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- Canary Capital filed for a Trump Coin ETF, marking a rare memecoin-focused regulatory push.
- TRUMP token surged above $10 on ETF news before settling near $9.52.
Canary Capital has taken its first official step toward launching a crypto exchange-traded fund (ETF) linked to the Solana-based TRUMP memecoin, a token associated with US President Donald Trump. A statutory trust for the Canary Trump Coin ETF was registered with the Delaware State Department on Wednesday.
While the registration alone does not guarantee a market debut, it is a requirement before proceeding with a formal S-1 filing to the US Securities and Exchange Commission (SEC) under the ’33 Act. This route differs from the ’40 Act filings used by Tuttle Capital for its Trump and Melania coin ETF plans and is typically applied to single-asset crypto funds that directly hold the token.
Bloomberg ETF analyst Eric Balchunas noted that Canary Capital appears to be positioning itself to launch the first Trump Coin ETF under the ’33 Act framework. Even if the S-1 is filed promptly, the SEC review could extend for months before a decision is made.
Looks Canary is prepping to poss file for first Trump Coin ETF via the '33 Act. They registered the name an entity as statutory trust (33 act). Tuttle has Trump (and Melania) coin ETFs filed but via '40 Act.. h/t source: @Cointelegraph pic.twitter.com/crz2ZApHkE
— Eric Balchunas (@EricBalchunas) August 13, 2025
Memecoin ETF Race Heats Up
Canary’s move follows earlier applications from Osprey Funds and REX Shares, which submitted filings to the SEC on January 21 seeking approval for a TRUMP memecoin ETF, just days after the token’s launch. If approved, it would be the third spot ETF tied to a meme coin, after Dogecoin-focused proposals from other large firms.
Alongside the Trump Coin ETF, Canary Capital has also filed for a PENGU ETF, placing itself among a limited number of US asset managers pursuing multiple altcoin-based ETF products. The company’s approach stands out in a market still dominated by Bitcoin, Ethereum, and other large-cap cryptocurrencies like Solana.
By concentrating on smaller, high-volatility meme coins, the firm is targeting a speculative segment that operates outside the mainstream ETF market. Its chief executive has described these products as a wager on undervalued digital assets, a stance that sharply contrasts with the blue-chip focus of most ETF issuers.
TRUMP Token Spikes on ETF News
The announcement had an immediate effect on the TRUMP token’s price. Following reports of the Delaware registration, the coin surged more than 10% to hit $10.20, a multi-week high, before settling near $9.52. Trading volume spiked 46.79% to $999.2 million in the past 24 hours.
It currently holds a market capitalization of $1.9 billion, placing it 54th among all cryptocurrencies. The proposed ETF could channel institutional capital into the asset, which has largely been driven by retail traders since its debut. The SEC’s classification of meme coins as commodities may also ease the approval process.
Dmitrij Radin, founder of Zekret and chief technology officer of Fidium, commented in January,
It’s a bold move, potentially bringing more liquidity and mainstream acceptance to memecoins.
