What did GraniteShares announce about its XRP ETFs?

GraniteShares delayed the launch of its 3x Long and 3x Short XRP ETFs to May 7. This marks the fifth delay since early April. The repeated postponements highlight ongoing regulatory uncertainty.

Why has GraniteShares delayed its 3x XRP ETFs multiple times?

The delays are linked to scrutiny from the US Securities and Exchange Commission over leveraged crypto products. Regulators are concerned about the risks of 3x leverage. This has forced issuers to repeatedly adjust timelines.

What is a 3x leveraged XRP ETF?

A 3x leveraged ETF aims to deliver three times the daily price movement of XRP. This means higher potential returns but also significantly higher risk. These products are designed for short-term trading, not long-term holding.

What is Rule 485 and how is it being used here?

Rule 485 allows ETF issuers to delay a fund’s effective date without restarting the full SEC approval process. GraniteShares is using this rule to push back its launch multiple times. This keeps the application active while addressing regulatory concerns.

Why is the SEC concerned about 3x crypto ETFs?

The SEC has previously cited Rule 18f-4, which limits leverage to 200% for funds. A 3x ETF exceeds this threshold, raising concerns about investor protection and market stability. This is the same issue that blocked similar products before.

What happened to similar products from ProShares?

ProShares withdrew its entire 3x crypto ETF lineup in December 2025 after SEC pushback. This included a 3x XRP product similar to GraniteShares’ proposal. It set a precedent for regulatory resistance.

Does this affect other leveraged crypto ETFs?

Yes, GraniteShares delayed multiple 3x products across Bitcoin, Ethereum, Solana, and XRP simultaneously. This suggests the issue is with leverage structure, not specific assets. The SEC appears to be reviewing the entire category.

Are any leveraged XRP ETFs already approved?

Yes, Teucrium launched a 2x leveraged XRP ETF in April 2025. It has grown to over $440 million in assets. This shows that lower leverage products are currently acceptable to regulators.

GraniteShares delays 3x XRP ETFs to May

Written by Mahathir BayenaPublished Apr. 24 2026Last Updated Apr. 24 2026

GraniteShares has delayed the launch of its 3x Long and 3x Short XRP ETFs to May 7, marking the fifth postponement in three weeks.

The delay was filed under Rule 485, allowing the firm to shift the effective date without restarting the full review process with the US Securities and Exchange Commission.

The repeated postponements follow regulatory pushback on leveraged crypto products, particularly after similar proposals were withdrawn by competitors late last year.

The SEC previously cited leverage limits under Rule 18f-4, effectively capping fund leverage at 200% and blocking 3x structures like those proposed by GraniteShares.

The issuer’s broader leveraged ETF lineup, covering assets including Bitcoin, Ethereum and Solana, has also been delayed to the same May 7 target date.

Earlier, ProShares withdrew its 3x crypto ETF products following regulatory objections, highlighting ongoing uncertainty around high-leverage offerings.

If the latest deadline is missed, analysts suggest the funds may not launch in 2026, underscoring unresolved questions over whether US regulators will approve 3x leveraged crypto ETFs.

At the time of reporting, XRP price was $1.43.