Simply put
- REX and Tuttle have launched leveraged ETFs for XRP and Solana.
- Similar offerings have already surfaced in the U.S. this year.
- Both cryptocurrencies saw price increases on Tuesday.
The prices of XRP and Solana surged on Tuesday with the introduction of leveraged exchange-traded funds (ETFs) from REX Shares and Tuttle Capital Management, aimed at enhancing asset performance.
The T-REX 2X Long SOL Daily Target ETF and the T-REX 2X Long XRP Daily Target ETF have started trading on the CBOE, as indicated by REX and Tuttle’s announcement. These funds represent a growing trend in crypto-focused investments, providing 200% leveraged exposure to the underlying assets.
Greg King, CEO of REX, stated that these ETFs provide traders a way to capitalize on short-term price fluctuations while using a conventional brokerage account.
“By broadening access to leveraged crypto assets through an ETF structure, we offer traders and investors a fresh opportunity to act on their convictions,” Matt Tuttle, CEO of Tuttle, added.
Not long ago, U.S. investors had limited options for accessing leveraged cryptocurrency, but REX and Tuttle now claim to offer 33 additional similar products. These include funds that track companies involved in cryptocurrency, like Bitmine Immersion Technologies.
XRP recently traded at approximately $2.17, marking an 8.6% increase over the previous day, while Solana climbed 12% to $139.56. Both cryptocurrencies had seen declines as Bitcoin pulled back from its peak in October.
When considering the potential landscape following U.S. President Donald Trump’s re-election last year, experts believed XRP and Solana could gain from regulatory changes. This year, we’ve also seen the launch of various products focusing on cryptocurrencies, including alternatives like Dogecoin.
Spot ETFs track the market price by holding the actual asset, whereas the leveraged ETFs from REX and Tuttle employ financial derivatives to aim for substantial returns. Other firms, including Volatility Shares and ProShares, also offer leveraged XRP and Solana ETFs.
Last month, Canary Capital’s Spot XRP ETF debuted with first-day trading volume hitting $58 million. Additionally, the Bitwise Solana Staking ETF launched in October, enabling investors to earn staking rewards.
Recently, XRP and Solana-related investment products attracted inflows of $289 million and $4.4 million, respectively, according to data from CoinShares. So far this year, Solana products have amassed $3.4 billion, while RippleLink tokens have reached $2.9 billion.
In a prediction market hosted by Myriad, 95% of participants do not anticipate Solana achieving its all-time high by year’s end.
