---
title: "Volatility Shares Files S-1 Registration for 3x Bitcoin and Ether ETFs"
description: "The issuer plans to list 3x leveraged crypto and commodity funds on CBOE BZX Exchange under VS Trust."
url: https://basisdesk.news/news/volatility-shares-files-3x-bitcoin-ether-etfs-sec
published: 2026-10-05T11:21:34.877Z
modified: 2026-10-05T11:21:34.877Z
section: Regulation & Policy
author: Basis Desk Newsroom (AI-generated, source-verified)
sentiment: neutral
tickers: [BTC, ETH]
tags: [etf, derivatives, leverage, sec-filing, cboe]
license: Quote with attribution to Basis Desk (basisdesk.news). Not financial advice.
---

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

The issuer plans to list 3x leveraged crypto and commodity funds on CBOE BZX Exchange under VS Trust.

## At a glance

- **What happened:** Volatility Shares filed an S-1 registration statement with the SEC to launch 3x leveraged Bitcoin and Ether ETFs on CBOE BZX.
- **Why it matters:** The proposed funds introduce high-beta 3x daily leverage to US exchange-traded crypto derivatives markets.
- **Who is affected:** Volatility Shares, CBOE BZX Exchange, and retail or institutional derivatives traders.
- **What's next:** SEC review of the registration statement prior to declaring the offering effective.
- **Status:** proposed
- **Primary source:** [SEC approves a 3x fix for bitcoin and ether traders who miss the wild swings](https://www.sec.gov/Archives/edgar/data/1793497/000121390026090839/ea0291255-s1_vstrust.htm) — sec.gov

## Key points

- Volatility Shares filed an S-1 registration statement for 3x leveraged Bitcoin (BITH) and Ether (ETHK) funds.
- The funds will be listed on CBOE BZX Exchange alongside 3x gold, silver, crude oil, and natural gas ETFs.
- The prospectus notes returns compound on a single-day basis only, cautioning that full principal loss is possible overnight.

## Editorial remark

- **Context:** Issuers have progressively expanded leverage parameters for crypto derivatives products in US markets, migrating from 2x products toward 3x structures under statutory trusts.
- **Impact:** Traders gain high-multiple tactical tools for crypto exposure on US exchanges, while accepting substantial compounding decay and Schedule K-1 tax reporting obligations.
- **Watch:** The SEC's review process and any subsequent pre-effective amendments or notice of effectiveness under Section 8(a) of the Securities Act of 1933.

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](https://basisdesk.news/news/sec-approves-generic-listing-standards-spot-crypto-etps). 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].

## Sources

1. [SEC approves a 3x fix for bitcoin and ether traders who miss the wild swings](https://www.sec.gov/Archives/edgar/data/1793497/000121390026090839/ea0291255-s1_vstrust.htm) — sec.gov, 2026-10-05

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