Tuttle Capital is making waves in the crypto world with its bold move to file for ten leveraged crypto ETFs, including funds focused on memecoins like the Official Trump (TRUMP) and Melania Meme (MELANIA) tokens. This innovative step comes as firms test the limits of the Trump administration’s more crypto-friendly regulatory framework.
According to Bloomberg ETF analyst James Seyffart, Tuttle’s proposed ETFs aim to offer two-times leveraged exposure to memecoins, a first for the ETF market. The filings also include other unique crypto assets, many of which don’t yet have a standard ETF counterpart.
Testing the SEC’s Limits
The filings come at a time when the Securities and Exchange Commission (SEC) is reshaping its approach to crypto. Under the leadership of crypto-friendly Commissioner Hester Peirce, the SEC has established a dedicated task force to create a clear framework for digital assets.
“This new crypto task force could be the deciding factor in determining which ETFs make it to market,” Seyffart said. Bloomberg’s senior ETF analyst Eric Balchunas also noted that Tuttle’s filings stand out because they focus on higher-leveraged ETFs, which is unusual for assets without standard ETFs in place.
Expanding the ETF Market
Tuttle’s move isn’t happening in isolation. Other firms, such as Osprey Funds and REX Shares, have also filed for ETFs targeting popular memecoins like Dogecoin (DOGE), TRUMP, and BONK. Meanwhile, established players like Hashdex and Franklin Templeton recently launched Bitcoin and Ether index ETFs in late 2024.
The race for spot Bitcoin ETFs is also heating up. Osprey Funds has announced plans to convert its Osprey Bitcoin Trust (OBTC) into a spot Bitcoin ETF after a failed acquisition deal with Bitwise. Currently, there are 32 Bitcoin ETFs trading in the U.S., but only 11 are spot ETFs, reflecting the regulatory challenges in this space.
What’s Next for Tuttle’s Memecoin ETFs?
If the SEC doesn’t disapprove Tuttle’s filings, these ETFs could be available as early as April. This would mark a significant step for the ETF market, offering new options for crypto investors while testing the SEC’s evolving stance on digital assets.
As firms continue to push for more innovative ETFs, the SEC’s decisions in the coming months could redefine the landscape of crypto investing, paving the way for broader adoption and accessibility.
