GraniteShares Delays Its 3x Leveraged XRP ETFs a Fifth Time, Pushing Launch to May 7
#StrategyBTCPurchase 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 fresh questions about whether the SEC will ultimately clear 3x leveraged crypto products under the framework it applied to reject similar products from ProShares in December 2025.
GraniteShares has pushed the launch of its 3x Long and 3x Short XRP Daily ETFs from April 23 to May 7, 247 Wall St. reported, citing a Rule 485 filing under the Securities Act of 1933 that allows issuers to shift launch dates without restarting the full regulatory review process. The effective date has now 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 on Leverage Structure
The delay pattern mirrors the regulatory resistance that ended ProShares’ 3x crypto ETF ambitions. In December 2025, the SEC sent formal letters to ProShares, Direxion, and Tidal Financial citing Rule 18f-4, which caps fund leverage at 200%, forcing ProShares to withdraw its entire 3x crypto lineup, including a 3x XRP product essentially identical to what GraniteShares is now attempting to list. GraniteShares’ eight leveraged funds, covering 3x Long and 3x Short versions for Bitcoin, Ethereum, Solana, and XRP, have all been moved to May 7 simultaneously, which 247 Wall St. noted suggests the SEC is working through concerns about the 3x structure itself rather than any asset-specific issue. As crypto.news reported, Teucrium demonstrated that 2x leveraged XRP products are achievable under the current regulatory framework, having launched its 2x Long Daily XRP ETF on NYSE Arca in April 2025 and subsequently built over $440 million in assets.