Canary Capital has registered a crypto exchange-traded fund (ETF) designed to trace a memecoin token linked to US President Donald Trump.
According to the Delaware State Department web site, Canary Capital filed on Wednesday for the Canary Trump Coin ETF. The registration suggests the launch of a crypto ETF monitoring the Official Trump (TRUMP) token, although a proper submitting with the Securities and Exchange Commission (SEC) might nonetheless be months away.
According to Cointelegraph indexes, TRUMP has a market capitalization of $1.9 billion, rating it forty ninth amongst all cryptocurrencies at this writing. Among memecoins, the token is listed because the fifth-largest by market cap, although the checklist doesn’t embrace the unique memecoin, Dogecoin (DOGE).
Canary Capital’s registration follows filings from asset managers Osprey Funds and REX Shares with the SEC looking for consent to create an ETF to trace the TRUMP memecoin. That submitting was submitted on Jan. 21, days after the token launched.
Founder of Zekret and chief expertise officer of Fidium, Dmitrij Radin, advised Cointelegraph in January that the approval of memecoin-based ETFs is extra doubtless underneath the present crypto-friendly SEC administration, including, “It’s a daring transfer, probably bringing extra liquidity and mainstream acceptance to memecoins.”
Related: Crypto captures half of the highest 20 spots in ETFs launched since 2024
Dogecoin leads the best way for memecoin ETFs
Dogecoin, a cryptocurrency that was created as a joke in 2013, has had essentially the most traction of all memecoins within the realm of exchange-traded funds. Currently, there are a minimum of three Doge ETFs pending evaluation by the SEC: one from Grayscale, one other from Bitwise and a 3rd from REX-Osprey.
On June 26, Bitwise amended its Dogecoin ETF submitting to incorporate in-kind redemptions, permitting buyers to convert shares of an ETF into the underlying asset with out pulling into money first. This function reduces tax burden, making the ETF enchantment extra to institutional buyers.
Aside from Dogecoin ETFs, there was a BONK (BONK) ETF submitting made again in January. Memecoins have largely died down as a craze for the reason that spring of 2025, when a collection of rug pulls uncovered the tokens’ dangers to retail buyers.
According to CoinGecko knowledge, the memecoin sector has a market capitalization of over $82 billion at this writing.
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