Canary Capital, a noted ETF issuer, has registered a new entity in Delaware called the Trump Coin ETF, marking an important step forward in the cryptocurrency market.
Registration of Trump Coin ETF
According to filings with the Delaware Division of Corporations, the new entity was officially registered on August 13. This step is typically the first one before asset managers submit their plans to the U.S. Securities and Exchange Commission. The next stages involve filing S-1 and 19b-4 forms, which are necessary for a fund to be listed on a U.S. exchange.
Market Reaction to Meme Coins
The ETF registration news immediately impacted the meme coin market, particularly Trump Coin, which operates on the Solana blockchain. According to CoinMarketCap data, the token’s trading volume surged by 94% in the last 24 hours. Currently, the price stands at $9.50, with trading volume at $870 million. Additionally, the token has increased by over 7.18% over the past week.
Trends in the Meme Coin ETF Market
Canary Capital's plan for Trump Coin adds to the growing trend of meme coins being transformed into ETFs. For instance, Grayscale, Bitwise, and 21Shares have already filed for ETFs based on Dogecoin. This shows a rising interest among major firms towards meme coin funds. The introduction of a Trump Coin ETF could significantly increase trading activity by making it easier for investors to buy shares of the fund.
The registration of the Trump Coin ETF by Canary Capital highlights the growing investor interest in meme coin funds, which could lead to increased popularity and trading of these assets in the market.
