Tuttle Capital, which oversees more than $3.6 billion in assets, has filed with the U.S. SEC for approval to start a few crypto Exchange Traded Funds (ETFs) that aim to make money for investors. The applications, submitted on September 16, 2025, include a Bonk Income Blast ETF and similar funds for Sui (SUI) and Litecoin (LTC).
How These ETFs Work?
The main idea behind these ETFs is to help investors earn a steady income while still being linked to the daily price movements of the cryptocurrencies. At the same time, they will give exposure to the daily price movements of the chosen cryptocurrencies, though the funds are designed to limit how much investors can gain from price swings.
To achieve this, the ETFs will use a strategy called a put credit spread with FLEX options. FLEX options are exchange-traded contracts that allow investors to adjust key details, like the strike price, expiration date, and contract type. This method helps investors better gauge prices while avoiding the risks that come with over-the-counter options.
Why Bonk?
The filing shows Tuttle Capital sees strong demand for Bonk (BONK) among institutional investors. The Solana-based memecoin has a market cap of over $1.87 billion and a 24-hour trading volume of around $348 million.
BONK is now the second-biggest memecoin, just behind Pudgy Penguins (PENG). Its price went up about 4% in the last 24 hours and is trading at roughly $0.00002426.
Litecoin and Sui Prices
The ETFs also target Litecoin and Sui. Litecoin is barely moving, up 0.21% at around $115, while Sui is up 0.93%, currently trading at $3.59. These coins are included in the income blast strategy alongside Bonk.
Context and Industry Response
Tuttle Capital is the second U.S. firm to file for a spot in a Bonk ETF, after Rex Shares and Osprey Funds. The company previously filed for 2x Bonk and 2x Litecoin ETFs in January 2025.
ETF analysts Eric Balchunas and James Seyffart noted the new income-focused strategy and the volatility of Solana-based BONK. Seyffart suggested brokerages should include warnings for these high-risk products, but said experimentation is part of the market.
Tuttle just filed for a Bonk Income Blast ETF, which will invest in the meme boin Bonk (or an ETF tracking it) then employ a put credit spread using FLEX options to generate income. Also SUI and Litecoin getting the ‘Blast’ treatment.. pic.twitter.com/MW7iAB6AJg
— Eric Balchunas (@EricBalchunas) September 16, 2025
The SEC has yet to approve spot ETFs for altcoins, including Bonk, SUI, and Litecoin. Decisions continue to be delayed as the regulator works with major exchanges on broader listing standards for crypto ETFs.
Also Read: Canary Seeks SEC Nod for Spot Litecoin ETF With 0.95% Fee