๐ $TRUMP token continues decline despite speculations of ETF launch
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:
๐ฌ โTuttle has filed an amendment to change the effective date of a bunch of 2x crypto/meme ETFs to July 16. Doesnโt mean they will launch, but typically effective dates are when ETFs launch.โ
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.
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.
๐ธ 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.
