The SEC approved the listing and trading of the 3x Bitcoin ETF and 3x Ether ETF, alongside four other 3x commodity-linked products under the VS Trust. The approval expands access to leveraged
The U.S. Securities and Exchange Commission (SEC) has approved the first-ever 3x leveraged Bitcoin and Ethereum ETFs for listing and trading in the United States, a decision that marks one of the most significant shifts in crypto regulatory history since the spot Bitcoin ETF approval in January 2024.
The approval covers six products under the VS Trust managed by Volatility Shares: the 3x Bitcoin ETF, 3x Ether ETF, 3x Gold ETF, 3x Silver ETF, 3x Crude Oil ETF, and 3x Natural Gas ETF. Cboe BZX Exchange filed the proposed rule change on August 10, 2026; the SEC published it in the Federal Register on August 19 for public comment, and the order granting approval followed shortly after.
Also, Bloomberg ETF analyst Eric Balchunas called it a big win for Volatility Shares. ETF Store President Nate Geraci noted the speed of the shift; under three years ago, the SEC was still litigating against Grayscale over a plain-vanilla spot Bitcoin ETF. Now it has approved products that deliver three times the daily performance of the underlying assets.
The Bitcoin and Ether ETFs use CME futures contracts and other instruments to seek returns equal to three times the daily performance of their respective indexes, before fees and expenses. That structure requires issuers to rebalance positions every single day, creating predictable buying and selling pressure that can amplify intraday price movements in both spot and futures markets.
That daily rebalancing also introduces a structural complexity that matters. In volatile, range-bound markets, returns can erode even when traders correctly anticipate the underlying asset’s direction. Moreover, it makes these products better suited to short-term tactical trading than long-term holding.
The leveraged ETPs targeting crypto assets bring a new class of traders and institutions into the market. In addition, those with shorter time horizons and higher risk tolerance who previously had no regulated vehicle for this kind of exposure.
For BTC and ETH specifically, daily rebalancing from these products will create consistent and predictable buying pressure on up days and selling pressure on down days, amplifying intraday moves in both directions. Volatility is likely to increase around market open and close as issuers adjust positions.
The approval also signals something larger: the SEC’s posture toward complex crypto investment vehicles has fundamentally shifted. Furthermore, spot ETFs were the first step, and the leveraged ETFs are the next. The regulatory door that once seemed permanently closed is now opening faster than expected.
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