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On August 26, Canary Capital Group submitted an S-1 filing to the U.S. Securities and Exchange Commission (SEC) seeking approval for the first-ever spot ETF directly backed by the TRUMP meme coin. Unlike funds structured under the Investment Company Act of 1940, this ETF would hold the asset directly, providing exposure to the controversial cryptocurrency without requiring self-custody.
NEW: @CanaryFunds files for a TRUMP coin ETF pic.twitter.com/3XNWXLMeMx
— James Seyffart (@JSeyff) August 26, 2025
A Political Meme Coin Enters Wall Street
The proposed ETF would trade under the ticker MRCA and aims to track the performance of the TRUMP meme coin, net of fees. If approved, it would give investors access to a politically themed digital asset through traditional brokerage accounts.
The TRUMP token, launched in January 2025 on the Solana blockchain, has gained significant attention due to its association with President Donald Trump. This ETF application marks a groundbreaking step in bringing political meme coins into mainstream financial markets.
Regulatory Climate and SEC Challenges
The filing comes amid shifting crypto regulations under the Trump administration. Following the SEC’s approval of spot Bitcoin, Ethereum, and Solana ETFs, analysts see a more open environment for crypto-linked securities.
Still, the road ahead is uncertain. The SEC has yet to establish clear guidelines on meme coins or their custody requirements. Analysts warn that the lack of an established trading history and the extreme volatility of TRUMP could slow approval. As of filing, TRUMP was trading at $8.37, down 88% from its January 2025 peak, with price swings largely driven by social media sentiment.
Market Impact and Competition
Competition is heating up, with Rex Shares, Osprey Funds, and others also submitting TRUMP ETF proposals. Approval would require both Canary’s S-1 registration and a 19b-4 rule change filing by the listing exchange.
Canary Capital positioned the TRUMP ETF as part of a broader strategy focused on U.S.-based crypto projects, having just filed for a U.S.-centric crypto basket ETF the day before. By framing TRUMP alongside Ripple (XRP), Solana (SOL), and Litecoin (LTC), the firm aims to establish it as a legitimate category of American crypto innovation.
Similar to Chainlink ETF, if approved, the TRUMP ETF could set a historic precedent for financial products tied to political digital assets, opening the door for future innovation at the intersection of crypto, politics, and Wall Street.