Fund manager Tuttle Capital submitted applications for ten Altcoin stock exchange funds (ETFs) in the US Securities and Exchange Commission (Sec). Among them are Chainlink ($ Link), Cardano ($ ada) and even Meme coins such as Bonk ($ bonk) and official Trump ($ Trump).
These submissions are in the recent changes in the leadership of the SEC when Pro-Krypto-Mark Uyeda replaced the Gary Gensler criticism as chair of the agency.
US fund managers test the waters
Tuttle Capital already offers several levered BTC and ETFs ETFs. Now the company is applying for ten 2x ETFs, including $ XRP, $ Sol and $ Melania. These are essentially ETFs that would achieve the double daily profits or losses of their underlying tokens.
Speculations about $ Sol and $ XRP ETFs have been spreading for some time, but Meme Coin ETFs are a completely new, experimental concept.
Last week, Rex shares also submitted a $ Doge ETF, which may be considered a predictable and more sustainable investment than $ Trump or $ Melania.
Bloomberg Intelligence suggests that emitters test the waters to see what the new SEC management would enable.
The question is: where will the regulatory authorities draw the border?
Tuttle Capital could create a precedent for Meme coins like Solaxy ($ Solx)
If the SEC approves the ETFs of Tuttle Capital, they could be available on the market by April.
This would create a precedent for Meme -Münz -Tfs, and we could see similar financial products for hundreds of other tokens.
However, meme coins with supply companies have a higher probability of getting the green light. Such a project is Solaxy ($ Solx), a Solana layer 2 solution with a PEPE mascot.
Solaxy aims to prevent the network overload, reduce fees and accelerate the transmissions by unloading part of the transactions to its side chain. There are currently no Layer 2 networks for Solana, so Solaxy pioneers.
This unique utility has prompted Solaxy to gain dynamics and to collect over $ 15.6 million in advance. A $ Solx now costs $ 0.001618, which is the lowest possible entry point in the project.
It is true that Exchange listings usually increase the token value and have already planned Solaxy.
But if (or when) $ Solx ETF runs out, we could see a really meteoric increase.
For example, take $ BTC.
The first spot $ BTC ETF application was submitted in 2013, but it was only in 2021 that the first $ BTC ETF was introduced in Canada. Within a month according to the news, $ BTC rose from $ 33,000 to $ 57,000 and within two to $ 60,000.
When Blackrock submitted the first US $ BTC ETF in June 2023, $ BTC was traded at $ 27,000. Since $ BTC ETFs began in January 2024 with trading on the US spot market with the trade in trade in USD 100,000.
It seems that Solaxy starts a new wave of institutional adoption on time, which could bring its early supporters to reends.
Can Meme -Münz -Tfs go mainstream?
The effects of the new Pro crypto management are already obvious. Although the SEC has not yet approved Tuttle Capital’s applications, it has not rejected it, so that the chances are high.
The crypto market can enter a new bull cycle in which institutional investors finally judge projects such as Solaxy more for their technology than for the Meme facade.
However, we remind you that the crypto market is extremely volatile and that no profits are guaranteed. Dyor and always keep a cool head.