Canary Capital to Launch First Memecoin ETF to Track Price of MOG Coin
Crypto fund supervisor Canary Capital has filed to launch the primary U.S. exchange-traded fund (ETF) tied immediately to MOG Coin, a memecoin on the Ethereum community. This marks Canary’s first foray into launching a fund to monitor the worth of a memecoin.
The funding agency formally submitted S1 registration with the US SEC on Wednesday, searching for approval for the ETF.
The submitting described MOG as a “memecoin,” including that the ETF might maintain up to 5% of its holdings in Ether for transaction prices, since MOG relies on the Ethereum community.
As the U.S. authorities shutdown seems to be ending, the SEC is anticipated to re-engage on digital asset ETFs. Particularly, a handful of XRP-linked ETFs are set to hit the trading floor, stated ETF professional Nate Geraci.
In September, the regulator cleared the clouds to dozens of new spot ETFs tied to cryptos, together with Solana and Dogecoin. Canary has filed for a number of differing kinds of crypto ETFs, together with two that launched final month, tracking Litecoin and HBAR. The firm is about to checklist one other ETF monitoring the worth of XRP this week.
Canary Capital’s new MOG ETF, coming on the brink of the SEC opening the door for crypto ETFs, has attracted widespread group consideration on the memecoin.
Launching an ETF for a coin powered by group vibes—not actual utility— underscores how memecoins are inching nearer to the world of regulated finance.
One crypto investor wrote on X that not even Pepe has an ETF. “MOG is at a place shut to 200 of the crypto market cap. I don’t assume individuals perceive.”
It is noteworthy that MOG Coin isn’t listed on Binance but, however is listed on the spot market on Coinbase. The Canary MOG ETF submitting additionally mentions that the memecoin is “pushed primarily by on-line recognition, cultural relevance and social sentiment, quite than by underlying technological utility.”
ETF Filing Catalyst MOG Coin to Spike 8.44%
The 339th-ranked crypto with a market capitalization of roughly $170 million, noticed an 8.44% surge in value during the last 24 hours.
The submitting triggered a 155% surge in 24h buying and selling quantity, reflecting speculative positioning, per CoinMarketCap data.
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