Canary Capital has announced its application for a TRUMP Coin ETF with the SEC, becoming the third attempt in this category. However, experts express doubts regarding its approval.
Details of TRUMP Coin ETF Application
According to the S-1 filing submitted to the SEC on August 26, Canary Capital registered the TRUMP Coin ETF as a statutory trust in Delaware. This marks the first effort to create an ETF for TRUMP Coin under the Securities Act of 1933. However, details such as fees and ticker have not been disclosed.
Bloomberg Analysts on TRUMP Coin ETF
Bloomberg analysts Eric Balchunas and James Seyffart expressed skepticism about the approval of the ETF, noting that a futures market for the crypto asset must have been listed on an exchange for at least six months. Previous proposals for TRUMP Coin ETFs by other firms have yet to receive SEC approval.
TRUMP Coin Price Movements After Application Filing
The price of TRUMP Coin rose by 2%, reaching $8.35 following the announcement of the ETF application. However, trading volume dropped by 7%, indicating a decline in interest among traders. At the time of writing, the price remained below all major moving averages.
The application filing for the TRUMP Coin ETF by Canary Capital has sparked interest in the crypto community, despite expert skepticism. The significance of the pending approval could have a serious impact on the market.
