GraniteShares has once again delayed the launch of its 3x Long and 3x Short XRP Daily ETFs, pushing the effective date from April 23 to May 7. The latest move marks the fifth postponement in just three weeks, intensifying uncertainty around whether U.S. regulators will approve highly leveraged crypto ETFs.
Summary
GraniteShares shifted its 3x XRP ETF launch to May 7 using Rule 485, which allows issuers to change effective dates without restarting the full SEC review. The repeated delays mirror earlier regulatory pushback on similar 3x crypto products, raising doubts about whether such funds will be cleared under current rules.
Repeated delays signal regulatory friction
The effective date for the ETFs has now been moved five times—from April 2 to April 9, April 16, April 23, and now May 7—via filings under the Securities Act of 1933. While Rule 485 enables such adjustments without resetting the review process, the pattern suggests ongoing regulatory scrutiny.
The situation closely resembles the outcome faced by ProShares, whose proposed 3x leveraged crypto ETFs were effectively halted in December 2025. At the time, the U.S. Securities and Exchange Commission cited Rule 18f-4, which limits fund leverage to 200%, prompting ProShares to withdraw its entire 3x crypto lineup.
GraniteShares’ broader suite of leveraged ETFs—including products tied to Bitcoin, Ethereum, Solana, and XRP—has also been shifted to the same May 7 timeline, indicating that regulatory concerns likely center on the 3x structure itself rather than any specific asset.
What the ETFs aim to offer
If approved, the 3x Long XRP Daily ETF would aim to deliver 300% of XRP’s daily price movement through derivatives such as swaps and futures, without directly holding the asset. Conversely, the 3x Short XRP ETF would provide -300% of daily returns, offering traders a leveraged way to bet against XRP via traditional brokerage accounts.
The funds would be managed by GraniteShares Advisors LLC, with Jeff Klearman and Ryan Dofflemeyer serving as portfolio managers.
A contrast with 2x products
While 3x products face uncertainty, lower-leverage offerings have already made it to market. Teucrium successfully launched a 2x Long XRP ETF in April 2025, demonstrating that leveraged exposure within regulatory limits is feasible. That product has since attracted significant inflows, highlighting investor demand for XRP-based financial instruments.
May 7 becomes a critical deadline
The new May 7 target is now seen as a key test. A successful launch would suggest the delays were procedural, but another postponement could indicate deeper regulatory resistance—potentially pushing any approval for 3x crypto ETFs beyond 2026.
Despite strong market interest, GraniteShares has not publicly explained the repeated delays, and its filings offer no detail on specific concerns raised by regulators.
With XRP’s historically high volatility and the SEC’s cautious stance on leverage, the fate of these products remains uncertain.
