Tuttle Capital Administration has filed for a number of unique leveraged cryptocurrency ETFs which can be seemingly meant to check the boundaries of the brand new SEC management.
It has proposed ten 2X lengthy ETFs for such cryptocurrencies as XRP, Cardano (ADA), and the Solana-based Bonk (BONK) meme coin.
As reported by U.Right this moment, analyst Nate Geraci mentioned that he was anticipating one other wave of cryptocurrency ETF filings this week.
Final week, Rex Monetary filed for a Dogecoin ETF. Bitwise, the main crypto index fund supervisor, has additionally registered a brand new authorized entity in Delaware forward of presumably submitting its personal prospectus for such a spot ETF.
On line casino-like hypothesis
Not everyone seems to be a fan of meme coin ETF filings. In keeping with a current report by the Monetary Instances, there are rising issues about such rampant hypothesis.
Bryan Armour of Morningstar informed the outlet such merchandise can be extra appropriate for a on line casino than US capital markets on condition that playing seems to be their solely use case.
Final yr, the SEC greenlit spot Bitcoin and Ethereum ETFs. These cryptocurrencies already had futures-based merchandise previous to this. Nevertheless, as Armour factors out, there are not any futures markets for a number of the unique meme cash that now have their very own ETF filings.
Notably, Geraci didn’t utterly rule out the approval of such unconventional meme coin ETFs, telling the Monetary Instances that “something is feasible.”
As reported by U.Right this moment, Republican SEC Commissioner Mark Uyeda just lately took the reins of the company as its new performing chairman. Former Commissioner Paul Atkins will spearhead the SEC as soon as he will get confirmed by the Senate.