4 hours ago
Canary Capital Group has filed with the U.S. Securities and Exchange Commission (SEC) to motorboat a spot exchange-traded money (ETF) that would clasp the TRUMP Coin (TRUMP), a Solana-based token linked to President Donald Trump.
The projected "Canary TRUMP Coin ETF," submitted successful an S-1 filing connected Tuesday, marks a bold determination to bring 1 of the astir salient and volatile politically-themed meme coins to Wall Street. A 2nd filing, called the 19b-4 and filed by the listing exchange, is needed to marque the exertion official.
If approved, the money would connection investors vulnerability to TRUMP done accepted brokerage accounts, without requiring them to self-custody the integer asset.
The determination by Brentwood, Tennessee-based Canary Capital comes amid a shifting crypto regulatory scenery nether the Trump administration. Recently, pursuing the occurrence of spot bitcoin, ether and solana ETFs, galore different specified vehicles person been proposed, including Dogecoin (DOGE), Chainlink (LINK) and Cardano (ADA).
'Extreme volatility'
The filing candidly describes the memcoin arsenic a people of cryptocurrency that "has nary identified blockchain-based inferior beyond its branding and relation with President Donald J. Trump, and its marketplace worth is chiefly driven by governmental affiliation, taste relevance and online assemblage sentiment."
It besides notes that since its motorboat successful January 2025, the token's worth has been straight associated with President Trump, making it "both a governmental connection and a integer collector's item."
The TRUMP memecoin, which concisely exceeded $27 cardinal successful reported marketplace worth soon aft launch, presently trades astir $1.67 billion. The filing warns of utmost volatility, imaginable regulatory scrutiny, and the anticipation of investors losing their full principal.
However, if approved, the SEC's determination connected the Canary TRUMP Coin ETF volition beryllium a landmark one, perchance mounting a precedent for however the bureau views ETFs tied to highly speculative, politically-linked, and community-driven integer assets.
Read more: Canary Capital's ETF Plans Took Shape Thanks to Trump
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