Canary Capital Files for First ETF to Hold TRUMP Coin
Canary Capital Group has submitted a filing to the U.S. Securities and Exchange Commission (SEC) for a spot exchange-traded fund (ETF) that will hold the TRUMP Coin (TRUMP), a Solana-based token associated with President Donald Trump.
- The "Canary TRUMP Coin ETF" was filed as an S-1 on Tuesday.
- A secondary filing, 19b-4, is required from the listing exchange for official approval.
- If approved, the ETF would allow traditional brokerage account access to TRUMP without self-custody of the asset.
This initiative comes amid evolving crypto regulations under the Trump administration. The success of previous spot ETFs for bitcoin, ether, and solana has led to proposals for other cryptocurrencies like Dogecoin (DOGE), Chainlink (LINK), and Cardano (ADA).
Key Details
- The TRUMP memecoin lacks blockchain utility beyond its branding linked to Trump.
- Its market value is influenced by political affiliation and community sentiment.
- Since its launch in January 2025, it has been tied to Trump, making it a digital collector's item.
- Market value peaked at over $27 billion but currently stands around $1.67 billion.
- The filing highlights extreme volatility and regulatory risks, including potential total loss of principal for investors.
The SEC’s decision on this ETF could set a precedent for future ETFs associated with speculative and politically-driven digital assets.