GraniteShares Delays Launch of XRP ETFs
GraniteShares has announced yet another delay for the launch of its highly anticipated 3x Long and 3x Short XRP Daily Exchange-Traded Funds (ETFs), moving the date from April 23 to May 7. This decision marks the fifth time in just three weeks that the launch date has been pushed back, bringing new scrutiny regarding the Securities and Exchange Commission’s (SEC) stance on leveraged cryptocurrency products.
Regulatory Context and Previous Delays
Reports from 247 Wall St. reference a Rule 485 filing under the Securities Act of 1933, which permits issuers to alter launch dates without restarting the extensive regulatory review process. Previously, the launch date had been adjusted from April 2 to April 9, then to April 16, and again to April 23, before now being rescheduled to May 7.
These delays have raised parallels with the challenges faced by ProShares, which attempted to introduce a similar 3x leveraged crypto ETF but ultimately had to withdraw its products in December 2025 due to SEC objections. At that time, the SEC cited Rule 18f-4, which restricts fund leverage to 200%, leading to ProShares shedding its entire 3x crypto lineup, including an XRP product closely resembling what GraniteShares is attempting to launch.
GraniteShares’ Plans for Leveraged Funds
GraniteShares is looking to introduce eight leveraged funds that encompass both 3x Long and 3x Short positions for various cryptocurrencies such as Bitcoin, Ethereum, Solana, and XRP, all now pushed to the same May 7 date. This suggests that regulatory concerns may be tied more to the leveraged structure rather than any particular asset issues.
Notably, Teucrium has shown that launching 2x leveraged XRP products is possible under the current rules, having successfully introduced a 2x Long Daily XRP ETF on NYSE Arca in April 2025, which has attracted over $440 million in assets.
Investment Strategy and Market Demand
The 3x Long XRP Daily ETF aims to achieve 300% of XRP’s daily price movements through financial swaps and futures contracts without holding actual XRP. Conversely, the 3x Short XRP ETF would aim to provide triple leverage against the daily negative price movements of XRP, allowing U.S. retail traders to short XRP in a regulated way through regular brokerage accounts. The investment advice for these products is provided by GraniteShares Advisors LLC, with portfolio management led by Jeff Klearman and Ryan Dofflemeyer.
Despite these setbacks, interest in XRP ETFs has surged, accumulating over $1.24 billion since November 2025, indicating strong market demand that GraniteShares hopes to tap into with its higher-leverage offerings. If the May 7 launch proceeds as planned, the delay could be interpreted as standard regulatory procedure—a pathway already explored by Volatility Shares with its own XRP product.
Future Implications and Market Speculation
However, should there be another delay, it may signal a trend similar to that seen with ProShares, potentially hindering the launch of 3x XRP products even into 2026.
A notable spike in interest for XRP ETFs occurred in mid-April, peaking at $17.11 million in single-day inflows, highlighting the pressing demand for broader XRP financial infrastructure. Historical data from 2020 to 2025 indicates that XRP experienced an annualized volatility rate of 95.5%, the highest among the assets listed in GraniteShares’ filing, which might influence the SEC’s assessment of the associated risks of a 3x leveraged product related to XRP.
As of now, GraniteShares has not publicly commented on the reasons behind this latest postponement, leaving the market to speculate on the SEC’s continuing reservations.
