CoinShares has filed an amendment with the Securities and Exchange Commission to register three new exchange-traded funds designed to track Bitcoin volatility. The filing was submitted through the Valkyrie ETF Trust II and first flagged by Bloomberg Senior ETF Analyst Eric Balchunas on X. The three proposed funds are the CoinShares Bitcoin Volatility ETF, the CoinShares Bitcoin Volatility Leveraged ETF, and the CoinShares Bitcoin Volatility Inverse ETF.
A person familiar with the filings told Decrypt that no existing ETF currently offers investors, institutions, or advisors exposure to Bitcoin’s volatility. The suite is designed to allow investors to profit from increases or decreases in Bitcoin volatility, and may serve as a risk management strategy within a standard ETF structure. Existing products such as the ProShares Bitcoin ETF and the Volatility Shares 2x Bitcoin Strategy ETF provide exposure to Bitcoin’s price through futures, but none specifically track the CME CF Bitcoin Volatility Index, known as the BVX.
The BVX is calculated by CF Benchmarks Ltd. and published once per second. It measures implied volatility in CME‘s Bitcoin options market over a 30-day forward window, functioning as a Bitcoin equivalent of the VIX. At the time of the original report, the BVX stood at 52, having risen 0.3% since 1:30 p.m. Eastern Time.
The CoinShares Bitcoin Volatility ETF, which would trade under the ticker CBIX on the Nasdaq, seeks to provide managed exposure to futures contracts on the CME CF Bitcoin Volatility Index. Because the index itself is non-investible, the fund would hold BTC volatility-linked instruments, including volatility futures contracts, shares or options in companies with comparable exposure, and BTC volatility-linked swaps. The leveraged variant would offer amplified exposure to movements in the index, while the inverse variant would allow investors to bet against volatility and profit when the BVX declines. Ticker symbols for the leveraged and inverse funds were not included in the filing.
CoinShares is launching the funds through the existing Valkyrie ETF Trust II shell, which already carries an SEC registration number, rather than establishing an entirely new trust. The company completed its acquisition of Valkyrie Funds LLC in March 2024, a transaction that gave the Jersey-based digital asset manager a presence in the U.S. market and sponsor rights over Valkyrie’s existing ETF lineup. That lineup includes a spot Bitcoin fund trading under the ticker BRRR on Nasdaq.
The filing appears to be in its early stages, as management fees for any of the three funds have not yet been listed. The 75-day effective period began on Monday, March 23, meaning the funds could potentially begin trading in early June if the SEC raises no objections or introduces delays. The outcome will depend on the regulatory review process in the weeks ahead.
Originally reported by Decrypt.
