Graniteshares 3x Leveraged Xrp Etfs Target May 7 Nasdaq Launch
GraniteShares' 3x Long and 3x Short XRP ETFs are now scheduled to debut on NASDAQ on May 7, after five consecutive delays since the original April 2 target date. Here's what's at stake for US retail traders and the broader leveraged crypto ETF market.
@GraniteShares' 3x Long and 3x Short $XRP ETFs are scheduled to debut on NASDAQ on May 7, marking the sixth target date since the products were first slated to launch on April 2. 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 executed each delay using Rule 485, which allows issuers to shift effective dates without restarting the SEC review process. That means the filings remain live and no formal rejection has been issued — but the clock is running down.
What's on the Table for US Retail Traders
If the products go live, the implications for everyday investors are meaningful. If the May 7 launch goes through, US retail traders will get their first regulated way to take 3x leveraged long or short positions on $XRP through a standard brokerage account.
The 3x Short is the more significant of the two launches. Until now, there has been no clean way for US retail traders to short XRP at high leverage. The 3x Long ETF, meanwhile, is designed to deliver 300% of $XRP's daily price movement, while the short targets the inverse.
It is worth noting that GraniteShares' eight leveraged funds — covering 3x Long and 3x Short versions for $BTC, $ETH, $SOL, and $XRP — have all been moved to May 7 simultaneously. That points to a structural, not asset-specific, concern at the SEC level. Whatever the SEC is working through has to do with the 3x structure itself, and that hits all four assets the same way.
Both products carry a notable caveat. They are only designed for short-term holding. The daily reset means that in choppy markets, the fund's return can drift far from 3x XRP's actual move.
The ProShares Precedent — and What a Sixth Delay Would Mean
The backdrop to this launch attempt is not encouraging. 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.
If GraniteShares launches on May 7, the delay will be read as routine procedural process, consistent with how Volatility Shares navigated its 2x XRP product. If it delays a sixth time, the SEC is likely moving in the same direction it took with ProShares, and the 3x XRP products may not launch in 2026 at all.
The broader demand picture for $XRP products remains strong in the meantime. Spot XRP ETFs have recorded over $1.24 billion in cumulative inflows since November 2025, providing a clear demand signal that GraniteShares is trying to extend into the higher-leverage segment of the market. May 7 will determine whether that extension is possible under the current regulatory framework.
Sources:
24/7 Wall St. — GraniteShares Just Delayed Its 3x XRP ETFs to May 7
Crypto.news — GraniteShares 3x XRP ETF Delayed to May 7
Related News:
BSCN — Is XRP ETF Facing Rejection?
BSCN — Spot $XRP ETFs: The Strongest in History?
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Author
Jon WangJon studied Philosophy at the University of Cambridge and has been researching cryptocurrency full-time since 2019. He started his career managing channels and creating content for Coin Bureau, before transitioning to investment research for venture capital funds, specializing in early-stage crypto investments. Jon has served on the committee for the Blockchain Society at the University of Cambridge and has studied nearly all areas of the blockchain industry, from early stage investments and altcoins, through to the macroeconomic factors influencing the sector.