The official memecoin of President Donald Trump, TRUMP, could soon have an exchange-traded fund (ETF) after investment firm Tuttle Capital filed a recent amendment. The filing seeks to change the effective date for the ETF to July 16.
Bloomberg Senior ETF analyst Eric Balchunas shared the filing on X, noting that it could be a signal. According to him, the effective date does not necessarily mean that this is when the ETF would launch, but this is what typically happens.
He said:
“Tuttle has filed an amendment to change the effective date of a bunch of 2x crypto/meme ETFs to July 16. Doesn’t mean they will launch, but typically effective dates are when ETFs launch.”
Interestingly, the amendment applies to a slew of 2x leveraged Long crypto ETFs for tokens such as XRP, Solana, Litecoin, BNB, Cardano, and Polkadot, as well as memecoins such as BONK, TRUMP, and MELANIA.
Tuttle amendment filing for its ETFs (Source: Eric Balchunas)
Balchunas noted that the Rex-Osprey SOL with staking ETF product SSK already made it to the market, and that is likely what has given other issuers the confidence to also push for their products to launch.
However, it is important to note that the Tuttle ETFs application and the already approved Rex-Osprey SOL ETF launched on Wednesday were all filed under the Investment Company Act of 1940. This means they are not directly holding the cryptocurrency like the spot crypto ETFs and do not require SEC approval to launch.
For instance, the Rex-Osprey SOL ETF only gains exposure to Solana by having 40% of its holdings in securities through other Sol exchange-traded products.
Bullish sentiments around spot altcoin ETFs increase
While Rex-Osprey SOL ETF and the ones that Tuttle wants to launch do not require SEC approval, the fact that the regulator did not object to the products represents a positive sign, as several spot ETF applications await its verdict.
However, other bullish signals indicate that more crypto products could soon have ETFs in the coming months. The regulator has already taken a big step by approving the conversion of the Grayscale Digital Large Cap fund, GDLC, into an ETF.
The fund holds major cap tokens including Bitcoin, Ethereum, Solana, XRP, and Cardano, showing that multi-asset spot crypto ETFs could soon start seeing approvals.
Interestingly, there are also reports that the SEC is planning to create listing criteria for crypto-based ETFs, which would simplify the process. Crypto journalist Eleanor Terret shared the news, noting that the SEC is reportedly working with exchanges to determine the standards.
She said:
“The thinking, I’m told, is that if a token meets the criteria, issuers could skip the 19b-4 process, file an S-1, wait 75 days, and the exchange could list it. This approach could save both issuers and the SEC a lot of paperwork and back-and-forth on comments.”
Although there is no clarity on the criteria, experts believe that such standards alone are enough to provide clarity. Balchunas added that he expects the standards to be loose enough for most of the top 50 tokens by market cap to meet the criteria.
TRUMP token continues decline despite speculations of ETF launch
Meanwhile, the news of a potential ETF for TRUMP memecoin has not had any major impact on its price, with the token declining further in the last 24 hours. This continues a trend that has seen TRUMP memecoin fall more than 6% in the past week and over 22% in the last 30 days.
There are no signs of any positive reversal for the memecoin, especially as the memecoin sector continues to struggle with attention shifting to other sectors. TRUMP memecoin is already down 88% from its peak price of over $75, as it trades around $8.64.
