Canary Capital registers a new Trump Coin ETF in Delaware, signaling growing interest in memecoin ETFs under friendlier US rules.
Canary Capital has taken another major step forward, towards launching a crypto ETF that would track the TRUMP coin.
For context, TRUMP is a memecoin linked to US president President Donald Trump. According to the Delaware State Department’s website, the firm registered the Canary Trump Coin ETF on Wednesday.
Canary Capital, Trump Coin ETF Could Join Other Pending Funds
The TRUMP token currently has a market cap of around $1.9 billion, according to CoinMarketCap. This means that it is currently the 49th among all cryptocurrencies and fifth among memecoins by market cap, minus Dogecoin.
🚨Breaking: Canary Capital Registers Trump Coin ETF In Delaware
Hey 👋 Canary go home your DRUNK Bro! pic.twitter.com/FLXc3PxpJQ
— Tim Warren (@TimWarrenTrades) August 14, 2025
If Canary Capital moves forward with an official application, the new ETF would join the list of memecoin-related products awaiting SEC review. In January, for example, Osprey Funds and REX Shares jointly applied for a REX-Osprey Trump ETF.
Both of these companies also sought to offer spot exposure to the TRUMP token.
Bloomberg senior analyst Eric Balchunas indicated that Canary’s filing may be for a “33 Act” ETF.
This structure, which is registered under the Securities Act of 1933, allows investors to invest in assets with lighter oversight compared to the “40 Act” ETFs governed by the Investment Company Act of 1940.
Regulatory Climate Favours Memecoin ETFs
The US SEC’s stance on memecoins has become relatively softer recently. February saw the agency’s Division of Corporate Finance state that memecoins are considered collectables, rather than securities.
This classification could make it easier for funds like the Trump Coin ETF to gain approval.
US Crypto Czar, David Sachs, says there are different types of crypto assets:
Commodities
Securities
Stablecoins
CollectiblesHe says Trump’s memecoin is not a conflict of interest because it’s just a “collectible like a stamp or a baseball card.” pic.twitter.com/RU19mf0Fow
— The ₿itcoin Therapist (@TheBTCTherapist) January 25, 2025
The change in regulatory stance also coincides with Trump’s presidency and the crypto-friendly administration that has come after. This has encouraged asset managers to enter more filings for ETF products with non-traditional crypto assets like meme-based tokens.
Dogecoin ETFs Lead the Way
Dogecoin is now the most recognised memecoin in the ETF space. Asset managers like Bitwise, Grayscale and 21Shares have filed for DOGE ETFs, and on June 26, Bitwise updated its filing to include in-kind redemptions.
This feature allows investors to convert ETF shares directly into the underlying cryptocurrency instead of cash. It was lauded at the time of the filing because it reduces tax burdens and appeals more to institutional buyers.
Other memecoin filings include a BONK ETF, which was submitted earlier this year. However, there have been no confirmed ETF applications for other popular assets likeShiba Inu or Pepe, despite optimism from investors
What Effects Could This Have On the Memecoin Market?
The launch of a Canary Capital Trump Coin ETF could bring new liquidity and attention to the TRUMP token. Memecoin ETFs will be especially attractive to retail traders and institutional investors who may not directly purchase tokens on crypto exchanges.
The memecoin ETF push comes as crypto-related ETFs continue to gain ground. According to reports, crypto products account for half of the top 20 ETFs launched since the previous year.
Spot Bitcoin and Ethereum ETFs paved the way, and have so far created a blueprint for other altcoin-based products.
Overall, memecoins are highly volatile, and their popularity has cooled since the speculative frenzy early this year. This said, market reactions to their launch as ETFs remain to be seen.
