In brief
- REX and Tuttle began offering leveraged XRP and Solana ETFs.
- Similar products have already debuted in the U.S. this year.
- The price of both cryptocurrencies rose on Tuesday.
As the price of XRP and Solana spiked on Tuesday, separate leveraged, exchange-traded funds from REX Shares and Tuttle Capital Management aiming to magnify the assets’ performance debuted.
The T-REX 2X Long SOL Daily Target ETF and T-REX 2X Long XRP Daily Target ETF began trading on the CBOE, REX and Tuttle said in a press release, adding to a growing list of crypto-focused funds. The ETFs provide 200% leveraged exposure to the assets, similar to a number of other products.
The ETFs area way for traders to capitalize on short-term price swings, within the familiar setting of a traditional brokerage account, REX CEO Greg King said in a statement.
“By expanding access to leveraged crypto assets through the ETF wrapper, we’re giving traders and investors new ways to act on their conviction,” Tuttle CEO Matt Tuttle added.
Not long ago, U.S. investors only had a handful of ways to gain leveraged exposure to cryptocurrencies, but REX and Tuttle said they now offer 33 other similar products, including those that track crypto-buying firms like BitMine Immersion Technologies and Strategy.
XRP recently changed hands around $2.17, an 8.6% increase over the past day, according to crypto data provider CoinGecko. Solana rose 12% to $139.56, meanwhile. Both assets have been hammered in recent weeks, alongside Bitcoin’s retreat from record highs in October.
Amid U.S. President Donald Trump re-election last year, XRP and Solana were among digital assets that experts thought could benefit from regulatory shifts. This year, several products dedicated to the cryptocurrencies have debuted, as well as for alternatives like Dogecoin.
Spot ETFs track an asset’s market price by holding onto the underlying asset itself, but REX and Tuttle’s leveraged ETFs seek to deliver outsized returns using financial derivatives. Volatility Shares and ProShares also offer leveraged XRP and Solana ETFs.
When Canary Capital’s spot XRP ETF debuted last month, it generated $58 million in first-day trading volume. The showing surpassed the debut of the Bitwise Solana Staking ETF in October. BSOL allows investors to benefit from staking rewards.
Last week, investment products tied to XRP and Solana notched $289 million and $4.4 million worth of inflows, respectively, according to data from asset manager CoinShares. Year-to-date, Solana products have taken in $3.4 billion, against $2.9 billion for the Ripple-linked token.
In a Myriad prediction market, 95% of respondents do not expect Solana to hit a record high by the end of the year. Myriad is a unit of Dastan, the parent company of an editorially independent Decrypt.
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Source: https://decrypt.co/350660/xrp-solana-jumping-they-got-2-leveraged-etfs
