Canary Capital has formally registered the "Canary Trump Coin ETF" entity in Delaware on August 13, 2025, initiating plans for a spot exchange-traded fund tracking the Solana-based TRUMP memecoin. This registration precedes an anticipated S-1 filing with the SEC and a 19b-4 exchange submission, aiming to create the first institutional-grade investment vehicle for the meme token.
The announcement triggered immediate market momentum, with TRUMP surging 4.64% in 24 hours and trading volume spiking 58%. Currently priced at $9.63, TRUMP holds a $1.9 billion market cap – ranking as the fifth-largest memecoin and 49th among all cryptocurrencies. The ETF would provide regulated access to the volatile asset, historically dominated by retail traders.
Canary's strategy diverges from industry norms by targeting niche tokens rather than blue-chip assets like Bitcoin or Ethereum. The firm has concurrently filed for a PENGU memecoin ETF, reflecting CEO-driven ambitions to capitalize on "undervalued digital assets." This follows earlier TRUMP ETF attempts by Osprey Funds and REX Shares in January 2025, though Canary's structured approach marks significant progression. SEC classification of memecoins as commodities may streamline approval versus security-designated tokens.