Canary Capital Registers Trump Coin ETF, Paving Way for SEC Filing

Crypto ETF issuer Canary Capital has registered an entity that indicates plans to offer a Trump coin ETF. This provides a bullish outlook for the meme coin, which spiked on the revelation of this registration from the asset manager. Bloomberg analyst Eric Balchunas also commented on this move and how the asset manager is likely to file with the SEC soon to offer this fund.

Canary Capital Reveals Plans To Offer Trump Coin ETF

Data from the Delaware Division of Corporations shows that a ‘Canary Trump Coin ETF’ has been registered. The asset manager incorporated this entity on August 13, a move that indicates plans to offer a fund that provides institutional investors with exposure to the meme coin.

A Delaware registration typically precedes an S-1 and 19b-4 filing with the U.S. SEC. Therefore, Canary Capital is likely to file its registration next with the Commission while an exchange files for a rule change to list and trade shares of this fund.

Notably, a Trump Coin ETF filing will mean that there are now ETF filings for three meme coins. Grayscale, Bitwise, and 21Shares have already filed for funds that will hold the top meme coin, Dogecoin. Meanwhile, Canary Capital already filed for a PENGU ETF.

Bullish For The Solana Meme Coin

An ETF is bullish for the TRUMP token, considering how it would inject more liquidity into the meme coin’s ecosystem. Meanwhile, the SEC is likely to approve the fund since it already declared that meme coins are commodities and not securities.

TradingView data shows that the meme coin reacted positively to the revelation of the ‘Canary Trump Coin ETF’ registration, bouncing from around $9.40. The top Solana meme coin is also up almost 4% in the past day, currently trading at around $9.60.

The meme coin is also up over 10% in the last seven days, recording these gains as part of a broader crypto market rally. However, it is down over 64% from its all-time high (ATH) of $75, which it hit when it first launched in January.

Meanwhile, Bloomberg analyst Eric Balchunas also commented on the Trump Coin ETF registration. He stated that Canary is possibly preparing to file for the first Trump EF through the ’33 Act. The analyst noted that Tuttle has Trump and Melania coin ETFs but filed them through the ’40 Act.