New Cryptocurrency ETF Options Launch: ProShares and Amplify Lead the Market
April 29, 2025
By Steve Randall
As the cryptocurrency market continues to evolve, investors will soon have a broader array of options to gain exposure through exchange-traded funds (ETFs). This week, both ProShares and Amplify ETFs are launching new products designed to cater to diverse investment strategies within the crypto space.
ProShares Unveils New XRP ETFs
On Wednesday, ProShares is set to launch three new futures-based ETFs that focus on Ripple’s XRP cryptocurrency. This marks a significant development in the crypto investment landscape, especially since these funds will track the price of XRP without directly holding the digital asset. Importantly, the funds were not rejected by the U.S. Securities and Exchange Commission (SEC) during the review process, allowing them to launch under implied approval.
The trio of funds includes the Ultra XRP ETF, Short XRP ETF, and Ultra Short XRP ETF. While these are not the first leveraged funds available for XRP, that distinction belongs to Teucrium Investment Advisors’ XRP ETF, which debuted earlier this month.
In a related announcement, the CME Group recently revealed plans to launch XRP futures contracts on May 19, pending regulatory review. Sal Gilbertie, CEO of Teucrium, highlighted the growing interest in XRP, stating, “XRP was purpose-built for real financial use cases and today facilitates global value transfers through the fast, low-cost XRP Ledger.” The interest is underscored by Teucrium’s recently launched 2x Daily Long XRP ETF (XXRP), which accumulated $35 million in assets under management (AUM) within its first ten trading days, reflecting strong investor demand for regulated access to leading digital assets.
Amplify Introduces New Bitcoin ETFs
In tandem with ProShares’ launch, Amplify ETFs is rolling out two new products aimed at Bitcoin investors as of today, April 29. The freshly minted ETFs, named the Amplify Bitcoin 24% Premium Income ETF (BITY) and the Amplify Bitcoin Max Income Covered Call ETF (BAGY), are actively managed and seek to provide investors with both income and growth potential.
The unique strategy behind these ETFs involves acquiring long exposure to Bitcoin through exchange-traded products (ETPs) and synthetic options, coupled with a strategy of writing weekly covered calls and rolling expiring contracts. This approach is designed to offer high monthly distributions to investors while allowing them to participate in Bitcoin’s price movements.
Christian Magoon, CEO of Amplify ETFs, commented on the challenges and opportunities posed by Bitcoin’s inherent volatility. “BAGY and BITY represent the next generation of weekly Bitcoin option income strategies as they seek to deliver attractive income while offering upside exposure to Bitcoin’s growth potential,” he said.
Implications for Investors
The launches by ProShares and Amplify signify a growing acceptance and integration of cryptocurrencies within conventional investment portfolios. With these new ETF offerings, investors now have more avenues to explore the increasingly mainstream financial asset class of cryptocurrencies, which continues to undergo rapid change.
As the market for crypto-focused financial products expands, it will be critical for investors to stay informed about the associated risks and benefits of these emerging investment vehicles. Whether looking for income generation through covered calls or seeking exposure to the price movements of XRP, these new ETFs provide exciting options for diversifying investment strategies in the crypto sphere.
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