Fund supervisor Tuttle Capital filed functions for ten altcoin exchange-traded funds (ETFs) with the US Securities and Alternate Fee (SEC). Amongst them are Chainlink ($LINK), Cardano ($ADA), and even meme cash like Bonk ($BONK) and Official Trump ($TRUMP).
These filings come on the again of latest modifications within the SEC’s management, as pro-crypto Mark Uyeda changed crypto critic Gary Gensler because the company’s chair.
US Fund Managers Take a look at the Waters
Tuttle Capital already affords a number of leveraged $BTC and $ETH ETFs. Now, the agency seeks approval for ten 2x ETFs, together with $XRP, $SOL, and $MELANIA. Basically, these are ETFs that would offer twice the day by day good points or losses of their underlying tokens.
Speculations about $SOL and $XRP ETFs have been spreading for some time, however meme coin ETFs are a completely new, experimental idea.
Final week, REX Shares additionally filed for a $DOGE ETF – maybe viewing it as a extra predictable and sustainable funding than $TRUMP or $MELANIA.
Bloomberg Intelligence suggests issuers are testing the waters to see what the brand new SEC administration would enable.
The query is – the place will regulators draw the road?
Tuttle Capital May Set Precedent for Meme Cash Like Solaxy ($SOLX)
If the SEC approves Tuttle Capital’s ETFs, they might be accessible in the marketplace by April.
This may set a precedent for meme coin ETFs, and we’d see related monetary merchandise for lots of of different tokens.
Nevertheless, utility-backed meme cash have increased odds of getting the inexperienced mild. One such mission is Solaxy ($SOLX), a Solana Layer-2 resolution with a Pepe mascot.
Solaxy goals to stop community congestion, scale back charges, and velocity up transfers by offloading a part of transactions to its aspect chain. There are at the moment no Layer-2 networks for Solana, so Solaxy pioneers the area of interest.
This distinctive utility helped Solaxy acquire momentum and lift over $15.6M on presale. One $SOLX now prices $0.001618, which is the bottom attainable entry level into the mission.
It’s true that trade listings sometimes enhance token worth, and Solaxy already has them deliberate.
But when (or when) $SOLX ETF rolls out, we’d see a very meteoric rise.
Take $BTC, for instance.
The primary spot $BTC ETF utility was filed in 2013, however solely in 2021 was the primary $BTC ETF launched in Canada. Inside one month after the information, $BTC rose from $33K to $57K and inside two to $60K.
When BlackRock filed for the primary US $BTC ETF in June 2023, $BTC was buying and selling at $27K. Since $BTC ETFs started buying and selling on the US spot market in January 2024, it hit $100K.
It seems that Solaxy launches simply in time for a brand new wave of institutional adoption, which might deliver its early supporters amplified returns.
Can Meme Coin ETFs Go Mainstream?
The consequences of the brand new pro-crypto administration are already evident. Whereas the SEC hasn’t but authorized Tuttle Capital’s functions, it hasn’t turned them down both, so the chances are excessive.
The crypto market could also be getting into a brand new bull cycle the place institutional traders lastly choose initiatives like Solaxy for his or her expertise moderately than meme facade.
Nevertheless, we remind you that the crypto market is extraordinarily unstable, and no good points are assured. DYOR and maintain a cool head always.