Canary Capital has officially registered the Canary Trump Coin ETF in Delaware, a crucial step toward launching the first-ever spot ETF tracking the controversial Political token TRUMP Coin.
The TRUMP Coin, a Solana-based memecoin linked to the U.S. President, has amassed over $1.9 billion in market capitalization, making it the fifth-largest among meme coins and the 49th largest cryptocurrency overall.
However, until now, there have been limitations regarding exposure to its wild price swings and cult status among retail buyers familiar with crypto exchanges and wallets. With Canary Capital’s ETF registration, institutional investors and traditional market participants have a path to gaining regulated access to the asset, without the headache of self-custody or technical challenges.
The ETF’s Delaware statutory trust structure sets it up for Act 33 registration, a legal route under the Securities Act of 1933 tailored for single-asset crypto funds. This is an increasingly popular mechanism for spot crypto ETFs since it allows simpler custody models and direct tracking of specific tokens, rather than baskets or futures contracts.
It also reflects a shift in how asset managers are approaching novel cryptocurrencies in the aftermath of more crypto-friendly leadership at the SEC.
New ETF Approach by Canary Capital
Unlike most crypto ETF efforts, which focus on blue-chip assets like Bitcoin and Ethereum, Canary Capital’s proposal targets the volatile yet highly liquid world of meme coins. The firm already has filings underway for other altcoin-based ETFs, like the PENGU Trust, positioning itself as a pioneer in speculative, high-growth assets just as demand for diversity grows among professional investors.
The move mirrors earlier efforts by Osprey Funds and REX Shares, which filed for TRUMP ETF approval with the SEC in January, and comes as Dogecoin and other meme coins move toward similar products.
While approval from the SEC is not assured, the Delaware registration is a necessary milestone. If successful, the Canary Trump Coin ETF will join a select list of spot ETFs tracking single crypto assets, potentially ushering in an era of regulated memecoin investing and setting a precedent for altcoins seeking legitimacy on Wall Street.
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