Canary Capital Group LLC on 26 August filed a Type S-1 with the U.S. Securities and Alternate Fee searching for permission to launch the Canary TRUMP Coin ETF, a fund that may observe the spot value of President Donald Trump’s namesake memecoin, TRUMP. If cleared, it could be the primary U.S. exchange-traded product providing buyers direct publicity to the token by a conventional brokerage account.
The proposal differs from prior TRUMP-linked funds submitted by Tuttle Capital and a joint Osprey Funds-Rex Shares enterprise, which used the Funding Firm Act of 1940 and deliberate to carry the asset by way of an offshore subsidiary. Canary as a substitute depends on the Securities Act of 1933, which means the ETF would maintain TRUMP tokens in custody and mirror their every day U.S.-dollar value efficiency with out leverage or diversification.
Regulatory approval is much from sure. Bloomberg ETF analyst Eric Balchunas famous that the SEC usually insists on a minimum of six months of buying and selling in associated futures contracts earlier than permitting a spot product, and no TRUMP futures at the moment exist. The company, nonetheless, declared in February that memecoins aren’t securities, a stance that would ease one hurdle whilst questions persist over market integrity and custody.
TRUMP was launched three days earlier than the January inauguration and has shed greater than 70% of its worth since its preliminary surge, underscoring the volatility buyers would face. Canary’s submitting arrives amid a broader wave of crypto-asset ETF functions—from Solana to Dogecoin—testing the SEC’s extra permissive posture towards digital tokens beneath the Trump administration.
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