SEC Approves First 3x Leveraged Bitcoin and Ether ETPs

On October 2, 2026, the U.S. Securities and Exchange Commission cleared Cboe BZX to list and trade six triple-leveraged exchange-traded products, including the first 3x Bitcoin and 3x Ether ETPs available in the United States. The approval order, Release No. 34-106577, was signed by the Commission’s Division of Trading and Markets under delegated authority. It is the first time U.S. regulators have approved triple-leveraged Bitcoin and Ether products, bundled in a single order with traditional commodity funds.

What the SEC approved

Each fund is a series of the VS Trust, whose sponsor is Volatility Shares LLC; Wilmington Trust serves as sole trustee and U.S. Bank as custodian. The six funds: 3x Gold, 3x Silver, 3x Bitcoin, 3x Ether, 3x Crude Oil, and 3x Natural Gas. They list under BZX Rule 14.11(e)(4), which governs commodity-based trust shares. Cboe filed the proposed rule change on August 10 and it was published for comment on August 19; the Commission received no comments. The Commission found the proposal consistent with Section 6(b)(5) of the Exchange Act, citing safeguards to promote fair disclosure, prevent trading without adequate transparency, and protect material nonpublic information.