Canary Capital has registered a crypto exchange-traded fund (ETF) designed to track a memecoin token linked to US President Donald Trump.
According to the Delaware State Department website, Canary Capital filed on Wednesday for the Canary Trump Coin ETF. The registration suggests the launch of a crypto ETF tracking the Official Trump (TRUMP) token, though a formal filing with the Securities and Exchange Commission (SEC) could still be months away.
According to Cointelegraph indexes, TRUMP has a market capitalization of $1.9 billion, ranking it 49th among all cryptocurrencies at this writing. Among memecoins, the token is listed as the fifth-largest by market cap, though the list doesn’t include the original memecoin, Dogecoin (DOGE).
Canary Capital’s registration follows filings from asset managers Osprey Funds and REX Shares with the SEC seeking consent to create an ETF to track the TRUMP memecoin. That filing was submitted on Jan. 21, days after the token launched.
Dmitrij Radin, founder of Zekret and chief technology officer of Fidium, told Cointelegraph in January that the approval of memecoin-based ETFs is more likely under the current crypto-friendly SEC administration, adding, “It’s a bold move, potentially bringing more liquidity and mainstream acceptance to memecoins.”
Related: Crypto captures half of the top 20 spots in ETFs launched since 2024
Dogecoin leads the way for memecoin ETFs
Dogecoin, a cryptocurrency that was created as a joke in 2013, has had the most traction of all memecoins in the realm of exchange-traded funds. Currently, there are at least three DOGE ETFs pending review by the SEC: one from Grayscale, another from Bitwise and a third from REX-Osprey.
On June 26, Bitwise amended its Dogecoin ETF filing to include in-kind redemptions, allowing investors to convert shares of an ETF into the underlying asset without pulling into cash first. This feature reduces tax burden, making the ETF appeal more to institutional investors.
Aside from Dogecoin ETFs, there was a BONK (BONK) ETF filing made back in January. Memecoins have largely died down as a craze since the spring of 2025, when a series of rug pulls exposed the tokens’ risks to retail investors.
According to CoinGecko data, the memecoin sector has a market capitalization of over $82 billion at this writing.
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