In the grand and illustrious state of Delaware, where the air is thick with the scent of ambition and memecoins, Tuttle Capital has taken a bold leap into the swirling abyss of leveraged exchange-traded funds. Yes, dear reader, they have filed for a veritable cornucopia of ten 2x leveraged ETFs, including the illustrious Official Trump and Melania Meme tokens. Who knew that the world of finance could be so… entertaining? 🎭
According to the ever-watchful Bloomberg analyst, James Seyffart, Tuttle’s audacious endeavor encompasses a motley crew of assets: XRP, Solana, Litecoin, Chainlink, Cardano, Polkadot, BNP, Bonk, and, of course, the illustrious TRUMP and MELANIA tokens. One can only imagine the boardroom discussions that led to this eclectic selection. “Let’s throw in some Bonk for good measure!” 😂
Now, unlike those dreary traditional spot ETFs that merely mimic the underlying asset’s performance with all the excitement of watching paint dry, these leveraged ETFs are designed to amplify returns. Yes, you heard it right! They offer investors the tantalizing prospect of achieving twice the daily performance of the tracked assets, all while increasing the risk exposure. What could possibly go wrong? 🤔
With this filing, Tuttle has boldly claimed the title of the first U.S.-based asset manager to file for leveraged ETPs tracking Chainlink, Cardano, Polkadot, BNP, and the ever-so-charming Melania Meme tokens. Bravo! 👏
Fellow Bloomberg analyst Eric Balchunas, with a twinkle of skepticism in his eye, noted that these filings are “unusual.” Indeed, many of the proposed funds lack even a standard ETF. But fear not! Since these are filed under the 40-act framework, they could potentially start trading by April—unless, of course, the SEC decides to play the role of the grumpy gatekeeper. 🕵️♂️
In a delightful twist, Balchunas reminded his followers of the recent filings for TRUMP and Dogecoin ETFs from REX Shares, which have not been withdrawn. Could this be a sign of the SEC’s newfound openness to exploring the wild world of crypto-focused ETFs? Only time will tell! ⏳
“Will be interesting to see where the SEC draws a line (if at all) and why,” he mused, perhaps while sipping a cup of irony. ☕
The U.S. Securities and Exchange Commission, in a fit of transformation reminiscent of a phoenix rising from the ashes, has seen major changes in line with Trump’s promise to end hostility towards the crypto sector. With the crypto-friendly Commissioner Hester Peirce leading the charge, the agency has launched a dedicated crypto task force to streamline policies and reduce regulatory ambiguity. A noble quest indeed! 🦸♀️
Market pundits, with their crystal balls and tea leaves, believe that the new SEC could redefine the regulatory landscape for crypto ETFs, potentially opening doors for a wider array of digital asset products. The future is bright, or perhaps just a little bit sparkly! ✨
Seyffart, in a moment of clarity, described Tuttle’s filing as a bold move to test the “limits” of the SEC under its unwinding regulatory approach. A daring escapade, indeed!
To be very clear here. This is a case of issuers testing the limits of what this SEC is going to allow. I’m expecting the new crypto task force (led by @HesterPeirce) to likely be the lynchpin in determining what’s gonna be allowed vs what isn’t
— James Seyffart (@JSeyff) January 27, 2025
The success of spot Bitcoin and Ethereum ETFs has inspired asset managers to experiment with new products in the ETF market. Who knew that the world of finance could be so… adventurous?
On December 20, the SEC granted “accelerated approval” to Hashdex and Franklin Templeton’s Bitcoin and Ethereum index ETFs for trading on the Cboe BZX Exchange and the Nasdaq stock market. A round of applause for the bureaucratic ballet! 👏
Meanwhile, Bitwise Asset Management has registered a statutory trust for a Dogecoin ETF with Delaware’s Department of State, marking an initial step toward the fund’s potential launch. The plot thickens! 🐕
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2025-01-28 10:58