Canary Capital has registered a new exchange-traded fund (ETF) for the TRUMP memecoin in Delaware, marking a notable development in the nascent space of regulated investment vehicles for meme-based cryptocurrencies [1]. The firm filed the registration on August 13, 2025, through the Delaware Division of Corporations, taking a key procedural step toward potentially launching a spot ETF that would track the price of the TRUMP token [2].
The TRUMP token, a memecoin linked to former U.S. President Donald Trump, currently holds a market capitalization of approximately $1.9 billion, placing it as the sixth-largest memecoin and the 49th-largest cryptocurrency overall [3]. The token has recently experienced a 10% price increase, drawing attention from both retail and institutional investors. Canary Capital’s initiative represents a significant evolution in the financial treatment of memecoins, which have historically been viewed as speculative and informal collectibles rather than viable investment assets.
The Delaware filing aligns with a broader shift in U.S. regulatory sentiment toward memecoins. In February, the U.S. Securities and Exchange Commission (SEC)’s Division of Corporate Finance classified memecoins as “collectibles” rather than securities, potentially easing the path for such ETFs to gain regulatory approval [4]. Additionally, David Sachs, the U.S. crypto czar, has emphasized that memecoins are not inherently securities, comparing them to collectibles like stamps or baseball cards. This regulatory clarity has encouraged asset managers to explore new memecoin-based ETF products, with Canary Capital now joining the growing list of firms preparing such filings.
Canary Capital’s Trump Coin ETF is not the only such effort in the works. Earlier this year, Osprey Funds and REX Shares jointly applied for a “REX-Osprey Trump ETF,” also seeking direct exposure to the TRUMP token [1]. If Canary moves forward with a formal application, its ETF would be reviewed by the SEC alongside pending memecoin ETF proposals. Analysts suggest that the structure of Canary’s filing may follow a “33 Act” model, which involves lighter regulatory oversight compared to the more stringent “40 Act” framework [2]. This distinction could influence the speed and likelihood of the ETF’s approval.
The broader market context is also shifting in favor of memecoin ETFs. Dogecoin (DOGE) has emerged as the most prominent memecoin in the ETF space, with several providers—including Bitwise, Grayscale, and 21Shares—submitting applications for DOGE ETFs. These products have incorporated features such as in-kind redemptions, which allow investors to exchange ETF shares for the underlying cryptocurrency, reducing tax liabilities and increasing institutional appeal. While BONK has also attracted ETF interest, other memecoins like Shiba Inu and Pepe have yet to see confirmed ETF applications [3].
The potential approval of a TRUMP ETF could have meaningful implications for the memecoin market. By offering institutional-grade exposure to a token with growing popularity, the product may attract a broader range of investors, including those who are hesitant to trade directly on crypto exchanges. However, memecoins remain inherently volatile, and the speculative nature of the asset class has already seen periods of intense hype followed by sharp corrections. The ultimate success of the TRUMP ETF will depend not only on regulatory developments but also on how the market reacts to the token’s inclusion in a structured investment product.
Canary Capital’s registration is a procedural step rather than a final approval. The firm has yet to file with the SEC for authorization, and the regulatory process is expected to be lengthy. Nevertheless, the move underscores the increasing legitimacy being afforded to memecoins within the institutional investment framework. As more firms explore similar strategies and the regulatory environment continues to evolve, the landscape for memecoin-based ETFs is likely to expand, offering new opportunities and challenges for both investors and asset managers.
Source:
[1] Canary Capital Registers Delaware Trust for Potential …
https://www.bitget.com/news/detail/12560604912446
[2] Canary Capital Advances Trump Coin ETF Plans
https://ambcrypto.com/canary-capital-advances-trump-coin-etf-plans-details-inside/
[3] Donald Trump’s TRUMP Memcoin to Create New ETF
https://happycoin.club/en/canary-capital-vypustit-etf-na-osnove-memkoina-trampa-trump/
[4] Probability of Approval of Applications for Release ETF, Based on TRUMP, BONK and DOGE
