Cboe is seeking U.S. Securities and Exchange Commission approval for 3x Bitcoin and Ethereum futures ETFs, a move that would introduce what would be the most highly leveraged crypto exchange-traded products to date following attention on Volatility Shares’ existing 2x Ethereum fund.

The exchange’s filing centers on triple-leveraged products tied to Bitcoin and Ethereum futures, according to reporting on the Cboe filing. Any listing would first need approval from the SEC, which reviews exchange rule changes for new products through its self-regulatory organization rulemaking process for national securities exchanges. If approved, the proposal would add another levered product category to a market that has already seen growing competition around futures-based and spot crypto ETFs.

What Cboe Is Asking the SEC to Clear

The request is primarily regulatory. Cboe, as the listing exchange, must receive SEC approval for the rule change before 3x Bitcoin and Ethereum futures ETFs can begin trading. The key feature is leverage: the proposed funds would target triple the daily return of the underlying futures, rather than the double exposure already available in the market.

For related coverage, see Dogecoin, XRP Spot ETFs Debut on Cboe BZX Exchange.

Cboe has steadily expanded its crypto product lineup. It has already launched U.S.-regulated Bitcoin and Ether futures and moved to list perpetual Bitcoin and Ethereum futures. The proposed 3x ETFs would extend that derivatives lineup into higher-leverage territory.

Why the Existing 2x ETH Fund Matters

The push comes after attention on Volatility Shares’ existing 2x Ethereum fund, which serves as the closest market precedent for leveraged Ether exposure in an ETF wrapper. Its existence points to investor demand for amplified crypto returns, the same demand a 3x product would aim to capture.

The available reporting does not provide full, verified performance figures for that 2x fund, so its history should be viewed as context rather than evidence that a higher-leverage successor would perform well. Leveraged funds reset daily, and the referenced reporting describes a backdrop in which 2x crypto funds have already suffered steep losses.

What Approval Could Mean for Crypto ETF Competition

A 3x product would increase both potential gains and downside risk relative to a 2x fund, since daily moves in the underlying futures would be magnified by half again as much. Including both Bitcoin and Ethereum in the same filing broadens the potential appeal across the two largest crypto assets by market value.

Approval is not assured. The SEC has repeatedly taken a cautious approach to crypto ETF applications, including delays on Solana ETFs even as issuers such as Invesco and Galaxy sought approval. That history suggests a leveraged filing could face an uncertain review timeline, especially as regulators continue to weigh how new crypto products fit within existing market structure rules.

Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency and digital asset markets carry significant risk. Always do your own research before making decisions.