GraniteShares filed a Form 485BXT with the U.S. Securities and Exchange Commission on April 22, 2026. The sole purpose of that filing: push the effective date of Post-Effective Amendment No. 107 from April 23 to May 7. The 3x leveraged XRP ETF launch moves again.
This is not the first shift. The effective date for GraniteShares’ XRP products has moved from April 2, then April 9, then April 16, then April 23. Now May 7. Each time, the mechanism is the same Rule 485 of the Securities Act of 1933, which lets issuers extend an effective date without reopening the full registration process.
XRP Not the Only Product Caught in the Delay
The postponement does not stop at XRP. GraniteShares’ full suite of eight leveraged funds sits behind the same filing. That includes 3x long and 3x short daily ETFs for Bitcoin, Ethereum, and Solana alongside the XRP pair. All eight share the May 7 effective date now.
Jeff Klearman and Ryan Dofflemeyer are listed as portfolio managers for the funds under GraniteShares Advisors LLC. The GraniteShares ETF Trust EDGAR page shows the registration for these products traces back to October 2025. What was supposed to be a late 2025 rollout has stretched nearly seven months.
The products themselves are built to deliver 300% of daily XRP price movement using swaps and futures contracts, not direct token holdings. That structure puts them in a different regulatory review category than spot ETFs. If XRP drops more than 33.3% in a single session, the 3x long fund loses its entire value. That risk profile is part of why the SEC review process runs longer.
Rule 485 and What It Actually Does
Rule 485 gives fund issuers a practical tool. Without it, shifting an effective date by two weeks would require restarting the entire formal approval timeline. GraniteShares has used the rule repeatedly across this registration cycle. The April 22 filing lists no additional substantive changes to the fund prospectus, just the new date.
Spot XRP ETFs have already been trading since late 2025. Multiple products from Bitwise, Grayscale, Canary Capital, and Franklin Templeton launched earlier. Canary Capital’s XRP ETF pulled in $58 million in first-day trading volume. Over $1.24 billion has flowed into spot XRP ETF products since those launches. GraniteShares’ leveraged versions are aimed at a different trader entirely, specifically those seeking short-term directional exposure with amplified daily returns.
That distinction matters for anyone following the XRP ETF space. Spot and leveraged products serve different purposes and face different regulatory scrutiny. The leveraged structure requires more detailed disclosure around compounding risk and volatility decay, which adds review time.
What May 7 Means for the Eight Funds
GraniteShares has not issued a public statement explaining the specific reasons behind the repeated extensions. The April 22 Form 485BXT filing is administrative in nature. It does not indicate SEC objections or substantive review issues on its face, just a procedural date shift under an established rule.
Still, four postponements in under four weeks for the same product suite is not routine. The original registration covering all eight funds was submitted in October 2025. The review cycle has now extended well past six months for products that use derivatives rather than spot holdings, a structure the SEC has scrutinized more closely than straightforward spot ETFs.
The May 7 date now applies to all eight funds simultaneously. Whether that holds or shifts again under another 485BXT filing remains to be seen.
