<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/nport" xmlns:com="http://www.sec.gov/edgar/common" xmlns:ncom="http://www.sec.gov/edgar/nportcommon" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
  <headerData>
    <submissionType>NPORT-P</submissionType>
    <isConfidential>false</isConfidential>
    <filerInfo>

      <filer>
        <issuerCredentials>
          <cik>0001884021</cik>
          <ccc>XXXXXXXX</ccc>
        </issuerCredentials>
      </filer>


      <seriesClassInfo>
        <seriesId>S000080610</seriesId>
        <classId>C000243124</classId>
      </seriesClassInfo>


    </filerInfo>
  </headerData>
  <formData>
    <genInfo>
      <regName>Volatility Shares Trust</regName>
      <regFileNumber>811-23785</regFileNumber>
      <regCik>0001884021</regCik>
      <regLei>54930004NGKHU04MBA84</regLei>
      <regStreet1>2000 PGA Boulevard</regStreet1>
      <regStreet2>Suite 4440</regStreet2>
      <regCity>Palm Beach Gardens</regCity>
      <regStateConditional regCountry="US" regState="US-FL"/>
      <regZipOrPostalCode>33408</regZipOrPostalCode>
      <regPhone>203-998-6005</regPhone>
      <seriesName>2x Bitcoin Strategy ETF</seriesName>
      <seriesId>S000080610</seriesId>
      <seriesLei>5493000EQPCVFIDP2125</seriesLei>
      <repPdEnd>2026-02-28</repPdEnd>
      <repPdDate>2025-11-30</repPdDate>
      <isFinalFiling>N</isFinalFiling>
    </genInfo>
    <fundInfo>
      <totAssets>5762482907.760000000000</totAssets>
      <totLiabs>4153412176.020000000000</totLiabs>
      <netAssets>1609070731.740000000000</netAssets>
      <assetsAttrMiscSec>0.000000000000</assetsAttrMiscSec>
      <assetsInvested>1064501454.230000000000</assetsInvested>
      <amtPayOneYrBanksBorr>4147605000.000000000000</amtPayOneYrBanksBorr>
      <amtPayOneYrCtrldComp>0.000000000000</amtPayOneYrCtrldComp>
      <amtPayOneYrOthAffil>0.000000000000</amtPayOneYrOthAffil>
      <amtPayOneYrOther>0.000000000000</amtPayOneYrOther>
      <amtPayAftOneYrBanksBorr>0.000000000000</amtPayAftOneYrBanksBorr>
      <amtPayAftOneYrCtrldComp>0.000000000000</amtPayAftOneYrCtrldComp>
      <amtPayAftOneYrOthAffil>0.000000000000</amtPayAftOneYrOthAffil>
      <amtPayAftOneYrOther>0.000000000000</amtPayAftOneYrOther>
      <delayDeliv>0.000000000000</delayDeliv>
      <standByCommit>0.000000000000</standByCommit>
      <liquidPref>0.000000000000</liquidPref>
      <cshNotRptdInCorD>1038004888.170000000000</cshNotRptdInCorD>
      <isNonCashCollateral>N</isNonCashCollateral>
      <returnInfo>
        <monthlyTotReturns>
          <monthlyTotReturn classId="C000243124" rtn1="9.450000000000" rtn2="-10.81" rtn3="-33.88"/>
        </monthlyTotReturns>
        <monthlyReturnCats>
          <foreignExchgContracts>
            <mon1 netRealizedGain="-172587771.110000000000" netUnrealizedAppr="385538875.500000000000"/>
            <mon2 netRealizedGain="2568015.350000000000" netUnrealizedAppr="-251523287.220000000000"/>
            <mon3 netRealizedGain="-721595048.680000000000" netUnrealizedAppr="-57420889.000000000000"/>
            <futureCategory>
              <instrMon1 netRealizedGain="-172587771.110000000000" netUnrealizedAppr="385538875.500000000000"/>
              <instrMon2 netRealizedGain="2568015.350000000000" netUnrealizedAppr="-251523287.220000000000"/>
              <instrMon3 netRealizedGain="-721595048.680000000000" netUnrealizedAppr="-57420889.000000000000"/>
            </futureCategory>
          </foreignExchgContracts>
        </monthlyReturnCats>
        <othMon1 netRealizedGain="1401.000000000000" netUnrealizedAppr="-128300.000000000000"/>
        <othMon2 netRealizedGain="1243.750000000000" netUnrealizedAppr=".000000000000"/>
        <othMon3 netRealizedGain="2684.410000000000" netUnrealizedAppr="-76346.870000000000"/>
      </returnInfo>
      <mon1Flow redemption="192358234.000000000000" reinvestment=".000000000000" sales="189444828.000000000000"/>
      <mon2Flow redemption="283707713.000000000000" reinvestment=".000000000000" sales="442676029.000000000000"/>
      <mon3Flow redemption="144555410.000000000000" reinvestment=".000000000000" sales="268332277.000000000000"/>


