Canary Capital has taken a step toward launching a Trump Coin ETF by incorporating the fund in Delaware on August 13. The registration is a typical precursor to filing an S-1 application with the U.S. Securities and Exchange Commission (SEC) and a 19b-4 form through a listing exchange, signaling serious intentions to bring a meme coin ETF to market.
This ETF would be the third in the U.S. aimed at meme coins, following similar efforts for Dogecoin products. Canary Capital has also filed for a PENGU ETF, making it one of the few U.S. asset managers pursuing multiple altcoin-based ETFs.
Canary Capital strategy in the crypto ETF market
While most crypto ETFs have focused on established digital assets like Bitcoin (BTC) and Ethereum (ETH), or large-cap layer-1 tokens such as Solana (SOL), Canary Capital’s approach targets smaller, high-volatility meme coins. CEO statements indicate these products are intended as bets on undervalued digital assets, offering investors a regulated way to access markets that are otherwise dominated by retail trading.
The proposed Trump Coin ETF would provide institutional investors with direct exposure to the Solana-based TRUMP token, potentially injecting additional liquidity into the market. The SEC has previously categorized meme coins as commodities, which may simplify the approval process compared to crypto tokens classified as securities.
This strategic move highlights a growing trend of mainstream finance exploring high-risk, high-reward segments of the crypto market through regulated investment vehicles.