Volatility Shares Files S-1 Registration for 3x Bitcoin and Ether ETFs

Volatility Shares LLC has submitted a Form S-1 registration statement to the Securities and Exchange Commission to launch 3x leveraged exchange-traded funds tracking $BTC and $ETH, alongside gold, silver, crude oil, and natural gas ¹.

According to the regulatory filing dated August 17, 2026, the proposed offerings include the 3x Bitcoin ETF under the ticker BITH and the 3x Ether ETF under the ticker ETHK ¹. Both funds are structured as series within VS Trust, a Delaware statutory trust, and are slated to list for trading on the CBOE BZX Exchange ¹. The registration also details 3x leveraged products across traditional commodities: the 3x Gold ETF (GLDU), 3x Silver ETF (SLVK), 3x Crude Oil ETF (OILY), and 3x Natural Gas ETF (NATX) ¹.

Daily Reset Mechanics and Operational Risks

The prospectus warns that each fund aims to achieve its 3x investment objective on a daily basis only, measured from one net asset value calculation to the next ¹. Returns compounded over periods longer than a single day are expected to differ in amount and direction from the benchmark's performance, carrying the potential for an investor to lose full principal value within a single trading day or overnight ¹. The trust notes that the funds invest in cryptocurrency and commodity futures contracts and will issue a Schedule K-1 tax form to shareholders ¹. Furthermore, the issuer stated that neither VS Trust nor the funds are registered as mutual funds under the Investment Company Act of 1940 ¹.

The submission follows broader market moves to expand leveraged derivative structures following past agency actions, such as when the SEC approved generic listing standards for spot crypto exchange-traded products. At the time of writing, Bitcoin traded at $86,000 and Ether stood at $2,713. VS Trust stated that sales will commence as soon as practicable once the registration statement is declared effective by the SEC ¹.