Canary Capital has recently registered the Canary Trump Coin ETF in Delaware, indicating its intention to introduce a spot exchange-traded fund (ETF) that tracks the memecoin. The entity was officially incorporated on August 13, as per state records. This registration typically precedes the submission of an S-1 application to the U.S. Securities and Exchange Commission (SEC), along with a corresponding 19b-4 form by a listing exchange. If approved, this fund would become the third spot ETF linked to a meme coin, following similar applications for Dogecoin products from other prominent companies. Canary Capital has also applied for a PENGU ETF, establishing itself as one of the few U.S. asset managers pursuing multiple altcoin-based ETFs. This strategy is distinctive in a market where most crypto ETF endeavors revolve around well-established digital assets like Bitcoin (BTC) and Ethereum (ETH), occasionally diversifying into large-cap layer-1 tokens such as Solana (SOL). By focusing on smaller, high-volatility meme coins, the firm is carving a niche in a segment often perceived as speculative and unconventional in the ETF landscape. The CEO has previously emphasized that altcoin ETFs represent a wager on undervalued digital assets. The proposed Trump Coin ETF aims to grant institutional investors direct exposure to the Solana-based TRUMP token, potentially enhancing market liquidity and creating a regulated investment avenue for a primarily retail-driven asset. The SEC has indicated that meme coins are classified as commodities, potentially streamlining the approval process compared to tokens categorized as securities. This move by Canary Capital marks a significant expansion of their altcoin portfolio and underscores their commitment to exploring diverse investment opportunities in the crypto market.
