US Altcoin ETF Filing Boom: Memecoins Included, Fartcoin Notably Absent
Filing floodgates for exchange-traded funds (ETFs) tracking alternative cryptocurrencies have opened wide in the United States this year.
Firms are pursuing everything from major players like Solana and Cardano to ETFs dedicated to specific memecoins, including Dogecoin, Bonk, and tokens linked to former President Donald Trump.
In a surprising absence from the lineup is Fartcoin, the seventh-largest memecoin by market cap, valued near $1 billion.
“I’m surprised we haven’t seen a Fartcoin ETF filed yet,” Eric Balchunas, Senior ETF Analyst at Bloomberg Intelligence, noted on X, observing its market value exceeds that of rival Pudgy Penguins, for which Cboe recently filed a dedicated fund.
His comments come as part of an analysis suggesting potential reasons: “Perhaps issuers fear brand damage or are holding fire to not jinx the SEC’s good vibes right now,” Balchunas added.
The flurry of filings highlights the influence of Trump’s pro-crypto stance, which has catalyzed this year’s surge. The SEC is currently reviewing more than 70 proposed altcoin ETFs.
The rush extends beyond memes. Success with Bitcoin ETFs, which managed $107 billion in assets last year – a record achievement – is widely credited with driving institutional appetite for digital assets and fueling the altcoin ETF race.
Despite economic and geopolitical challenges this year, Bitcoin’s institutional appeal, boosted by successful ETFs, persists. The “fear of missing out” among fund managers appears real, as they seek to capitalize on the next market narrative following Bitcoin’s success.
Several altcoin ETF applications are already publicly acknowledged by the SEC, with review processes ongoing. Previous SEC delays impacted firms proposing Dogecoin and XRP ETFs.
Market Context: Crypto Performance Overview
Ethereum saw a 1.4% gain year-to-date against the US dollar, trading around $2,460.
