- Canary Capital files for Trump Coin ETF, seeking SEC approval under ticker MRCA.
- Official Trump token trades at $8.40, down 69% from January’s all-time high.
- Analysts question approval as no Trump Coin futures exist to meet SEC standards.
Canary Capital has filed with the U.S. Securities and Exchange Commission (SEC) to launch the Trump Coin ETF. If approved, the fund will trade under the ticker MRCA. The filing marks the first attempt to create a regulated product tied directly to President Donald Trump’s memecoin, Official Trump ($TRUMP).
The move comes after Canary introduced its “American-Made Crypto ETF,” which tracks tokens linked to U.S. culture and politics. The Trump Coin ETF continues this strategy by focusing on politically themed digital assets.
Token Performance and Market Status
Trump launched the token in January, just before returning to the White House. Official Trump is ranked 55th by market value. The token has lost 69% since peaking at $46.50 on Jan. 19, the day before Trump’s inauguration. It was trading at $8.40 at the time of filing, according to CoinMarketCap data.
The token gained exchange listings quickly after its debut, rising faster than many other meme-based cryptocurrencies. However, its popularity remains fueled by political sentiment rather than utility, which has drawn both attention and criticism.
Analysts Question ETF Pathway
Bloomberg ETF analyst Eric Balchunas noted challenges for the filing, pointing out that ETFs usually require an existing futures product. Current market infrastructure does not include a Trump Coin futures contract. This makes approval more complex under the SEC’s traditional process.
However, Balchunas suggested that the ETF could be structured as a “40 Act” fund under the Investment Company Act of 1940. This route differs from the Form S-1 and 19b-4 filings typically required for crypto ETFs. The same approach was recently used by REX Shares to launch a Solana staking ETF.
Regulatory Competition and Risks
REX has also filed for a Trump Coin ETF using the 40 Act strategy. That proposal would buy shares in an offshore company holding the token, creating a different pathway to regulatory approval. ETF Store president Nate Geraci described this as a way of bypassing traditional hurdles.
Meanwhile, REX Financial CEO Greg King warned that ETF issuers should avoid cryptocurrencies outside the top 20 market rankings. He cautioned that the market becomes risky below those levels, citing volatility and weaker investor protections.
Investor Considerations and SEC Review
A filing by Canary noted that shares in the proposed fund would be speculative. It warned investors to prepare to take more risks than other exchange-traded products. On August 14, the company registered the ETF, on a legal level, in Delaware.
Approval remains uncertain. It usually takes the SEC about a year to approve the new ETF filings. The absence of a Trump Coin futures market also impedes the process, which makes the timeline unclear.
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