The Securities and Exchange Commission approved a rule change that lets Cboe BZX Exchange list six triple-leveraged exchange-traded products from Volatility Shares, including proposed 3x Bitcoin and 3x Ether ETFs, but the funds cannot trade yet.
The SEC order, filed as Release 34-106577 on October 2, 2026, covers only the exchange’s ability to list the products. Before BITH, the proposed 3x Bitcoin fund, or ETHK, the proposed 3x Ether fund, can trade, the SEC must declare their Form S-1 registration statements effective. That step has not happened, and no launch date has been announced. An S-1 is the registration statement a fund files so its shares can be offered to the public.
What the order covers
The order signs off on Cboe BZX’s rule change alone. It does not authorize the funds themselves to sell shares. Reportedly the first time a US regulator has cleared crypto products with this much leverage, a characterization the SEC order itself does not spell out.
The fund filings state that BITH and ETHK aim to deliver three times the daily performance of futures-based benchmarks and do not hold spot Bitcoin or Ether. Because they reset daily, their long-term returns can diverge sharply from three times the underlying asset’s move.
Volatility Shares already runs a 2x Bitcoin ETF under the ticker BITX with over $1.2 billion in assets, so a market for leveraged crypto exposure already exists. The 3x products were made possible by registering under the Securities Act of 1933 rather than the Investment Company Act of 1940, a structure that avoids the 1940 Act’s leverage limits.
Three weeks passed between the SEC’s October 2 order and the approval’s October 25 reporting, and the agency has taken no action in that window on the funds’ registration statements.
