GraniteShares has delayed the launch of its 3x Long and 3x Short XRP Daily ETFs from April 23 to May 7, marking the fifth postponement in three weeks and raising new questions about whether the SEC will eventually clear 3x leveraged cryptocurrency products under the framework it implemented to reject similar products from ProShares in December 2025.
summary
- GraniteShares delayed its 3x Long and 3x Short XRP daily ETFs from April 23 to May 7 using Rule 485, which allows issuers to change effective dates without restarting the SEC review process.
- The delay is the fifth since the original target date of April 2, following the same 3x leverage structure that caused the SEC to reject ProShares, which withdrew its entire 3x cryptocurrency pool in December 2025.
- If the May 7 date is missed, the funds may not launch in 2026, according to 247 Wall Street, as the regulatory window for 3x leveraged cryptocurrency ETFs remains unresolved.
GraniteShares has postponed the launch of its 3x Long and 3x Short XRP daily ETFs from April 23 to May 7, at 247 Wall Street. I mentionedCiting Rule 485 under the Securities Exchange Act of 1933 that allows issuers to change launch dates without restarting the full regulatory review process. The effective date has now been moved five times: from April 2 to April 9, to April 16, to April 23, and now to May 7.
GraniteShares 3x XRP ETF faces repeated SEC scrutiny over leverage structure
The delay pattern reflects the regulatory resistance that ended the ambitions of the ProShares 3x cryptocurrency ETF. In December 2025, the SEC sent formal letters to ProShares, Direxion, and Tidal Financial citing Rule 18f-4, which caps leverage at 200%, forcing ProShares to divest its entire 3x cryptocurrency portfolio, including the 3x XRP product essentially identical to what GraniteShares is now trying to list. GraniteShares’ eight leveraged funds, covering the long 3x and short 3x versions of Bitcoin, Ethereum, Solana, and Ripple, were all moved to May 7 simultaneously, which 247 Wall Street notes indicates the SEC is working to resolve concerns about the 3x structure itself rather than any asset-specific issue. Such as crypto.news I mentionedTeucrium has proven that 2x leveraged XRP products are achievable under the current regulatory framework, launching the 2x Long Daily XRP ETF on NYSE Arca in April 2025, then building over $440 million in assets.
What the products will offer if they are cleared
The GraniteShares 3x Long XRP Daily ETF will capture 300% of XRP’s daily price movement using swaps and futures, and is settled entirely in cash without directly holding XRP. The 3x Short XRP ETF will provide 300% daily adverse movement, giving US retail traders the first regulated way to short XRP with triple leverage through a standard brokerage account. GraniteShares Advisors LLC will serve as investment advisor, with Jeff Clearman and Ryan Duvelmeyer as portfolio managers. Such as crypto.news trackingSpot XRP ETFs have recorded over $1.24 billion in cumulative inflows since November 2025, providing a clear signal of demand that GraniteShares is trying to expand into the higher leverage segment of the market.
The May 7 window is now the litmus test
If GraniteShares launches on May 7, the delay will be read as a routine procedural process, consistent with how Volatility Shares handles its XRP product. If it is delayed for a sixth time, 247 Wall Street notes, the SEC will likely move in the same direction it did with ProShares, and 3x XRP products may not launch in 2026 at all. Such as crypto.news NotarizedDemand for XRP ETFs reached an 11-week high in mid-April with $17.11 million inflow in a single day, and the market has been watching the introduction of GraniteShares as a potential next catalyst for the broader XRP trading infrastructure. XRP’s annual historical volatility from 2020 to 2025 was 95.5%, the highest among the four assets included in GraniteShares’ filing, which may be part of the SEC’s calculus on the risk profile of a 3x product tied to the asset.
GraniteShares has not issued a public statement explaining the delay, and the Rule 485 filing contains no indication of what, if any, SEC concerns are leading to the repeated postponements.
