XRP, Cardano, and Bonk ETF Filed by Turtle Capital

Tuttle Capital Management has filed for several exotic leveraged cryptocurrency ETFs that are seemingly meant to test the boundaries of the new SEC leadership. 

It has proposed ten 2X long ETFs for such cryptocurrencies as XRP, Cardano (ADA) and the Solana-based Bonk (BONK) meme coin. 

As reported by U.Today, analyst Nate Geraci said that he was expecting another wave of cryptocurrency ETF filings this week. 

Last week, Rex Financial filed for a Dogecoin ETF. Bitwise, the leading crypto index fund manager, has also registered a new legal entity in Delaware ahead of possibly filing its own prospectus for such a spot ETF.

Casino-like speculation 

Not everyone is a fan of meme coin ETF filings. According to a recent report by the Financial Times, there are growing concerns about such rampant speculation. 

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Bryan Armour of Morningstar told the outlet that such products would be more suitable for a casino than U.S. capital markets given that gambling appears to be their only use case.

Last year, the SEC greenlit spot Bitcoin and Ethereum ETFs. These cryptocurrencies already had futures-based products prior to this. However, as Armour points out, there are no futures markets for some of the exotic meme coins that now have their own ETF filings. 

Notably, Geraci did not completely rule out the approval of such unconventional meme coin ETFs, telling the Financial Times that "anything is possible."

As reported by U.Today, Republican SEC Commissioner Mark Uyeda recently took the reins of the agency as its new acting chairman. Former Commissioner Paul Atkins will spearhead the SEC once he is confirmed by the Senate.