Bonk, Sui and Litecoin Jump as Tuttle Capital Files for Blast Income ETFs

Tuttle Capital files Bonk Income Blast ETF, Tuttle Capital Sui Income Blast ETF, and Tuttle Capital Litecoin Income Blast ETF. Traders respond immediately to the announcement, causing BONK, SUI, and Litecoin (LTC) to jump more than 3% over the last 24 hours.

Tuttle Capital Files ETF Applications for Bonk, Sui, and Litecoin

ETF Opportunities Trust applied for Tuttle Capital Income Blast exchange-traded funds (ETFs) targeting Bonk, Sui, and Litecoin with the U.S. SEC under the Investment Company Act of 1940 on September 16.

The primary investment objective of the Tuttle Capital Income Blast ETF is to seek current income. “The fund’s secondary investment objective is to seek exposure to the share price of the daily performance of Bonk, subject to a limit on potential investment gains,” as per the U.S. SEC filing.

The fund will generate income for shareholders by using a put credit spread strategy with FLexible EXchange Options (FLEX Options). FLEX Options are customized options contracts that allow investors to customize key contract terms like strike price, style, and expiration date. This ensures investors achieve price discovery and avoid the counterparty exposure of over-the-counter (OTC) options positions.

Bloomberg ETF analysts Eric Balchunas and James Seyffart reacted to the filing, discussing the new crypto income ETFs strategy to generate income and asking the community about the volatility of Solana-based Bonk meme coin.

In response to multiple ETF filings by Tuttle Capital and REXShares, James Seyffart said:

Tuttle Capital earlier filed for 2x Bonk ETF and 2x Litecoin ETF, along with other ETFs for altcoins, in January after US President Donald Trump expressed support for the crypto industry.

Meanwhile, the SEC continues to delay its decision on ETFs tracking spot prices of altcoins, including SUI and Litecoin. As CoinGape reported earlier, the decision on 21Shares SUI ETF was delayed by the US SEC as it silently works with major exchanges on generic listing standards for crypto ETFs.    

Buying Activity on Crypto Tokens After ETF Filings

BONK, SUI, and Litecoin (LTC) saw a rise in trading activity on both spot and derivatives exchanges. Notably, prices remained volatile in the last few days due to Fed rate cut expectations.

BONK price jumped 4% in the past 24 hours, with the price currently trading at $0.0000242. The 24-hour low and high are $0.0000230 and $0.0000243, respectively.

Meanwhile, SUI price is trading more than 3% up at $3.61. The intraday low and high are $3.50 and $3.65, respectively. Also, Litecoin (LTC) climbed 3% in the last 24 hours, with the price currently trading at $115.2.

Varinder Singh

Varinder is a seasoned leader in the fintech and crypto media with over 12 years of experience, including over 6 years dedicated to blockchain, crypto, and Web3 developments. He is known for covering high-impact and quality news stories for publishers such as CoinGape, The Coin Republic, and The Crypto Times, while perfecting and training multiple journalists during his tenure. Being a Master of Technology degree holder, analytics thinker, and tech enthusiast, he has shared his knowledge of disruptive technologies in over 5000 news articles and papers.

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Source: https://coingape.com/bonk-sui-and-litecoin-jump-as-tuttle-capital-files-for-blast-income-etfs/