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BETHESDA, Md. - ProShares announced Tuesday the launch of two new cryptocurrency-linked exchange-traded funds: the ProShares Ultra Solana ETF (SLON) and the ProShares Ultra XRP ETF (UXRP). The move comes as the company’s Short Bitcoin Strategy ETF (BITI) has seen significant market movement, with InvestingPro data showing a 9.32% decline over the past week and currently trading near its 52-week low of $17.27.
The new ETFs target twice the daily performance of Solana and XRP respectively, which are among the world’s largest cryptocurrencies by market capitalization. The funds do not invest directly in the cryptocurrencies but instead use derivatives such as swap agreements and futures contracts to provide indirect exposure.
"As cryptocurrencies become more widely adopted, investors are turning to platforms like Solana and XRP for exposure to next-generation blockchain technologies," said ProShares CEO Michael L. Sapir in a press release statement.
These additions expand ProShares’ crypto-linked fund lineup to 12 ETFs and three mutual funds, which the company claims is the largest suite of such products in the United States. The firm’s leveraged crypto-linked ETFs manage more than $1.5 billion in assets as of July 10, 2025. According to InvestingPro data, BITI currently maintains a market capitalization of $67.45 million and shows a weak financial health score of 0.15, indicating potential risks in the volatile crypto ETF space.
ProShares entered the cryptocurrency ETF market in October 2021 with the launch of the first U.S. bitcoin-linked ETF. The company has since introduced several other products including short bitcoin and ether ETFs.
The new funds join ProShares’ existing lineup of leveraged investment products. The company currently manages over $85 billion in assets across various ETF strategies.
Like other leveraged investment products, these ETFs are designed to be used as short-term trading vehicles rather than long-term investments, as returns over periods longer than one day may deviate significantly from their daily targets due to compounding effects. For deeper insights into crypto ETF performance and additional financial metrics, InvestingPro subscribers can access over 10 exclusive ProTips and comprehensive market analysis tools.
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