Canary Capital registers Trump Coin ETF in Delaware, signaling a spot ETF for the $TRUMP meme coin, boosting its price to $9.60.
Canary Capital, a provider of crypto exchange-traded funds (ETFs), has registered an entity that suggests it intends to provide a Trump coin ETF. This offers a positive outlook for the meme coin, which experienced a surge in value following the asset manager’s disclosure of this registration.
Canary Capital Announces Plans to Provide an ETF for Trump Coin
According to data from the Delaware Division of Corporations, a ‘Canary Trump Coin ETF’ has been registered. The asset manager’s incorporation of this entity on August 13 suggests that they intend to offer a fund that will expose institutional investors to the meme coin.
A Delaware registration typically precedes an S-1 and 19b-4 filing with the U.S. SEC. Consequently, Canary Capital is anticipated to submit its registration to the Commission soon. At the same time, an exchange applies for a rule modification to allow this fund’s listing and trading of shares.
It is important to note that filing a Trump Coin ETF will result in ETF filings for three meme currencies. Grayscale, Bitwise, and 21Shares have already submitted applications for funds to manage the most popular meme coin, Dogecoin. In the interim, Canary Capital has applied for a PENGU ETF.
In addition, the TRUMP token is expected to experience a positive impact from an ETF, as it would introduce additional liquidity into the meme coin’s ecosystem. In the interim, the SEC is expected to sanction the fund, as it has already determined that meme coins are commodities rather than securities.
The meme coin responded favorably to the disclosure of the ‘Canary Trump Coin ETF’ registration, jumping from approximately $9.40, according to TradingView data. The top Solana meme coin has also experienced a nearly 4% increase in the past day and is currently trading at approximately $9.60.
As part of a broader crypto market rally, the meme coin has also experienced a rise of over 10% in the past seven days. Nevertheless, it has declined by more than 64% from its all-time high (ATH) of $75, which was first introduced in January of this year.
