GraniteShares, an independent exchange-traded fund (ETF) issuer, submitted a Form N-1A filing with the U.S. Securities and Exchange Commission (SEC) on April 15, outlining its new leveraged XRP ETFs, with the launch now targeted for April 23.
The two products, a 3x long daily XRP ETF and a 3x short daily XRP ETF, have reportedly been in development since 2025, and the expected launch date largely coincides with record institutional interest this year.
It is notable, however, that the date had already been pushed back several times, first to April 2, then April 9, and finally April 16. The new delay was executed under Rule 485 of the Securities Act of 1933, which allows issuers to shift an effective date without restarting the registration process.
In other words, the funds have not been rejected, and the XRP ETF filings remain live under GraniteShares, but reviews and internal processes are still ongoing. The new funds are expected to list on the NASDAQ.
New 3x leveraged XRP ETFs
The new funds are structured as short-term trading instruments, aimed at active investors who intend to monitor positions closely.
Rather than holding XRP directly, each fund will gain exposure through derivatives, including swaps, futures, and options.
The 3x Long XRP ETF is designed to deliver 300% of the cryptocurrency’s daily price movement, while the 3x Short XRP ETF targets -300%. All positions will be settled in cash.
GraniteShares Advisors LLC will act as the investment adviser, with Jeff Klearman and Ryan Dofflemeyer serving as portfolio managers.
The risk of high-leverage crypto products
Competing products, such as those by Teucrium, have already demonstrated strong demand for leveraged XRP funds. However, GraniteShares’ proposed 3x structure would go further, offering higher leverage than existing 2x products.
Moreover, a 3x leveraged XRP ETF would introduce a new layer of institutional-grade exposure. That is, a higher-leverage offering could further amplify demand dynamics and reshape how institutional capital engages with the cryptocurrency.
It’s also noteworthy that leveraged options introduce additional factors that contribute to market complexity. That includes path dependency and heightened volatility, especially in assets prone to sharp intraday swings. For example, a single-day move of more than 33% against the position could effectively wipe out the entire investment.
The institutional era of XRP ETF has begun, Ripple says
XRP has become one of the most actively traded digital assets. Indeed, U.S. Spot XRP ETFs have recorded approximately $1.27 billion in cumulative inflows since their launch in November 2025.
In other words, GraniteShares leveraged XRP ETFs are entering an already competitive market. Nonetheless, Ripple itself believes the market is still young and has significant room to expand. In a recent overview, the company noted that JPMorgan forecasts of $4 billion to $8.4 billion in first-year inflows have yet to be tested in a full bull cycle, where institutional allocations typically accelerate as market conditions improve.
Meanwhile, the XRP Ledger continues to advance its technical roadmap into 2026. Developments such as confidential multi-purpose tokens for institutional collateral management and formal protocol verification are strengthening the asset’s institutional use case.
Accordingly, Ripple argues that XRP’s position in institutional finance is already stable, implying that GraniteShares could mark another step in the evolution of crypto-linked financial products.
Featured image via Shutterstock
