Canary Capital Registers Trump Coin ETF Entity in Delaware

Canary Capital has registered the “Canary Trump Coin ETF” with the Delaware Division of Corporations on August 13, a preliminary step towards launching an ETF linked to the TRUMP memecoin. This registration does not imply that the fund is filed or approved by the US Securities and Exchange Commission (SEC).

Key points:

TRUMP price rose from $9.35 to $9.55 following the news, reflecting over 10% weekly gains.
Canary's registration adds to several institutional attempts to create funds related to memecoins, including previous filings by Osprey Funds and REX Shares for TRUMP products.
Bloomberg analyst Eric Balchunas indicated that Canary may file under the 33 Act, differing from others who used the 40 Act, potentially affecting filing format and review timelines.
Entity registration is a standard legal step before SEC submissions, indicating intent but not SEC approval.
TRUMP token holders are optimistic about increased liquidity from a regulated vehicle, despite fundamentals remaining unchanged.
Current TRUMP price is approximately 60% below its January peak of $75.
Risks include regulatory treatment as commodities, wallet concentration, custody issues, and market manipulation concerns.

Approval would likely necessitate third-party custody, audits, and exchange surveillance to ensure compliance.