The SEC has approved a Cboe BZX rule change that would allow six triple-leveraged exchange-traded products from Volatility Shares. The products cover bitcoin, ether, gold, silver, crude oil and natural gas.

There is one important step left. Shares cannot be offered publicly until registration requirements are completed and a Securities Act 1933 registration statement becomes effective. The decision sets no date for that process.

The approval also does not mean investors can buy the products right now. It clears the route for their listing, but trading still has to wait.

The Difference Between 3x and Holding Bitcoin

The bitcoin and ether products would not hold the cryptocurrencies directly. They would provide exposure through futures, which…