YEREVAN (CoinChapter.com) — Tuttle Capital Management has submitted applications for 10 leveraged cryptocurrency exchange-traded funds (ETFs). These filings include the first U.S. ETFs to track assets such as Chainlink (LINK), Cardano (ADA), Polkadot (DOT), BenePit Protocol (BNP), and Melania Meme (MELANIA).
First Leveraged Crypto ETFs in the U.S.
On Monday, Tuttle Capital officially filed for these ETFs, gaining attention in the financial market. James Seyffart, a Bloomberg ETF analyst, shared details about the filing on X.
“This is the first U.S. ETP filing for anything tracking Chainlink, Cardano, Polkadot, BNP, and … Melania,”
Seyffart stated.
The filing includes products focused on meme coins, such as MELANIA, which have not previously appeared in ETF offerings in the U.S. The ETFs are designed as leveraged products, meaning they aim to amplify daily asset performance by using derivatives and debt.
Regulatory Environment Shifts as Filings Increase
These filings reflect the impact of recent regulatory changes. The departure of former SEC Chair Gary Gensler and the formation of a crypto task force led by Hester Peirce have encouraged a surge in applications for crypto ETFs.
The ETFs were filed under the 40 Act, potentially allowing them to trade by April unless explicitly denied by the SEC. Eric Balchunas, a Bloomberg senior ETF analyst, commented,
“Will be interesting to see where the SEC draws the line (if at all) and why.”
Meme Coin ETFs Take the Spotlight
Among the products, a 2x MELANIA ETF stands out, as it proposes a leveraged version before introducing a standard 1x product. This approach mirrors some European offerings but is unique in the U.S. market. Similar products for meme coins, such as TRUMP, DOGE, and BONK, have also been part of recent ETF filings by other issuers like Rex Shares and Osprey Funds.
Osprey Funds, an investment management firm, has also revealed plans to convert its Osprey Bitcoin Trust (OBTC) into a spot Bitcoin ETF. This announcement follows the termination of its acquisition deal with Bitwise.
Seyffart noted the speculative nature of these filings, describing them as a way to test the boundaries of the SEC’s approval process. He stated,
“This is a case of issuers testing the limits of what this SEC is going to allow.”
The SEC’s response to these applications will determine whether the proposed ETFs can proceed. The outcome may set an important precedent for the future of crypto-related ETFs in the U.S. financial market.
