Tuttle Capital files for 10 leveraged crypto ETFs, including TRUMP and MELANIA

Tuttle Capital files for 10 leveraged crypto ETFs, including TRUMP and MELANIA

Tuttle Capital, based in Delaware, has filed for leveraged exchange-traded funds (ETFs) focusing on memecoins, including Official Trump and Melania Meme tokens. The filing, reported by Bloomberg analyst James Seyffart, includes ten 2x leveraged ETFs targeting assets such as XRP, Solana, Litecoin, Chainlink, Cardano, Polkadot, BNP, Bonk, and the two meme tokens.

Leveraged ETFs, unlike traditional spot ETFs that directly track asset performance, aim to amplify returns—offering the possibility of doubling the daily performance of the tracked assets, but with increased risk. This filing marks Tuttle Capital as the first U.S.-based asset manager to file for leveraged exchange-traded products (ETPs) that track Chainlink, Cardano, Polkadot, BNP, and Melania Meme tokens.

Bloomberg’s Eric Balchunas noted that the filings are “unusual,” as many of the proposed funds don't yet have standard ETFs. However, since these filings fall under the 40-act framework, there is potential for them to start trading by April, provided the SEC approves them.

Balchunas also referenced previous filings for TRUMP and Dogecoin ETFs from REX Shares, suggesting the SEC may be more open to exploring crypto-focused ETFs, given that these products have not been withdrawn. "It will be interesting to see where the SEC draws a line, if at all," he remarked.

With changes at the SEC, including the appointment of crypto-friendly Commissioner Hester Peirce and the establishment of a crypto task force, market observers anticipate a shift in the regulatory landscape that could open doors for more crypto asset products.

Seyffart views Tuttle’s filing as a bold move to test the new regulatory environment under the SEC’s evolving approach. He expects the crypto task force, led by Peirce, to play a key role in shaping the future of crypto-focused ETFs.

This move follows the success of Bitcoin and Ethereum spot ETFs, with the SEC granting “accelerated approval” to Bitcoin and Ethereum index ETFs by Hashdex and Franklin Templeton on December 20, 2024. In addition, Bitwise Asset Management has registered a trust for a potential Dogecoin ETF, signaling further exploration into crypto ETFs.