Tuttle Capital Files For Solana, XRP and Cardano Leverage ETF

ETFs and investment strategies expert Tuttle Capital Management has applied to list 10 leverage crypto ETF products tracking Solana and XRP with the United States Securities and Exchange Commission (SEC). While this is one of the pioneering crypto products by the firm, it also marks the first for some of the underlisted assets beyond SOL and XRP.

Tuttle Capital ETFs: Testing Regulatory Boundaries

According to the firm’s S-1 registration statement, the Tuttle Capital 2X Long XRP Daily Target ETF product marks the first on the list. The list also includes the Tuttle Capital 2X Long Solana Daily Target ETF and Tuttle Capital 2X Long Litecoin Daily Target ETF.

While these altcoins have previous ETF filings poised to track their performances, many new cryptocurrencies and memecoins also made the list. Through Tuttle Capital, assets like Cardano, Chainlink, and Polkadot will get their first leverage ETF products.

Tuttle Capital also wants the US SEC to approve ETF products featuring memecoins like TRUMP, MELANIA, and BONK. 

According to ETF expert James Seyffart, crypto exchange-traded fund issuers are likely pushing regulatory boundaries with the US SEC. He noted that the crypto task force, led by Hester Peirce, will likely play a role in deciding which filing bags are approved.

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

Unusual Crypto ETF Filings

This filing comes at a time when top asset managers are pushing for crypto ETF products, As reported earlier, Grayscale and Coinshares applied for Litecoin ETF with the US SEC on January 24.

Tuttle Capital is not the first asset manager to file for a meme coin-backed ETF product. Rex-Osprey filed for Dogecoin ETF with the US SEC earlier this month, pioneering the movement. Other memecoins like BONK and TRUMP were also featured in the Rex-Osprey filing.

While assets not in the top 10, like Hedera, also have an ETF proposal from Canary Capital, experts are skeptical about the extreme volatility of memecoins for the filings to gain approval.

Fate of Solana, XRP and Litecoin ETF Approval

It is worth noting that market analysts have projected that more crypto ETF-related applications might be underway. 

However, amid this hype, experts believe Solana, XRP, and Litecoin ETF products have better approval odds. The Litecoin ETF proposed rule change from Canary Capital saw its 19b-4 filing lodged with the SEC earlier this month.

This filing is one of the many with the prospect of approval alongside Solana and XRP, judging by their capitalization and decentralization.

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Godfrey Benjamin

Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.

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