Key Takeaways
- • CBOE Global Markets has filed a proposal with the SEC to launch the first-ever 3x leveraged Bitcoin and Ethereum ETFs in the United States, pending regulatory approval.
- • LeverageShares already debuted the world's first 3x and -3x leveraged Bitcoin and Ethereum ETFs in Europe, establishing a precedent for this product class ahead of the U.S. market.
- • If approved, CBOE's 3x leveraged crypto ETFs would offer institutional and retail investors daily investment results corresponding to three times the daily performance of Bitcoin and Ethereum, respectively, before fees and expenses.
- • The regulatory pathway remains uncertain; the SEC has previously postponed decisions on leveraged crypto derivative proposals, including those from VanEck Associates and SolidX Partners.
- • CBOE has already received regulatory approval to offer leveraged derivatives products on its digital trading platform, demonstrating incremental progress toward broader leveraged crypto product offerings.
Summary
CBOE Global Markets has submitted a formal proposal to the Securities and Exchange Commission seeking approval to launch the first 3x leveraged Bitcoin and Ethereum ETFs in the United States. The proposed funds, detailed in SEC filing SR-CboeBZX-2026-065, would deliver daily investment results corresponding to three times the daily performance of Bitcoin and Ethereum respectively, before accounting for fees and expenses. This marks CBOE's effort to bring a product class already operating in international markets to American institutional and retail investors.
LeverageShares has already established this market segment globally, having launched the world's first 3x and -3x leveraged Bitcoin and Ethereum exchange-traded products in Europe. According to Bloomberg ETF analyst commentary, these European products represent the inaugural offerings of tripled-leverage exposure to both digital assets. The successful European launch demonstrates institutional and retail demand for structured leverage in crypto markets, providing a regulatory and operational template for U.S. approval.
The regulatory environment remains complex. The SEC has previously postponed decisions on related proposals, including leveraged crypto derivative filings from VanEck Associates Corp. and SolidX Partners Inc., signaling caution among regulators regarding leveraged exposure to digital assets. However, CBOE has achieved regulatory milestones: the exchange operator received approval to offer leveraged derivatives products on its digital trading platform, and it previously received authorization to launch cash-settled options products related to spot Bitcoin beginning in late 2024.
CBOE's broader crypto derivatives strategy includes continuous futures contracts on Bitcoin and Ethereum designed to offer long-term exposure through 10-year expiration contracts. These initiatives position CBOE as an aggressive competitor in the growing institutional crypto derivatives market. Approval of the 3x leveraged ETF proposal would represent a significant expansion of leveraged crypto products available to U.S. investors and would align domestic offerings with the European market, where such products are already operational.
LeverageShares has already established this market segment globally, having launched the world's first 3x and -3x leveraged Bitcoin and Ethereum exchange-traded products in Europe. According to Bloomberg ETF analyst commentary, these European products represent the inaugural offerings of tripled-leverage exposure to both digital assets. The successful European launch demonstrates institutional and retail demand for structured leverage in crypto markets, providing a regulatory and operational template for U.S. approval.
The regulatory environment remains complex. The SEC has previously postponed decisions on related proposals, including leveraged crypto derivative filings from VanEck Associates Corp. and SolidX Partners Inc., signaling caution among regulators regarding leveraged exposure to digital assets. However, CBOE has achieved regulatory milestones: the exchange operator received approval to offer leveraged derivatives products on its digital trading platform, and it previously received authorization to launch cash-settled options products related to spot Bitcoin beginning in late 2024.
CBOE's broader crypto derivatives strategy includes continuous futures contracts on Bitcoin and Ethereum designed to offer long-term exposure through 10-year expiration contracts. These initiatives position CBOE as an aggressive competitor in the growing institutional crypto derivatives market. Approval of the 3x leveraged ETF proposal would represent a significant expansion of leveraged crypto products available to U.S. investors and would align domestic offerings with the European market, where such products are already operational.
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