- Canary Capital files for the first US ETF tied to MOG Coin on the Ethereum network.
- MOG Coin gains attention as memecoins move closer to regulated financial markets.
- MOG trading volume and price surge after the ETF filing shows rising investor interest.
Crypto fund manager Canary Capital has filed with the U.S. Securities and Exchange Commission (SEC) to launch the first exchange-traded fund (ETF) directly linked to MOG Coin. The firm submitted its S-1 registration on Wednesday, marking its entry into the growing market for memecoin-linked financial products.
The proposed “Canary MOG ETF” aims to track the price of MOG Coin, a cryptocurrency built on the Ethereum network. The filing allows the fund to hold up to 5% of its assets in Ether to cover transaction costs.
Memecoin Enters Regulated Markets
MOG Coin, described in the filing as a memecoin, is driven mainly by online popularity and social sentiment. It has no significant underlying utility, yet it has gained a strong following. The ETF filing highlights how digital assets once known for humor and internet culture are entering formal investment markets.
Canary’s move comes as U.S. regulators prepare to re-engage on digital asset ETFs following the resolution of the government shutdown. Analysts expect the SEC to resume reviews of several pending crypto ETF applications, including those linked to XRP and Solana.
Growing Interest in Crypto-Based ETFs
Canary Capital has recently expanded its crypto ETF lineup. The firm launched funds tracking Litecoin and HBAR last month and is preparing to introduce an XRP ETF this week. Moreover, Canary Capital also filed for the Trump Coin ETF, seeking SEC approval under ticker MRCA. Its filing for MOG Coin adds to this growing list of offerings. The proposed fund will issue shares representing beneficial interest, which will trade on a registered exchange.
CSC Delaware Trust Company will act as trustee, and U.S. Bancorp Fund Services will serve as the transfer agent. A designated custodian will hold the MOG assets for investors once approved. The ETF’s benchmark will be based on an index that reflects prices from major MOG trading platforms.
Market Reaction and Future Outlook
The filing immediately affected MOG Coin’s market performance. The 339th market capitalization of crypto currency increased by over 8% within 24 hours. The CoinMarketCap data shows that its trading volume increased by 155%. Derivatives activity also increased sharply, with volume climbing by 193% to over $10 million. MOG Coin’s market capitalization currently stands near $170 million.
The filing underscores the rising demand for regulated access to digital assets with strong community bases. Although MOG is not listed on Binance, it trades on Coinbase’s spot market, enhancing its visibility. Canary’s initiative suggests that community-driven coins are steadily moving from internet trends to structured financial products accessible to mainstream investors.
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