SEC clears listing rules for 3x Bitcoin and Ether ETPs, but trading still awaits S-1 effectiveness

The U.S. Securities and Exchange Commission has approved a rule change that clears the path for six 3x leveraged exchange-traded products from Volatility Shares to list and trade, including funds tied to Bitcoin and Ether. The same batch also covers gold, silver, crude oil, and natural gas. The approval was issued in Release No. 34-106577 on Oct. 2, 2026, after Cboe BZX filed the proposed rule change on Aug. 10 and the SEC published notice on Aug. 14. Still, the products are not yet ready to begin trading. Each fund must wait for a separate registration statement on Form S-1 to become effective under the Securities Act of 1933, and the approval order did not provide a launch timeline. The products seek to deliver three times the daily performance of their underlying assets and gain exposure through futures contracts rather than holding spot Bitcoin, spot Ether, or physical commodities. That structure leaves investors exposed to daily reset effects and futures roll costs, two factors that can materially affect returns over holding periods longer than a single day. The decision marks the first U.S. approval of 3x leveraged ETPs linked to Bitcoin and Ether.