Fund supervisor Tuttle Capital filed purposes for ten altcoin exchange-traded funds (ETFs) with the US Securities and Exchange Commission (SEC). Among 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 Test 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. Essentially, these are ETFs that would supply twice the every day good points or losses of their underlying tokens.
Speculations about $SOL and $XRP ETFs have been spreading for a whereas, however meme coin ETFs are a wholly new, experimental idea.
Last week, REX Shares additionally filed for a $DOGE ETF – maybe viewing it as a extra predictable and sustainable funding than $TRUMP or $MELANIA.
Bloomberg Intelligence suggests issuers are testing the waters to see what the brand new SEC administration would permit.
The query is – the place will regulators draw the road?
Tuttle Capital Could Set Precedent for Meme Coins Like Solaxy ($SOLX)
If the SEC approves Tuttle Capital’s ETFs, they could possibly be obtainable available on the market by April.
This would set a precedent for meme coin ETFs, and we’d see comparable monetary merchandise for a whole lot of different tokens.
However, utility-backed meme cash have increased odds of getting the inexperienced mild. One such challenge is Solaxy ($SOLX), a Solana Layer-2 resolution with a Pepe mascot.
Solaxy goals to forestall community congestion, scale back charges, and velocity up transfers by offloading a part of transactions to its facet chain. There are at present no Layer-2 networks for Solana, so Solaxy pioneers the area of interest.
This distinctive utility helped Solaxy achieve momentum and lift over $15.6M on presale. One $SOLX now prices $0.001618, which is the bottom attainable entry level into the challenge.
It’s true that trade listings sometimes increase token worth, and Solaxy already has them deliberate.
But if (or when) $SOLX ETF rolls out, we’d see a actually meteoric rise.
Take $BTC, for instance.
The first spot $BTC ETF utility was filed in 2013, however solely in 2021 was the primary $BTC ETF launched in Canada. Within 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 new wave of institutional adoption, which might deliver its early supporters amplified returns.
Can Meme Coin ETFs Go Mainstream?
The results of the brand new pro-crypto administration are already evident. While the SEC hasn’t but accredited Tuttle Capital’s purposes, it hasn’t turned them down both, so the percentages are excessive.
The crypto market could also be coming into a new bull cycle the place institutional buyers lastly choose tasks like Solaxy for his or her expertise relatively than meme facade.
However, we remind you that the crypto market is extraordinarily risky, and no good points are assured. DYOR and maintain a cool head always.
