President Donald Trump’s official Memecoin was able to have an Exchange Trade Fund (ETF) soon after investment company Tuttle Capital submitted a recent amendment. The filing is about to change the effective date of the ETF to July 16th.
Eric Bulknath, a senior ETF analyst at Bloomberg, shared the X filing. According to him, the effective date does not necessarily mean that this is when the ETF starts up, but this is what usually happens.
He said:
“Tuttle has submitted an amendment that changes the effective date of the double Crypto/Meme ETF to July 16th. It doesn’t mean they’ll be released, but it’s usually at the time of the ETF launch.”
Interestingly, this fix applies to long Crypto ETFs with double leverage of tokens such as XRP, Solana, Litecoin, BNB, Cardano, Polkadot, and Memcoins such as Bonk, Trump, and Melania.
Tuttle amendments to submit to ETF (source: Eric Balchunas)
Balchunas noted that Rex-Soprey Sol has already put its ETF product SSK on the market.
However, it is important to note that the Tuttle ETFS application and the already approved Rex-Soly Sol ETF launched on Wednesday were filed under the Investment Companies Act of 1940. This means they do not hold cryptocurrencies directly like the Spot Crypto ETF and do not require SEC approval for launch.
For example, Rex-Sosprey Sol ETFs only gain exposure to Solana by having 40% holdings of securities through other SOL exchange products.
Bullish emotions around spot Altcoin ETFs increase
What Rex-Sosprey Sol ETF and Tuttle want to launch do not require SEC approval, but the fact that the regulators did not oppose the product represents a positive indication as some spot ETF applications await their verdict.
However, other bullish signals indicate that more cryptographic products could soon generate ETFs in the coming months. Regulators have already taken a major step by approving ETFs to convert GDLC from the Grayscale Digital Large Cap Fund.
The fund holds major cap tokens including Bitcoin, Ethereum, Solana, XRP and Cardano, indicating that the Multi-Asset Spot Crypto ETF could soon get approval.
Interestingly, there are also reports that the SEC is planning to create a listing criteria for crypto-based ETFs. This simplifies the process. Crypto journalist Eleanor Terret has shared the news, and the SEC reportedly works with the exchange to determine the standards.
She said:
“What I’m told is that if the token meets the criteria, the issuer can skip the 19B-4 process, submit an S-1, wait 75 days, and the exchange can list it.
While there is no clear standard, experts believe that such standards alone is sufficient to provide clarity. Balchunas added that it expects market capitalization will be loose enough for most of the top 50 tokens to meet the criteria.
Despite speculations about the launch of the ETF, Trump tokens continue to decline
Meanwhile, news about the potential ETFs of Trump Memocoin has not had a major impact on its price, with tokens dropping further in the past 24 hours. This continues to trend Trump Memocoin over 6% in the past week and over 22% in the past 30 days.
There are no signs of a positive reversal for Memecoin, especially as the Memecoin sector continues to struggle with shifting attention to other sectors. Trump Memecoin is already down 88% from its peak price, already exceeding $75, as it trades around $8.64.