      <varInfo>

        <fundsDesignatedInfo>
          <nameDesignatedIndex>S&amp;P CME Bitcoin Futures Daily Roll Index</nameDesignatedIndex>
          <indexIdentifier>SPBTFDUE</indexIdentifier>

        </fundsDesignatedInfo>

      </varInfo>
    </fundInfo>
    <invstOrSecs>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>CME Bitcoin Fut   Dec25</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="BTCZ5"/>
        </identifiers>
        <balance>6642.000000000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-284375568.760000000000</valUSD>
        <pctVal>-17.6732795613</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerConditional desc="Exchange" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>Chicago Mercantile Exchange</counterpartyName>
              <counterpartyLei>SNZ2OJLFK8MNNCLQOF39</counterpartyLei>
            </counterparties>
            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>CME Bitcoin Reference Rate (BRR)</issuerName>
                <issueTitle>CME Bitcoin Reference Rate (BRR)</issueTitle>
                <identifiers>
                  <cusip value="N/A"/>
                  <other otherDesc="USER DEFINED" value="BTC_Curncy"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2025-12-26</expDate>
            <notionalAmt>3308644218.771077319172</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-284375568.760000000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>US Bank Money Market Deposit Account</name>
        <lei>N/A</lei>
        <title>US Bank Money Market Deposit Account</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="USER DEFINED" value="8AMMF0LE9"/>
        </identifiers>
        <balance>483099657.170000000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>483099657.170000000000</valUSD>
        <pctVal>30.0235190188</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TREASURY BILL</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>United States Treasury Bill</title>
        <cusip>912797QZ3</cusip>
        <identifiers>
          <isin value="US912797QZ38"/>
        </identifiers>
        <balance>4200000000.000000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4192258056.000000000000</valUSD>
        <pctVal>260.5390784448</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-12-18</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>CME Bitcoin Fut   Jan26</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="BTCF6"/>
        </identifiers>
        <balance>369.000000000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>2455047.920000000000</valUSD>
        <pctVal>0.1525755128</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerConditional desc="Exchange" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>Chicago Mercantile Exchange</counterpartyName>
              <counterpartyLei>SNZ2OJLFK8MNNCLQOF39</counterpartyLei>
            </counterparties>
            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>CME Bitcoin Reference Rate (BRR)</issuerName>
                <issueTitle>CME Bitcoin Reference Rate (BRR)</issueTitle>
                <identifiers>
                  <cusip value="N/A"/>
                  <other otherDesc="USER DEFINED" value="BTC_Curncy"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2026-01-30</expDate>
            <notionalAmt>166666877.080003750000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>2455047.920000000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>REREPOQZ3</name>
        <lei>N/A</lei>
        <title>REREPOQZ3</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="USER DEFINED" value="REREPOQZ3"/>
        </identifiers>
        <balance>-4147605000.000000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>-4147605000.000000000000</valUSD>
        <pctVal>-257.7639949684</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>RA</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <repurchaseAgrmt>
          <transCat>Reverse repurchase</transCat>
          <clearedCentCparty centralCounterparty="FIXED INCOME CLEARING CORPORATION" isCleared="Y"/>
          <isTriParty>Y</isTriParty>
          <repurchaseRt>4.470000000000</repurchaseRt>
          <maturityDt>2025-12-02</maturityDt>
          <repurchaseCollaterals>
            <repurchaseCollateral>
              <principalAmt>4200000000</principalAmt>
              <principalCd>USD</principalCd>
              <collateralVal>4192230000</collateralVal>
              <collateralCd>USD</collateralCd>
              <invstCat>UST</invstCat>
            </repurchaseCollateral>
          </repurchaseCollaterals>
        </repurchaseAgrmt>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2026-01-29</ncom:dateSigned>
      <ncom:nameOfApplicant>Volatility Shares Trust</ncom:nameOfApplicant>
      <ncom:signature>/s/ Chang Kim</ncom:signature>
      <ncom:signerName>Chang Kim</ncom:signerName>
      <ncom:title>COO &amp; CCO</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
