Tuttle Capital Proposes 10 Crypto ETFs, Eyes April Launch

Among the assets targeted are Solana, XRP, and a few unconventional tokens, including the Melania meme coin. This marks a bold step in the evolution of crypto ETFs, pushing the boundaries of regulatory acceptance.

Source: James Seyffart via X

The proposed products include the Tuttle Capital 2X Long XRP Daily Target ETF and Tuttle Capital 2X Long Solana Daily Target ETF. Notably, this is the first ETF filing for several assets like Cardano, Chainlink, and Polkadot. By offering 2x leveraged ETFs, Tuttle aims to deliver double these cryptocurrencies’ daily returns—or losses. According to the firm’s filing, these funds will use financial derivatives like swaps and call options to track 200% of their reference assets’ daily performance.

However, the risks are significant. Leverage amplifies market movements, meaning investors could lose their entire principal in a single trading day if the underlying asset’s value drops by more than 50%. Bloomberg senior ETF analyst Eric Balchunas emphasized the stakes, explaining that, unless the SEC disapproves, these ETFs could hit the market as early as April.

It’s expected that a Ripple XRP ETF could be approved even sooner.

Source: Eric Balchunas via X

Meme Tokens Shake Up SEC Filings

Tuttle’s filing introduces unexpected elements, including meme tokens TRUMP, MELANIA, and BONK. Meme coins are highly volatile, making this move particularly bold. Eric Balchunas noted the unusual nature of launching a “2x Melania ETF” before introducing a “1x Melania ETF,” underscoring the unconventional nature of the proposal. Analysts are now closely monitoring the SEC’s response to such atypical submissions.

James Seyffart from Bloomberg Intelligence suggests these filings push the boundaries of SEC approval. He emphasized the importance of the crypto task force, led by pro-crypto commissioner Hester Peirce, in shaping the outcome.

Source: James Seyffart via X

While meme tokens attract attention, analysts favor established assets like Solana, XRP, and Litecoin. Their larger market capitalization and decentralized structure could enhance their chances during the regulatory review process.

SEC Shifts Gears — New Chair, New Hope

The filings come at a pivotal time for the SEC, with pro-crypto Acting Chair Mark Uyeda replacing Gary Gensler. Industry insiders see this as a potential opportunity for regulatory breakthroughs, especially under a possible President Trump administration.

KoinBX CEO Saravanan Pandian expressed optimism regarding market dynamics, emphasizing the industry’s commitment to innovation. He highlighted the addition of assets such as XRP and Solana, as well as newly issued tokens like TRUMP and MELANIA, reflecting efforts to address diverse market needs.

The industry is no stranger to pushing boundaries. Just last week, Osprey and REX Shares filed for ETFs tied to Dogecoin, BONK, XRP, and Solana. Balchunas pointed out that the SEC has not withdrawn the Dogecoin and Trump ETF filings, calling it “something” worth noting.