Tuttle Files For 10 Leveraged Crypto ETFs, Tests SEC Limits

Tuttle Capital Files For 10 Leveraged Crypto ETFs, Including Trump And Melania Meme Coins

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Updated: 28 January 2025

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Tuttle Capital filed for 10 leveraged crypto exchange-traded funds (ETFs), including meme coins linked to US President Trump and First Lady Melania Trump, in a move that analysts say will test Trump-era regulatory limits.

The filings, made on Monday afternoon, feature “a range of memecoin products and assets that don’t have ETPs yet,” said Bloomberg ETF analyst James Seyffart in a post on X.

In addition to Trump (TRUMP) and Melania Meme (MELANIA) tokens, Tuttle’s proposed funds include as XRP, Solana, Litecoin, Chainlink, Cardano, Polkadot, BNP, and Bonk.

NEW: @TuttleCapital just filed for 10 different leveraged crypto asset ETFs. Including a bunch of memecoin products and assets that don't have ETPs yet. pic.twitter.com/i8X0rSdbK7

— James Seyffart (@JSeyff) January 27, 2025

Issuers Testing SEC Limits On Crypto ETFs

”This is a case of issuers testing the limits of what this SEC is going to allow,” Seyffart said.

During his presidential campaign, Trump pledged to introduce crypto-friendly regulations, including efforts to end the perceived hostility towards the cryptocurrency industry.

After his election victory, Trump’s administration created a crypto task force for regulatory development at the Securities and Exchange Commission (SEC) that is led by crypto-friendly Commissioner Hester Peirce.

“I’m expecting the new crypto task force led by Hester Peirce to likely be the lynchpin in determining what’s gonna be allowed vs what isn’t,” Seyffart added.

Eric Balchunas, Bloomberg’s senior ETF analyst, said on X that Tuttle’s filings are “unusual,” as they are for highly leveraged ETFs, even though several lack a standard ETF counterpart.

“Also note this is a 40 act filing so in theory unless the SEC disapproves them they could be out and trading in April,” he said. “Will be interesting to see where the SEC draws line (if at all) and why.”

In a January 21 regulatory filing, asset managers Osprey Funds and REX Shares revealed plans to launch ETFs for several meme coins, including DOGE, TRUMP, and BONK.

This move comes in response to more firms entering the ETF market, with the SEC approving Bitcoin and Ether index ETFs from Hashdex and Franklin Templeton on December 20.

After its acquisition deal with Bitwise was terminated, investment management firm Osprey Funds announced plans to convert its Osprey Bitcoin Trust (OBTC) into a spot Bitcoin ETF.

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