The U.S. Securities and Exchange Commission has cleared two separate regulatory paths that expand crypto-linked exchange-traded products, underscoring how Bitcoin and Ether derivatives are becoming more embedded in traditional market structure.
On October 2, 2026, the SEC published Release No. 34-106575 approving an IEX rule change to list options on commodity-based trusts holding Bitcoin and other crypto assets, and to set position and exercise limits for options on BlackRock’s iShares Bitcoin Trust ETF (IBIT). The approval was made effective immediately, the same day IEX’s new options venue, IEX Options, began trading. IEX submitted the proposed rule change on September 22, 2026, and the Commission waived the usual 30-day operative delay because it raised no new legal or regulatory questions.
IEX’s new generic listing standard requires each underlying crypto asset to maintain an average daily market value of at least $700 million over the prior 12 months, based on total global supply multiplied by token price from public sources such as CoinGecko or CoinMarketCap. Each asset must also underlie a derivatives contract traded on a market where IEX has a comprehensive surveillance sharing agreement, either directly or through common membership in the Intermarket Surveillance Group. IEX said it would verify the $700 million threshold monthly and the surveillance requirement continuously, and could delist options if an underlying trust stops meeting those conditions. The exchange noted its standards are substantively identical to those already approved for ISE, MEMX, MIAX, BOX, PHLX, NYSE American and NYSE Arca.
Separately, on October 2, the SEC approved Cboe BZX’s proposal to list Volatility Shares products seeking 3x daily leveraged Bitcoin and Ether futures exposure. The order covers six VS Trust funds, including products tied to gold, silver, crude oil and natural gas. The proposed tickers are BITH for the 3x Bitcoin product and ETHK for the 3x Ether product, though the preliminary prospectus remains subject to completion. The SEC order approves the exchange rule change, but does not mean registration is effective or that trading has started; as of October 4, no first trading date was confirmed.
The funds are structured as Commodity-Based Trust Shares rather than Investment Company Act of 1940 funds. They seek three times their benchmark’s daily performance before fees and expenses, with benchmarks measuring first- and second-month futures contracts. The SEC warns that daily leveraged products can deviate substantially from their stated multiple over longer periods, and losses can be amplified, especially in volatile crypto markets.
The back-to-back approvals add a new U.S. options venue for spot Bitcoin and Ether funds and a potential listing path for higher-leverage crypto futures ETPs, at a time when exchange-traded crypto products are drawing increasing regulatory attention.
