GraniteShares: The Eternal Dance of Delays and Dreams

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Ah, GraniteShares, that indefatigable optimist, has once again postponed the launch of its 3x Long and 3x Short XRP Daily ETFs, this time from April 23 to May 7. This marks the fifth delay in as many weeks, a veritable ballet of bureaucratic hesitation. One cannot help but wonder if the SEC is merely toying with them, like a cat with a particularly resilient mouse. Will these ETFs ever see the light of day, or are they doomed to wander the regulatory purgatory forever?

  • GraniteShares, ever the master of the Rule 485 shuffle, has deftly moved the goalposts yet again, avoiding the dreaded restart of the SEC review process. A clever maneuver, but one begins to suspect they are simply rearranging deck chairs on the Titanic.
  • This delay follows the same script as the ProShares tragedy of December 2025, where the SEC, with a wave of its regulatory wand, banished 3x leverage to the realm of impossibility. Yet, GraniteShares persists, like a lover chasing a phantom.
  • Should May 7 pass without a launch, 247 Wall St. grimly predicts the funds may not debut until 2026, if at all. The regulatory window, it seems, is as fickle as a Chekhovian protagonist.

GraniteShares, in a move that can only be described as both audacious and slightly desperate, has invoked Rule 485 to push the launch to May 7. The effective date has now been moved five times: April 2, April 9, April 16, April 23, and finally, May 7. One wonders if they are simply rolling a dice to determine the next date.

GraniteShares 3x XRP ETF: A Tale of Regulatory Whim

The pattern of delays eerily mirrors the fate of ProShares, whose 3x crypto ETF dreams were dashed by the SEC’s invocation of Rule 18f-4. In December 2025, the SEC, with all the drama of a Chekhovian climax, forced ProShares to withdraw its entire 3x crypto lineup, including a 3x XRP product that was, in essence, GraniteShares’ twin. GraniteShares, undeterred, has moved all eight of its leveraged funds to May 7, a gesture that suggests the SEC is scrutinizing the 3x structure itself, rather than any particular asset. As crypto.news wryly noted, Teucrium has already proven that 2x leverage is achievable, having launched its 2x Long Daily XRP ETF in April 2025, amassing over $440 million in assets. But GraniteShares, ever the overachiever, aims for the stars-or perhaps, the abyss.

What These Products Promise, If They Ever Materialize

The GraniteShares 3x Long XRP Daily ETF promises to deliver 300% of XRP’s daily price movement, a feat achieved through swaps and futures contracts, settling entirely in cash. Its counterpart, the 3x Short XRP ETF, offers 300% of the inverse daily movement, a tantalizing prospect for retail traders eager to short XRP with triple leverage. GraniteShares Advisors LLC, with Jeff Klearman and Ryan Dofflemeyer at the helm, would guide this ambitious venture. Spot XRP ETFs, as crypto.news has diligently tracked, have seen over $1.24 billion in inflows since November 2025, a clear sign of demand. Yet, GraniteShares’ attempt to extend this into the higher-leverage segment feels like a gambler’s last bet.

May 7: The Day of Reckoning

If GraniteShares launches on May 7, the delays will be dismissed as mere procedural hiccups, much like Volatility Shares’ journey with its 2x XRP product. But should they falter again, 247 Wall St. warns, the SEC’s stance will be clear: 3x leverage is a bridge too far. The products may not launch in 2026, leaving GraniteShares’ dreams in tatters. XRP ETF demand, as crypto.news has documented, hit an 11-week high in mid-April, with $17.11 million flowing in a single day. The market watches with bated breath, hoping GraniteShares can be the catalyst for broader XRP trading infrastructure. Yet, with XRP’s annualized historical volatility at 95.5% from 2020 to 2025, one cannot help but feel the SEC’s caution is not entirely unwarranted. After all, in the world of finance, as in life, the higher the stakes, the greater the fall.

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2026-04-24 02:24