"Tuttle Capital Pioneers Leveraged ETFs for XRP, ADA, and Bonk Amid Crypto Boom"

Tuttle Capital Files for XRP, Cardano (ADA), and BONK ETF Amid Growing Interest in Leveraged Crypto Products

Tuttle Capital Management has filed applications for ten leveraged cryptocurrency exchange-traded funds (ETFs), marking a significant step in the expansion of derivative-based ETFs for crypto assets. The proposed products include 2x leveraged exposure to popular cryptocurrencies like XRP, Cardano (ADA), and Solana, as well as lesser-known assets such as Chainlink, Polkadot, and the Solana-based meme coin Bonk (BONK).

If approved, these ETFs would allow investors to amplify their returns on daily market movements, albeit with heightened risks. The filing represents a notable effort to explore the boundaries of what the U.S. Securities and Exchange Commission (SEC) might approve in the rapidly evolving crypto ETF market. Notably, some assets in the application, including Chainlink, Polkadot, and Bonk, lack existing exchange-traded products in the U.S. market, making this a groundbreaking move.

The proposed ETFs are structured to provide 2x daily leveraged exposure, enabling investors to benefit from amplified returns. This approach, however, carries substantial risks due to the volatility of the underlying assets. With this filing, Tuttle Capital seeks to address the growing demand for diversified investment options within the crypto industry.

The SEC’s decision on these ETFs will set a precedent for future applications, especially in a post-Gary Gensler era. Analysts have noted that the regulatory landscape may now favor crypto-related products under the leadership of Hester Peirce and the newly formed crypto task force. Tuttle Capital’s filing comes when issuers test the SEC’s willingness to approve unconventional products, including derivative-based ETFs for meme coins.

Market analysts highlight the uniqueness of this filing, given that some of the proposed ETFs focus on assets without existing exchange-traded products. The filing process is part of a broader trend of increased interest in crypto-based ETFs, with companies like Bitwise recently registering for a Dogecoin spot ETF. The SEC’s approval or disapproval of these products will be closely watched, as it could influence the trajectory of crypto-related investments.

Including meme coins like Bonk in Tuttle Capital