds will allow traders to bet against the market in a regulated and strategic way, further expanding Wall Street’s crypto toolkit.
In conclusion, the NYSE Arca’s approval of ProShares’ 2× leveraged XRP and Solana ETFs is a major turning point. It’s a clear signal that crypto is no longer on the fringe of finance—it’s becoming a core battleground where traditional capital meets blockchain innovation. Wall Street is no longer observing from the sidelines. It’s now actively building instruments to amplify crypto gains—and risks—under the full spotlight of regulation.
