Tuttle Capital has formally submitted applications for a series of ten leveraged exchange-traded funds (ETFs) focused on cryptocurrencies, notably including funds that target popular memecoins. Analysts suggest that this move reflects a broader trend in which issuers are exploring the boundaries set by regulators regarding cryptocurrency investment options.
Among the proposed ETFs are those that would offer two times leveraged long exposure to tokens associated with Donald Trump and Melania Trump, specifically the Official Trump and Melania Meme tokens. In addition to these, Tuttle plans to include multiple other memecoin assets that currently lack ETF offerings. The comprehensive list of proposed funds also features well-known cryptocurrencies like XRP , Solana , litecoin , Chainlink, Cardano, Polkadot, and the memecoin Bonk. This ambitious array signals a deliberate effort to challenge existing regulatory frameworks.
The backdrop to these developments is shaped by former President Trump’s commitments during his campaign to mitigate regulatory challenges facing cryptocurrency. This led to the establishment of a crypto task force within the Securities and Exchange Commission (SEC), aimed at creating a regulatory framework for digital assets, with Hester Peirce — known for her crypto-friendly stance — at the helm. The actions of this task force will be pivotal in determining the landscape for cryptocurrency ETFs.
Recent comments from industry analysts indicate that Tuttle’s applications are atypical, particularly due to the higher level of leverage involved without a corresponding traditional ETF. Normally, ETFs are designed to track the performance of their underlying assets on a one-to-one basis. In contrast, leveraged ETFs target returns at a ratio of 2:1 or higher. According to industry regulations, should the SEC not deny these proposals, they could potentially begin trading as early as April.
As the ETF market continues to heat up, other firms such as Osprey Funds and REX Shares have also expressed their intentions to launch memecoin-focused ETFs, reflecting a strong demand for diverse cryptocurrency investment vehicles. Notably, the SEC has recently approved Bitcoin and Ether index ETFs from Hashdex and Franklin Templeton, further energizing the cryptocurrency ETF landscape. Currently, 32 Bitcoin ETFs are trading in the U.S., but only 11 of them are classified as spot Bitcoin ETFs.
