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BTC 
ETH The SEC approves Cboe BZX's listing of 3x Bitcoin and Ethereum ETFs
The U.S. Securities and Exchange Commission (SEC) has approved a rule change proposed by the Cboe BZX Exchange to allow it to list 3x leveraged Bitcoin ETFs, 3x leveraged Ethereum ETFs, and leveraged products for commodities such as gold, silver, crude oil and natural gas. Among them, Bitcoin products are expected to be traded using "BITH" as the transaction code, while Ethereum products are listed with the code "ETHK" in the registration statement.
Despite their similar names, the SEC classifies these funds as commodity exchange-traded products (ETP) rather than traditional investment company ETFs. These products use short-term futures contracts to achieve daily performance targets of three times benchmark assets, rather than directly holding physical BTC or ETH. This structure makes it fundamentally different from the products that have recently driven a surge in demand for Bitcoin and Ethereum spot ETFs.
"3x" represents daily exposure, rather than a three-fold amplification of long-term return.
The most critical difference is the concept of "daily". Volatility Shares pointed out that BITH and ETHK aim to track the three-fold daily performance of benchmark Bitcoin and Ethereum futures indices. Because leverage resets at the end of each trading day, compound interest can cause cumulative performance over multiple days to differ significantly from simply multiplying the long-term return of BTC or ETH by three.
For example, if bitcoin gains 5 percent in a single day, theoretically the product will earn about 15 percent before fees and tracking errors are deducted. However, if bitcoin falls 5% in a single day, the product could face losses of about 15%.
Prospectus clearly warns that these funds are speculative and that investors may lose most or all of their principal in extreme one-day fluctuations. The specification states that assuming that Ethereum prices plummet by about 47% during some time in early 2026, a hypothetical (hypothetical) 3 times Ethereum product would suffer a near-devastating loss.
The crypto-ETP market continues to expand
This approval comes as traditional markets 'access to cryptocurrencies are constantly expanding. In the third quarter, the U.S. spot Bitcoin ETF attracted approximately US$6.34 billion in capital inflows, while Ethereum-related products also increased the size of approximately US$3.05 billion during the same period. Although recent ETF funding flows have remained volatile, the development of this category has gone far beyond simple spot exposure.
In addition, the operating mechanisms of BITH and ETHK are significantly different from the way ordinary crypto ETFs obtain assets. These two products mainly use Bitcoin and Ethereum futures, with cash as collateral. If the relevant futures contract is not available, the fund can also use the relevant ETF, ETP, and exchange-listed options as replacements.
