Canary Capital files S-1 for Trump Coin ETF with SEC, eyeing launch of $1.9B TRUMP memecoin ETF after Delaware registration.
With its S-1 filing with the Securities and Exchange Commission (SEC), asset manager Canary Capital has made additional strides in its endeavor to provide a Trump coin exchange-traded fund (ETF). This announcement was made just one day after the company submitted an application for an “American-made Crypto ETF,” which could potentially invest in the TRUMP meme coin.
The SEC has received a filing from Canary for a Trump Coin ETF
The asset manager has submitted its S-1 form for its Trump coin ETF, as indicated by an SEC filing. The fund will endeavor to offer institutional investors exposure to the Solana meme coin, which is associated with the U.S. president.
This development results from Canary’s registration of the ETF in Delaware, which indicates the company’s intention to provide this meme coin ETF. CSC Delaware Trust Company will serve as the fund’s trustee per this. In the interim, Canary did not specify the fund’s custodian.
An exchange is expected to submit a 19b-4 filing to list and trade shares of the Trump coin ETF once the S-1 filing is complete. This will commence the formal review procedure, during which the SEC must approve or disapprove the proposed rule change.
In the interim, Canary has submitted an additional crypto ETF filing, part of a series of filings the company has already made to provide exposure to various crypto assets. Yesterday, the asset manager applied for an American-made Crypto ETF, as CoinGape previously reported.
This fund will invest in coins primarily minted in the United States, have their origin in the United States, or adhere to a protocol in effect in the country. This implies that this fund has the potential to invest in the Trump coin, which is included in these three categories.
Canary’s S-1 filing has increased the value of the Trump coin. TradingView data shows that the top Solana meme coin is trading at around $8.34, up almost 2% in the last 24 hours.
“First Pure 33 Act Spot Filing”
In an X post, Bloomberg analyst James Seyffart noted that this is the first unadulterated ’33 act spot filing for the Trump coin. Rex-Osprey and Tuttle had applied for a Trump coin ETF, but it was subject to the 40 Act.
In the interim, TRUMP coin has become the third meme coin to have an existing ETF application under the 33 Act. Grayscale and Bitwise, asset administrators, have offered ETFs for the top meme coin Dogecoin, while Canary Capital has filed to provide a PENGU ETF.
It is important to note that the Dogecoin and PENGU ETF applications are significantly ahead of schedule in the review process. They may even receive approval from the SEC by October. This is also when the SEC is likely to approve other crypto ETFs, including the XRP and Solana ETFs.
