Canary Capital Registers Trump Coin ETF, TRUMP Price Soars

Canary Capital Set To Launch Trump Coin ETF

Amidst a surge in cryptocurrency exchange-traded fund applications in the US, Canary Capital files for a Trump Coin ETF. The project will track TRUMP, a Solana-based meme token linked to the US President. Driven by this pivotal move, the cryptocurrency has seen a remarkable surge of about 9% over the past week.

Canary Capital Files for Next Crypto ETF

In the latest development within the crypto space, investment giant Canary Capital has filed for a Trump Coin ETF in Delaware.

Significantly, the firm established a statutory trust with this filing. The registration forms the first step towards launching the project, with the S-1 form, 19b-4 filing with the US SEC expected soon. According to Bloomberg ETF analyst Eric Balchunas, the firm is preparing for the first Trump Coin ETF under the Securities Act of 1933 ('33 Act). This is reportedly a different approach compared to filings made by Tuttle Capital for similar products, which were under the Investment Company Act of 1940 ('40 Act).

Interestingly, the US President-backed memecoin has surged by about 3% over the past 24 hours. Earlier today, the token jumped to a weekly high of $10.18, only to slip to the current price of $9.59. Over the last thirty days, the meme token has exhibited a notable uptick of around 6%. The trading volume has also increased by 62%, currently at $1.03 billion.

It is noteworthy that this development follows Canary Capital’s recent filing for an Injective exchange-traded fund.

Investment Giants Vie for Memecoin Funds

Notably, the US-based asset manager REX Shares was the first to file for the first-ever Trump Coin ETF. Reportedly, the product plans to invest 80% of its assets in the memecoin.

Dogecoin is one of the memecoins with the most pending filings for an exchange-traded product. Grayscale, Bitwise, and REX-Osprey have already filed for the fund, waiting for the SEC’s green light. According to Poymarket, the Dogecoin fund boasts a 61% chance of approval in 2025.

Earlier this year, Zekret founder Dmitrij Radin posited that the approval of a meme token investment product is a “bold move, potentially bringing more liquidity and mainstream acceptance to memecoins.” He sees it as a more likely development as the US SEC has taken a progressive approach to cryptocurrencies. Bloomberg analyst Balchunas stated, “First, we’ll get a slew of active crypto ETFs. Then a memecoin-only fund will follow.”