- Tuttle Capital has submitted filings for LINK, ADA, DOT, LTC, XRP, and SOL leveraged ETFs.
- Tuttle also filed for leveraged meme coin ETFs including BONK, TRUMP, and MELANIA.
- Cboe filed for in-kind redemptions for the 21Shares Bitcoin ETF and the 21Shares Core Ethereum ETF.
The crypto market has seen a surge of leveraged exchange-traded funds (ETF) applications. These applications focus on altcoins like Chainlink (LINK), Cardano (ADA), Polkadot (DOT), Litecoin (LTC), XRP, and Solana (SOL). In addition, meme coin projects TRUMP, MELANIA, BONK, and BNP are included in the filings. All were submitted by Tuttle Capital.
Bloomberg ETF analyst James Seyffart confirmed the filings in a post on X (formerly Twitter). He was surprised by the number of applications from Tuttle Capital. He jokingly suggested bringing back former SEC Chair Gary Gensler to control the meme coin-focused applications.
Related: $920 Billion Wiped Out of the Crypto Market in Just 24 Hours
Tuttle Capital clarified that they might be “testing the limits” of the SEC. They anticipate that the new crypto task force under SEC Commissioner Hester Peirce will play a key role in deciding which applications are approved.
Greg Bell, a crypto market participant, suggested that the SEC should publish clear standards for digital assets eligible for ETP offerings. This would include meme coin ETFs.
Related: Trump Returns, Bitcoin Waits: What FOMC 2025 Means for Crypto
Cboe Files for In-Kind Redemptions
Cboe BZX Exchange Inc. has also filed with the SEC to allow in-kind redemptions for their investment products 21Shares Bitcoin ETF and the 21Shares Core Ethereum ETF. This allows for more efficient trading with fewer parties and steps involved. It follows a similar filing by Nasdaq for BlackRock’s iShares Bitcoin Trust.
As per the explanation provided by Nate Geraci, the amendment does not mean much for retail and individual investors. The ETFs will now be able to trade more efficiently “than they already do theoretically because things can be streamlined,” claims Geraci. In-kind redemptions involve lesser parties and much lesser steps.
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