SEC Clears Cboe Listing of 3x Bitcoin and Ether ETPs

Published October 5, 2026, 05:01 UTC. Based on an SEC order dated October 2, 2026.

The U.S. Securities and Exchange Commission has approved a Cboe BZX Exchange rule change that allows the exchange to list six triple-leveraged products from Volatility Shares, including a 3x Bitcoin ETF and a 3x Ether ETF. What the SEC approved is an exchange listing rule. It is not a launch, and the products are not yet trading.

What the SEC approved

The SEC order (Release No. 34-106577), dated October 2, 2026, grants approval of a proposed rule change that Cboe BZX filed on August 10, 2026. It covers the 3x Gold, 3x Silver, 3x Bitcoin, 3x Ether, 3x Crude Oil and 3x Natural Gas ETFs, each a series of the VS Trust. The sponsor is Volatility Shares LLC. The order says the proposal was published for comment in the Federal Register on August 19 and that the Commission received no comments.

The individual approval was needed because Cboe's rule for commodity-based trust shares excludes products that seek a multiple of a benchmark from generic listing, according to the order.

Not ETFs in the legal sense

Despite "ETF" in their names, the order says the funds are commodity-based trust shares and therefore exchange-traded products (ETPs), not funds regulated under the Investment Company Act of 1940. That sets them apart from the products covered in our explainer on what a spot bitcoin ETF is.

How they work

Each fund seeks daily results, before fees and expenses, of three times the daily performance of its benchmark, measured by a portfolio of first- and second-month futures contracts, the order says. The funds invest in those futures plus cash and cash equivalents rather than holding bitcoin or ether directly.

Because the 3x target resets daily, returns over weeks or months depend on the path of prices and can differ sharply from three times the asset's move, Crypto Briefing noted. Rolling futures contracts can also add costs.

When can they trade?

Not yet. Trading cannot begin until a separate Form S-1 registration statement under the Securities Act of 1933 becomes effective, and no timeline has been disclosed, Crypto Briefing reported. Crypto Briefing described the decision as the first U.S. approval of triple-leveraged ETPs linked to bitcoin and ether. MABOnChain has not seen a confirmed launch date, final fees or final tickers.

This article is news reporting and is not investment advice.

Sources

• U.S. SEC, Order Granting Approval of a Proposed Rule Change to List and Trade Shares of the 3x Gold ETF, 3x Silver ETF, 3x Bitcoin ETF, 3x Ether ETF, 3x Crude Oil ETF, and 3x Natural Gas ETF (Release No. 34-106577, Oct. 2, 2026)
• Crypto Briefing, SEC approves 3x leveraged Bitcoin and Ether ETPs, but trading has to wait (Oct. 2, 2026)