Canary Capital has registered a new cryptocurrency ETF designed to track a memecoin linked to former US President Donald Trump. This registration suggests a potential ETF launch, although formal approval may take time.
Canary Capital ETF Registration
According to the Delaware State Department, Canary Capital filed for the Canary Trump Coin ETF. This registration indicates the launch of a crypto ETF tracking the official TRUMP token. A formal filing with the Securities and Exchange Commission (SEC) could take several months.
Memecoin Market and TRUMP
Currently, the TRUMP token has a market capitalization of $1.9 billion, ranking it 49th among all cryptocurrencies. Among memecoins, it is the fifth largest by market cap, although the list does not include the original memecoin, Dogecoin.
Trends in Memecoin ETFs
Canary Capital's registration follows ETF filings from asset managers Osprey Funds and REX Shares. These filings were made earlier this year, just days after the launch of the TRUMP token. Dmitrij Radin, founder of Zekret, noted that approval for memecoin-based ETFs may be more likely under the current crypto-friendly SEC administration.
The launch of the TRUMP memecoin ETF by Canary Capital highlights the growing interest in memecoins within the cryptocurrency sphere and their potential impact on traditional financial markets.
