Volatility Shares Drops 1x XRP ETF on Nasdaq—Because Wall Street Just Can’t Quit Crypto

Nasdaq traders now have a shiny new toy—Volatility Shares just unleashed a 1x leveraged XRP ETF. Because nothing says ’mature asset class’ like turbocharged altcoin derivatives.

Wall Street’s latest crypto flirtation lets investors ride XRP’s rollercoaster without actually touching the stuff—perfect for institutions still pretending they’re ’just researching blockchain.’ The product launches as SEC Chair Gary Gensler probably sharpens another lawsuit pencil.

Fun fact: This arrives exactly zero days after anyone actually demanded leveraged XRP exposure. But hey—when has product-market fit ever stopped financial innovation?

In brief

• On May 22, 2025, Volatility Shares launches the very first XRP futures ETF, named XRPI, listed on Nasdaq.
• This ETF is based on CME XRP futures contracts, available for only two days.
• The arrival of this ETF rekindles speculation around a future XRP spot ETF, still awaiting SEC approval.
• The launch of XRPI could thus mark a strategic turning point for XRP, firmly embedding it in the traditional financial sphere.

The launch of the first 1x XRP futures ETF: a historic first

After the launch of XRP futures contracts by CME Group, Volatility Shares will officially introduce the first XRP futures ETF named “XRPI”, with a listing on Nasdaq starting May 22, 2025. The announcement was relayed by Eric Balchunas, senior ETF analyst at Bloomberg, on the eve of the launch on Wednesday, May 21 :

Volatility Shares launches tomorrow the very first XRP futures ETF, ticker $XRPI.

This information is now confirmed. Indeed, the first 1x exposure XRP futures ETF will be officially launched on May 22, 2025, by Volatility Shares, a recognized player in crypto derivatives products.

This ETF is directly based on XRP futures contracts listed on CME, available for only two days. The agility with which this product was structured indicates clear market anticipation and an already existing institutional appetite for regulated XRP products.

This launch takes place in a competitive context notably marked by the presence for several weeks of the Tectrium 2x Long Daily XRP ETF, a Leveraged ETF based on the same crypto. It shows spectacular figures, highlighting market demand :

• $120 million in assets under management (AUM), a significant amount for a crypto ETF backed by an asset other than Bitcoin and Ethereum ;
• $35 million in daily trading volume, reflecting solid liquidity ;
• A x2 leverage, which makes the product more speculative and reserved for informed audiences.

Given this observation, Volatility Shares has chosen a different strategy with XRPI. The company is betting on unleveraged exposure (1x) to attract more conservative institutional investors.

As Balchunas points out, this is “an initiative aimed at providing returns that double the projected daily gains of XRP on the market.” This refers to the success of the 2x as an indicator of preexisting interest in a more moderate version suited to portfolios with controlled risk.

A gateway to an XRP spot ETF ?

If the launch of XRPI draws so much attention, it is also because it rekindles speculation around an XRP spot ETF, whose approval by the SEC is still pending. The timing of the launch, combined with the rapid structuring of these derivative products, is interpreted by some actors as a precursor signal.

In his analysis, Balchunas considers that “the launch of XRP futures […] propels XRP toward widespread adoption.” In other words, these advances could serve as a springboard toward more comprehensive regulatory recognition of the crypto.

This shift from leveraged products to a 1x version, more institutionally compatible, potentially serves to build a trajectory toward a spot product, similar to what has been observed with Bitcoin.

This hypothesis also relies on recent developments in the Ripple ecosystem. For several weeks, positive signals have emerged: partial regulatory clarification in the United States, partnership agreements in the banking sector, and a resumption of certain cross-border activities.

In this context, the XRPI ETF appears as the most credible regulatory entry point for a comeback of XRP among institutional investors, long cooled by Ripple’s legal battles with the SEC. The recent rejection of the amicable agreement between the two parties by the US judiciary reignites legal uncertainties around Ripple and strengthens interest in regulated derivative instruments.

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