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Teucrium has pushed back the launch of its short XRP ETF (exchange-traded fund) for the 19th time. A filing dated September 11 moves the earliest possible start to October 11, 2026.
The fund is built to pay investors when XRP falls. Its mirror image, which pays when XRP rises, has been trading since April 2025.
Public records held by the US Securities and Exchange Commission show the same three-page document arriving roughly every month since April 4, 2025. Each one does a single job. It moves the date.
The newest filing carries no explanation beyond the new date. Strategy, fees, and risk warnings all stay untouched.
Even that date is not a launch date. It marks the first day the fund is permitted to start trading, and permission is not the same as arrival.
The first postponement landed four days before the 2x long XRP fund began trading on the New York Stock Exchange. Teucrium sold the upside version and shelved the downside one.
No regulator blocked this. The company chose each delay itself.
The product aims to move twice as much as XRP does each day, in the opposite direction. It would never sell any XRP. Instead, it would use contracts with trading firms that pay out when the price drops.
Teucrium has never explained the holdup in any filing.
Meanwhile, the thing the fund was designed for happened without it. XRP peaked at $3.65 in July 2025 and now trades near $1.37, suggesting a drawdown of over 60%. Anyone wanting a listed way to bet against that slide had none.
Ordinary funds that simply hold XRP did arrive, and money kept flowing in. Over their past 20 trading days those funds took in $190.5 million, with withdrawals on a single day.
Buyers stayed put through the decline. Cumulative inflows since launch now stand at $1.70 billion. What nobody could buy was the other side of the trade.
October 11 marks the 20th deadline for this fund. After 19 postponements, the sharper question is what changes if it ever does launch.
