Canary Capital advances Trump Coin ETF plans – Details inside!
Key Takeaway
The registration of Canary Capital’s “Trump Coin ETF” has boosted TRUMP token costs and fueled hypothesis of rising institutional curiosity in memecoins.
Canary Capital, an funding agency specializing in cryptocurrency ETFs, has made a transfer hinting at rising institutional urge for food for memecoins.
On the thirteenth of August, a brand new entity referred to as the “Canary Trump Coin ETF” was formally registered with the Delaware Division of Companies.
Whereas this registration doesn’t launch the ETF, it’s sometimes step one earlier than submitting formal filings to the U.S. Securities and Change Fee (SEC), such because the S-1 and 19b-4 kinds.
The submitting highlights the intensifying race to deliver memecoin ETFs to market.
The Official Trump [TRUMP] ETF joins a rising checklist of proposals, together with these from Grayscale, Bitwise, and 21Shares, which have already sought approval for funds tied to Dogecoin [DOGE],the biggest memecoin by market cap.
In the meantime, Canary Capital can also be advancing its Pudgy Penguins [PENGU) ETF application.
Analyzing reasons behind the move
Interestingly, Canary’s filing follows closely after Osprey Funds and REX Shares submitted applications to the SEC on the 21st of January, seeking approval for an ETF tied to the TRUMP memecoin, only a few days after the token first entered the market.
The prospect of a ‘Canary Trump Coin ETF’ has sparked renewed optimism among TRUMP token holders, with expectations that the fund could inject fresh liquidity into the memecoin’s ecosystem.
Given the SEC’s stance that memecoins are commodities rather than securities, approval odds appear favorable.
Remarking on the same, Bloomberg’s Eric Balchunas suggested Canary may be positioning for the first TRUMP ETF under the 33 Act, contrasting with Tuttle’s existing Trump and Official Melania Meme [MELANIA] ETFs filed underneath the 40 Act.
Supply: Eric Balchunas/X
Following information of the ‘Canary Trump Coin ETF’ registration, TRUMP rebounded from roughly $9.40 to $9.60.
This marked over 10% positive factors up to now week, at press time, amid a wider market rally, although it nonetheless lags 64% beneath its $75 January peak.
