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HBAR Cboe applies for a 3x leverage Bitcoin and Ethereum Futures ETF to push competition for leveraged crypto products
Cboe (Chicago Board Options Exchange) is seeking approval from the U.S. Securities and Exchange Commission (SEC) to launch a 3x leverage Bitcoin and Ethereum Futures ETF, which will push leveraged cryptocurrency investment to new heights and intensify competition among issuers to introduce more aggressive digital asset products into the U.S. market.
According to a filing by Cboe BZX, the exchange elaborated on the proposal in a rules filing with the SEC, and the related products are listed as 3 times leveraged futures funds tracking Bitcoin and Ethereum. SEC approval is a regulatory hurdle that the funds need to overcome immediately before going public.
Why 3 times leverage is risky
3 times leverage funds aim to achieve three times the daily increase of their underlying futures, and there are already 2 times leverage products on the market. This structure amplifies gains as well as losses-which means that if the underlying asset falls daily, the holder's losses will triple.
These products are futures funds rather than spot funds that directly hold tokens. This distinction is crucial because funds track derivative contracts rather than the tokens themselves. This design has been reflected in Cboe's previous long-term Bitcoin and Ethereum futures.
With the popularity of leveraged crypto ETFs, issuers appear to be betting on the market's demand for more aggressive trading tools. The same investment preferences have also driven activity in single-asset products, including the SEC's decision to approve higher option position limits on BlackRock's IBIT Bitcoin ETF.
How Volatility Shares '2x Ethereum Fund is positioned
This development connects Cboe's application to Volatility Shares' existing 2x Ethereum Fund, which is seen as a benchmark that the new 3x product will surpass. Due to the truncation of the original text, the fund's specific performance data has not been confirmed in existing reports.
What this comparison reveals is the competitive pressure in the design of leveraged crypto ETFs-issuers are upgrading from 2x leverage to 3x leverage. This trend reflects widespread interest in the category, such as JPMorgan Chase, which increased its holdings in Bitcoin and Ethereum ETFs in the second quarter.
Product expansion is not limited to leverage. Issuers are also broadening the range of underlying assets, and Grayscale Investment has begun to register Cardano and Hedera ETFs in Delaware.
Cboe's application has been submitted to the SEC, but the approval time, transaction code and listing date are not specified in the relevant documents.
