Crypto
crypto
Yaël Bizouati-Kennedy

NYSE Arca approves ProShares leveraged XRP futures ETF

NYSE Arca certified its approval for the listing of the futures-based ProShares XRP Ultra ETF and the fund has started trading under the ticker UXRP today. The leveraged ETF targets 2x the daily returns of XRP, Ripple’s native token.

XRP, the third-largest crypto by market cap, is down roughly 4% over the last 24 hours but is up an eye-popping 440% in the past year.

The company also launched the Proshares Ultra Solana ETF, another leveraged fund, this morning. Solana, the sixth-largest crypto, is down today.

“As cryptocurrencies become more widely adopted, investors are turning to platforms like Solana and XRP for exposure to next-generation blockchain technologies,” ProShares CEO Michael L. Sapir said in a press release. “SLON and UXRP provide the opportunity to target leveraged exposure to Solana and XRP, allowing investors to overcome the challenges of acquiring leveraged exposure to these cryptocurrencies.”

Mike Cahill, CEO of Douro Labs, told Sherwood News that the approval of a leveraged XRP ETF further underscores what the insiders have been saying all year: DeFi and TradFi are converging. 

“Crypto is no longer being seen only as a speculative sideshow, but as a legitimate asset class worthy of sophisticated products. While the ETF is derivatives-based, the signal it sends to institutional investors is clear: the market structure for digital assets is maturing quickly. I expect to see a lot of similar developments coming our way soon,” he added.

On April 8, the first-ever XRP-based ETF hit the market, Teucrium Investment Advisors’ Teucrium 2x Long Daily XRP ETF, which is up 58% since launch.

Jake Hanley, managing director and senior portfolio specialist at Teucrium, said that while he cannot comment on other issuers’ funds, Teucrium’s “foresight has proven correct,” regarding the increased interest in XRP and XRP ETFs.

Mike Cahill, CEO of Douro Labs, told Sherwood News that the approval of a leveraged XRP ETF further underscores what the insiders have been saying all year: DeFi and TradFi are converging. 

“Crypto is no longer being seen only as a speculative sideshow, but as a legitimate asset class worthy of sophisticated products. While the ETF is derivatives-based, the signal it sends to institutional investors is clear: the market structure for digital assets is maturing quickly. I expect to see a lot of similar developments coming our way soon,” he added.

On April 8, the first-ever XRP-based ETF hit the market, Teucrium Investment Advisors’ Teucrium 2x Long Daily XRP ETF, which is up 58% since launch.

Jake Hanley, managing director and senior portfolio specialist at Teucrium, said that while he cannot comment on other issuers’ funds, Teucrium’s “foresight has proven correct,” regarding the increased interest in XRP and XRP ETFs.

More Crypto

See all Crypto
crypto
Sage D. Young

Coinbase sinks after missing on Q1 earnings, revenue

Shares of Coinbase, the largest cryptocurrency exchange in the US, slid in after-hours trading after it missed analysts’ expectations for Q1 earnings.

The company reported:

  • Total revenue of $1.4 billion, below the nearly $1.5 billion analysts polled by FactSet were expecting.

  • Transaction revenue of $755.8 million, well below the consensus estimate of $808.1 million and a 40% decline from nearly $1.3 billion in last year’s period.

  • A surprise loss of $394 million, a $1.47 loss per share for the quarter, compared to net income of $65.6 million in last year’s period.

The firm has 12 products generating over $100 million on an annualized basis, with prediction markets being one of its “fastest growing products ever, on track on become the 13th product,” according to Coinbase’s presentation.

The earnings report comes in the same week CEO Brian Armstrong announced the firm is cutting 14% of its workforce, or about 700 employees, citing artificial intelligence and the need to adjust its cost structure amid a down market.

Yaël Bizouati-Kennedy
20h
Strategy’s STRC “at the center” of one of the “biggest bitcoin buying” months

STRC broke ATM records and saw record daily, weekly, and monthly trading volumes in the billions of dollars.

