- The SEC is reviewing several altcoin ETFs.
- Issuers have also filed for memecoin ETFs.
The floodgates for altcoin exchange-traded fund filings in the US have burst wide open this year.
And firms aren’t only filing ETFs for the likes of Solana or Cardano; they’re also packaging investment vehicles for weird and wacky memecoins.
There are fund filings for Dogecoin, Bonk, and US President Donald Trump-linked memecoins. But one gassy giant is missing from the lineup: Fartcoin, the seventh-biggest memecoin by market size, just shy of $1 billion.
“I’m surprised we haven’t seen a Fartcoin ETF filed yet,” Eric Balchunas, Bloomberg Intelligence’s senior ETF analyst, said on X, noting that its market value is bigger than memecoin rival Pudgy Penguins, which Cboe filed to launch a dedicated fund for this week.
“Perhaps issuers fear brand damage or are holding fire to not jinx the SEC’s good vibes right now,” Balchunas added.
His musings come as Trump’s pro-crypto stance has opened the floodgates for altcoin ETFs this year.
The Securities and Exchange Commission is reviewing more than 70 altcoin ETF applications.
Bitcoin ETFs’ success also drive the altcoin ETFs arms race. Bitcoin ETFs amassed $107 billion in assets under management last year, becoming the most successful launch in history.
The vehicle also broadened the asset’s appeal among institutional investors, which has continued this year even amid economic and geopolitical headwinds.
The FOMO among fund managers appears to be real, given the flurry of altcoin ETF filings as issuers look to leverage the next big narrative now that Bitcoin ETFs have proven institutional hunger for digital assets.
Several altcoin ETF filings are already in the review stage after being publicly acknowledged by the SEC. Last month, the regulator delayed its decision on applications for Doge and XRP ETF proposals.
Fartcoin launched amid the memecoin boom of 2024. It reached a market size of $3.2 billion at the peak of its run.
Crypto market movers
- Bitcoin is up slightly by 0.3% over the past 24 hours and is at $107,382.
- Ethereum is up 1.4% over the same period to about $2,460.
What we’re reading
- Bitcoin ETF investors aren’t flinching amid conflict in the Middle East, says analyst ― DL News
- DeFi Dev Corp. Launches Dogwifhat Validator ― Unchained
- We have a new crypto unicorn — Milk Road
- Barclaycard blocks credit card crypto purchases — Finextra
- ZKsync’s Airbender Helps Prove Ethereum Blocks in Under 35 Seconds on Single GPU ― Unchained
- Why shares of Coinbase, the ‘most misunderstood’ company in crypto, may jump 42% ― DL News
Osato Avan-Nomayo is our Nigeria-based DeFi correspondent. He covers DeFi and tech. Got a tip? Please contact him at osato@dlnews.com.
