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The U.S. Securities and Exchange Commission approves the first 3x leveraged Bitcoin and Ethereum ETF

2026-10-06 03:15:42
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The SEC approves history's first triple-leveraged BTC and ETH exchange-traded product

The U.S. Securities and Exchange Commission (SEC) has approved a rule change that paves the way for the listings of the first triple-leveraged Bitcoin ($BTC) and Ethereum ($ETH) exchange-traded funds (ETFs) in U.S. history. This marks a significant expansion in the high-risk crypto investment products available to U.S. exchanges.

Details of SEC approval

On October 2, 2026, the SEC approved a rule change that would allow six triple leveraged exchange-traded products to be listed and traded, including funds linked to Bitcoin and Ethereum. The series also covers gold, silver, crude oil and natural gas. The approval was issued under Release No. 34-106577, and the products involved were structured as part of the Volatility Shares (VS) Trust family.

This is an important milestone because before that, the leverage limit of crypto funds in the United States was only twice. Bitcoin products are expected to be traded under the code "BITH", while ether products are listed as "ETHK" in the registration statement.

It is worth noting that none of the six approved funds physically hold bitcoin, ether, precious metal gold bars or oil barrels. Instead, these products will use regulated futures contracts, with Bitcoin and Ethereum exchange-traded products (ETP) tracking futures prices at CME Group.

尽管其名称中包含“ETF”,但这些产品在法律上与传统交易所交易基金不同。它们属于交易所交易产品(ETP),投资于与商品挂钩的资产,且不受适用于传统ETF的《1940年投资公司法》管辖。

交易尚未开始

批准上市规则并不等同于产品上线。在根据《1933年证券法》提交的单独Form S-1注册声明生效之前,交易无法启动。此外,此次批准并未披露任何具体的时间表。

所有六只产品均采用每日重置杠杆机制,这是考虑购买此类产品的投资者必须关注的核心细节。分析师警告称,每日重置和杠杆结构可能导致波动性衰减、放大交易流动,并使得这些基金具有高度投机性和风险,仅适合短期交易者。

Cboe BZX交易所于2026年8月10日提交了拟议的规则变更,SEC随后于8月14日发布了相关通知。

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