Bitcoin Conference
crypto
Sage D. Young

Crypto blossoming with green shoots as ethereum and altcoins surge

Crypto markets are warming into a spring rebound as green shoots emerge in the sector.

Ethereum broke above $2,400 Wednesday morning, its highest mark since the end of January, with open interest across Binance, Bybit, OKX, Deribit, and Hyperliquid jumping to almost $12 billion from $10.7 billion on Wednesday morning, a sign new traders are opening positions, data from blockchain analytics firm Velo.xyz shows. 

Coinciding with the price action, institutional flows are positive, with ETFs seeing three straight days of inflows, totaling $260 million in the period, according to SoSoValue. 

“Crypto Spring, in our view, has commenced and like past cycles, investor sentiment and conviction are muted and bearish even as crypto prices strengthen,” BitMine Chairman Tom Lee said Monday, while announcing the firm added 101,745 ethereum tokens to its stockpile last week. 

Meanwhile, privacy and meme tokens are rallying, too:

  • Dogecoin, adored by billionaire Elon Musk, has climbed as high as 11.7 cents, a level not seen since January. 

  • DASH has increased 22.8% in the last 24 hours.

  • Zcash, a privacy coin, rallied to a five-month high, breaking past $600 before settling at $574 as of 10:45 a.m. ET, a 33.3% surge in the same period.

Zcash’s upswing comes after Tushar Jain, cofounder and managing partner at investment firm Multicoin Capital, announced that it “built a significant position in $ZEC since February.” 

“We believe that truly private, censorship and seizure resistant assets have clear product-market fit and demand is accelerating… $ZEC is the cleanest way to express this thesis in public markets,” Jain said on X.

Yaël Bizouati-Kennedy
5/6/26
As bitcoin flirts with $83,000, Saylor says Strategy will “probably sell some bitcoin”

For investors, three key factors require further monitoring for the “sustainability of price levels above $80,000.”

Bitcoin Conference 2023
crypto
Sage D. Young

Hut 8 misses on earnings, but shares fly on $9.8 billion lease for Texas AI data center campus

Shares of Hut 8 are up more than 34% in early trading on Wednesday on news the firm signed a $9.8 billion deal to lease its AI facility in Texas over a 15-year period to provide compute capacity for a “high-investment-grade” company.

While the tenant of Hut 8’s Texas data center campus remains confidential, the firm’s CEO, Asher Genoot, said in an earnings call that the tenant is not Anthropic nor Google.

The announcement comes on the same day the firm released its first-quarter earnings, which missed analysts’ expectations.

  • The AI compute company and bitcoin miner reported Q1 revenue of $71 million, compared to the FactSet analyst consensus estimate of $78.4 million.

  • Hut 8 also reported a Q1 net loss of $134.3 million versus a loss of $250.7 million for the prior year period.

“We continue to execute against our 2025 roadmap by advancing potential catalysts for topline growth, including the energization of Vega, the initial sitework at River Bend, and the development of our utility-scale power portfolio,” Genoot said.

“We believe these initiatives will further accelerate our ability to generate resilient near-term cash flows while building toward enduring leadership across next-generation digital infrastructure markets,” Genoot continued.

On Monday, Hut 8 entered into a $200 million bitcoin-backed credit facility with crypto prime broker FalconX, a move that not only replaces its prior arrangement with Coinbase but also reduces debt costs.

Bloomberg also reported last week that the company sold $3.25 billion of investment-grade bonds to finance the development of a turnkey data center tied to Google.

Latest Stories

Sherwood Media, LLC produces fresh and unique perspectives on topical financial news and is a fully owned subsidiary of Robinhood Markets, Inc., and any views expressed here do not necessarily reflect the views of any other Robinhood affiliate, including Robinhood Markets, Inc., Robinhood Financial LLC, Robinhood Securities, LLC, Robinhood Crypto, LLC, Robinhood Derivatives, LLC, or Robinhood Money, LLC. Futures and event contracts are offered through Robinhood Derivatives, LLC.
©2026 Sherwood Media, LLC