GraniteShares Sets April 23 Debut for 3x Leveraged XRP ETFs
GraniteShares has filed an N-1A registration statement with the U.S. Securities and Exchange Commission, laying out plans to launch two leveraged XRP exchange-traded funds on April 23, CoinDesk reported. The products—the 3x Long Daily XRP ETF and the 3x Short Daily XRP ETF—have been under development since 2025 and are expected to list on Nasdaq.
The effective date has been pushed back several times, shifting from April 2 to April 9, then to April 16, before landing on April 23. The latest adjustment is being made under Rule 485 of the Securities Act of 1933, which allows issuers to revise an effective date without restarting the registration process. The filings remain active as review and internal procedures continue.
The funds are designed for short-term, active trading. They will not hold XRP directly, instead gaining exposure through derivatives such as swaps, futures and options. The long fund targets 300% of XRP’s daily price move, and the short fund targets 300% of the inverse daily move. Positions will be cash-settled.
GraniteShares Advisors LLC will act as investment adviser, with Jeff Klearman and Ryan Dofflemeyer serving as portfolio managers.
Leveraged crypto ETFs carry heightened risk. The use of leverage and options can introduce path dependency and amplify volatility, especially for assets prone to sharp intraday swings. A one-day move of more than 33% against a position could wipe out an investor’s stake.
Demand for leveraged XRP exposure has already been demonstrated by competing offerings, including Teucrium’s products. GraniteShares’ 3x structure goes beyond the 2x leverage available in some existing funds, potentially widening the appeal for institutions seeking higher-octane exposure.
Ripple has argued that the "institutional era" of the XRP ETF is beginning, citing XRP’s high trading activity. Since the launch of the U.S. spot XRP ETF in November 2025, the category has recorded about $1.27 billion in net inflows. That backdrop also means GraniteShares enters an increasingly crowded market.
Ripple maintains the market is still early. The company has referenced a J.P. Morgan forecast calling for first-year inflows of $4 billion to $8.4 billion, while noting institutional allocations often accelerate as market conditions improve.
The XRP Ledger is also progressing its 2026 technology roadmap, including developments such as confidential multi-purpose tokens for institutional collateral management and formal protocol verification, initiatives aimed at expanding institutional use cases.
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