GraniteShares has delayed the launch of its 3x Long and 3x Short XRP Daily ETF from April 23 to May 7, marking the fifth postponement in three weeks and raising new questions about whether the SEC will finally clear 3x leveraged crypto products under the framework it used 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 a similar 3x structure that caused the SEC to back off from ProShares, which withdrew its entire crypto 3x plan by December 2025.
- If the May 7 date is missed, the funds may not launch until 2026, according to 247 Wall St., as the regulatory window for 3x leveraged crypto ETFs remains unresolved.
GraniteShares has pushed the launch of its 3x Long and 3x Short XRP Daily ETF from April 23 to May 7, 247 Wall St. reported, citing Rule 485 filings under the Securities Act of 1933 that allow issuers to change effective dates without restarting the full regulatory review process. The active day has now gone 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 Review of Benefit Structure
The delay pattern shows regulatory resistance that has ended the ambitions of ProShares’ 3x crypto ETF. In December 2025, the SEC sent official letters to ProShares, Direxion, and Tidal Financial citing Rule 18f-4, which imposes a 200% fund limit, forcing ProShares to withdraw its entire 3x crypto program, including a 3x XRP product that is basically the same as what GraniteShares is now trying to list. Eight GraniteShares’ sponsored funds, including 3x Long and 3x Short versions of Bitcoin, Ethereum, Solana, and XRP, were all moved on May 7 at the same time, noted 247 Wall St. suggests that the SEC is more concerned about the 3x structure itself than any asset-specific issue. As crypto.news reported, Teucrium showed that 2x profitable XRP products can be achieved under the current regulatory framework, as it launched its 2x Long Daily XRP ETF on NYSE Arca in April 2025 and later built assets of more than $440 million.
What Brands Can Offer You When They’re Clear
The GraniteShares 3x Long XRP Daily ETF will deliver 300% of the daily price of XRP using swaps and futures contracts, completely cash-based with no direct XRP holdings. The 3x Short XRP ETF will deliver 300% daily inverse movement, giving US traders their first controlled vehicle to short XRP at three times the rate of a traditional brokerage account. GraniteShares Advisors LLC will serve as investment advisor, with Jeff Klearman and Ryan Dofflemeyer as portfolio managers. As tracked by crypto.news, XRP ETFs have recorded more than $1.24 billion in cumulative revenue since November 2025, giving a clear demand signal that GraniteShares is trying to expand into the high end of the market.
The May 7 window is now an important test
When GraniteShares launches on May 7, the delay will be read as a normal process, in line with how Dynamic Shares circulates its 2x XRP product. If delayed for the sixth time, 247 Wall St. noted, the SEC is likely going the same way it took with ProShares, and 3x XRP products may not launch in 2026 at all. As crypto.news wrote, demand for the XRP ETF hit an 11-week high in mid-April with $17.11 billion flowing in a single day, and the market has been eyeing the GraniteShares listing as the next catalyst for a broader XRP trading infrastructure. The historical annualized volatility of XRP from 2020 to 2025 remains at 95.5%, the highest among the four assets included in the GraniteShares filing, which may be part of the SEC’s calculation of the 3x risk profile of the asset-backed product.
GraniteShares has not issued a public statement explaining the delay, and the Rule 485 filing contains no indication of what specific SEC concerns, if any, are driving the repeated postponements.
