GraniteShares 3x XRP ETF Postponed to May 7

GraniteShares has postponed the launch of its 3x Long and 3x Short XRP Daily ETFs from April 23 to May 7. This marks the fifth delay in just three weeks, raising concerns over the SEC’s willingness to approve 3x leveraged crypto products, similar to its prior rejection of similar offerings from ProShares in December 2025.

GraniteShares has rescheduled the launch of its 3x Long and 3x Short XRP Daily ETFs from April 23 to May 7, as reported by 247 Wall St., which cites a Rule 485 filing under the Securities Act of 1933 that allows issuers to modify launch dates without restarting the complete regulatory review. The effective date has already shifted five times: from April 2 to April 9, then to April 16, April 23, and now May 7.

GraniteShares 3x XRP ETF Under Continuous SEC Scrutiny Over Leverage Structure

This pattern of delays mirrors the regulatory hurdles that curtailed ProShares’ ambitions regarding its 3x crypto ETF. In December 2025, the SEC issued formal letters to ProShares, Direxion, and Tidal Financial referencing Rule 18f-4, which restricts fund leverage to 200%. This led ProShares to withdraw its entire 3x crypto lineup, including a product nearly identical to the one GraniteShares is currently trying to launch. All eight of GraniteShares’ leveraged funds, comprising both 3x Long and 3x Short offerings for Bitcoin, Ethereum, Solana, and XRP, have now been rescheduled for May 7. As 247 Wall St. noted, this indicates that the SEC is grappling with concerns regarding the 3x leverage structure itself rather than issues specific to any particular asset. Notably, as reported by crypto.news, Teucrium successfully demonstrated that 2x leveraged XRP products can be approved under the current regulatory framework, launching its 2x Long Daily XRP ETF on NYSE Arca in April 2025 and accumulating over $440 million in assets.

Potential Offerings If Approved

The GraniteShares 3x Long XRP Daily ETF aims to deliver 300% of XRP’s daily price fluctuation through the use of swaps and futures contracts, settling entirely in cash without holding any direct XRP. Conversely, the 3x Short XRP ETF seeks to replicate 300% of the inverse daily movement, providing U.S. retail traders with their first regulated avenue to short XRP at triple leverage through a regular brokerage account. GraniteShares Advisors LLC would take on the role of investment adviser, with Jeff Klearman and Ryan Dofflemeyer serving as portfolio managers. According to tracking by crypto.news, spot XRP ETFs have seen cumulative inflows surpassing $1.24 billion since November 2025, signaling substantial demand that GraniteShares intends to capture in the higher-leverage market segment.

The May 7 Deadline as a Crucial Evaluation

If GraniteShares moves forward with the launch on May 7, this delay will likely be perceived as a normal procedural step, akin to how Volatility Shares managed its 2x XRP product. However, if a sixth delay occurs, as 247 Wall St. warns, the SEC may be heading in the same direction it took with ProShares, potentially preventing the launch of the 3x XRP products in 2026. As documented by crypto.news, XRP ETF demand peaked at an 11-week high in mid-April, with $17.11 million flowing in on a single day, and the market is closely observing the GraniteShares filing as a possible catalyst for broader XRP trading infrastructure. The annualized historical volatility of XRP from 2020 to 2025 stood at 95.5%, the highest among the four assets featured in GraniteShares’ filing, likely influencing the SEC’s assessment of the risk associated with a 3x product linked to this asset.

GraniteShares has not made any public announcements regarding the delay, and the Rule 485 filing offers no insights into any specific SEC concerns that may be leading to these continuous postponements.