The U.S. Securities and Exchange Commission has approved a Cboe BZX rule change that clears the way for six triple-leveraged exchange-tr products, including Bitcoin and Ethereum funds, although a separate registration clearance is still required before public trading can begin.

The SEC approved Cboe BZX's proposal on October 2, 2026. The order covers six products from VS Trust: the 3x Bitcoin ETF, 3x Ether ETF, 3x Gold ETF, 3x Silver ETF, 3x Crude Oil ETF, and 3x Natural Gas ETF. The full text of the approval is available in the SEC order.

It's official. The SEC approves 3x leveraged Bitcoin and Ether ETPs for Volatility Shares, with Cboe BZX listing and trading the products under the Securities Act of 1933. pic.twitter.com/7fbeTi4UNi
— MSB Intel (@MSBIntel) October 3, 2026

Each product seeks three times the daily performance of its reference asset before fees and expenses. The SEC filing classifies the funds as Commodity-Based Trust Shares and, therefore, as exchange-traded products, despite “ETF” appearing in their names. Listing and trading of the products on Cboe BZX will occur under the Securities Act of 1933, according to the announcements of the approval.

The approval opens a listing path for the new crypto ETPs on Cboe BZX. It also places Bitcoin and Ether alongside gold, silver, crude oil, and natural gas in the same leveraged product group — a grouping that extends to crypto the multiplied, single-day exposure format long used in leveraged commodity products.

How the 3x Crypto ETPs Work

The Bitcoin and Ether products are not intended to physically hold either cryptocurrency. Instead, each product is expected to track a benchmark composed of a basket of near-term futures contracts on the underlying cryptocurrencies, with cash and cash equivalents potentially serving as collateral.

The crypto ETPs aim to deliver three times the daily price movement of their respective benchmark indices on any given trading day. If the associated benchmark gains 1%, for example, the corresponding ETP aims to deliver 3%.

That target return refers to a single day of trading only. According to the prospectus, outcomes may diverge from three times the benchmark's cumulative return over extended periods because of the compounding of daily returns — a mathematical feature of daily-reset structures that applies to leveraged ETPs across asset classes, whether the reference asset is Bitcoin, Ether, oil, or natural gas.

The registration filing further warns that leverage magnifies both gains and losses, meaning the 3x crypto ETPs operate on daily returns and will not necessarily deliver three times the benchmark's return over any given holding period.

Who Is Behind the New Products

VS Trust acts as the issuing body, while Volatility Shares LLC serves as the sponsor firm. According to the SEC order, the firm will administer the funds' operations.

Volatility Shares already offers leveraged digital asset products. Per the SEC order, the firm operates the 2x Bitcoin ETF (BITX) and the 2x Ether ETF (ETHU), among others, in its range of leveraged products traded on U.S. stock markets. Approval of the six-product order would push the firm's crypto lineup into 3x territory.

Bloomberg ETF analyst Eric Balchunas described the order as a major victory for Volatility Shares, noting that the authorization paves the way for the firm to move from 2x leveraged ETFs to 3x cryptocurrency ETPs linked to Bitcoin and Ethereum.

Looks like SEC just approved a 3x Bitcoin ETP as well as 3x Ether, Gold, Silver, Oil, Nat Gas under 33 Act. Wow. Big win for VolatilityShares. pic.twitter.com/MpZuVafHF7
— Eric Balchunas (@EricBalchunas) October 2, 2026

Why the Products Cannot Trade Yet

Approval of the exchange rule is only the first step in the issuance process. Thereafter, the Form S-1 Registration Statement for VS Trust must go effective before the securities can be marketed and offered in the secondary markets.

A Form S-1 filed on August 17 discloses tickers for all six ETPs, with the 3x Bitcoin ETF and 3x Ether ETF receiving the designations BITH and ETHK, respectively.

That filing process remains incomplete; it states that the securities shall not be offered until the registration statement goes effective. As a result, the new crypto ETPs cannot enter secondary trading on the strength of the exchange rule approval alone.

Registration statements and their effective status are publicly searchable through the SEC's EDGAR system, giving readers a direct way to track the remaining step for VS Trust's filing.

When Could the Crypto ETPs Begin Trading?

The SEC approval order sets no definitive launch schedule. Successful trading depends on the registration statement going effective and on the completion of other launch steps.

The October 2 approval permits Cboe BZX Exchange to list and trade the ETPs provided the requisite registration process is satisfied.

The concrete signal to watch is the registration statement transitioning to effective status, at which point the disclosed tickers BITH and ETHK would become the designations to look for when the products debut on Cboe BZX.

The decision therefore represents a regulatory milestone rather than a market launch. Investors anticipating the triple-leveraged Bitcoin and Ether ETPs will need to wait for the registration process to conclude before initial trades can take place.

This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.