Canary Capital has taken one other step in its crypto exchange-traded fund enlargement, submitting with the Securities and Trade Fee for a brand new product tied to a memecoin.
Abstract
- Canary Capital filed to launch the primary U.S. spot ETF monitoring MOG Coin.
- Submitting coincides with the launch of Canary’s spot XRP ETF on Nasdaq.
- New Treasury pointers open path for staking in Solana and Ethereum ETFs.
Canary Capital Group LLC has filed an software with the U.S. SEC to launch the Canary MOG ETF, a fund that will observe the worth of MOG Coin.
The submitting, made on Nov. 12, marks a big try and listing a U.S. ETF tied on to a memecoin. The fund will maintain precise Mog Coin (MOG) tokens in custody somewhat than utilizing futures contracts.
Contained in the Canary Capital’s MOG ETF submitting
The ETF will function as a belief, much like authorized Bitcoin and Ethereum spot funds, giving buyers regulated entry to MOG by means of common brokerage accounts. Its purpose is to mirror MOG’s spot market worth whereas accounting for administration prices.
MOG is outlined as an Ethereum token that’s socially pushed and tied to meme tradition somewhat than conventional blockchain performance. Based on the submitting, the ETF will difficulty and redeem shares in giant blocks backed by MOG or equal money, making it accessible to each establishments and retail merchants.
For the reason that MOG ETF will not be a conventional funding fund, it’s exempt from the 1940 Funding Firm Act. Quite, it is going to adhere to the identical framework as different spot crypto ETFs.
Crypto ETF momentum grows
The MOG ETF submitting comes because the U.S. crypto ETF market accelerates following current regulatory exercise. Canary’s XRP ETF is ready to start buying and selling on Nasdaq on Nov. 13, marking the primary U.S. spot XRP ETF beneath the Securities Act of 1933. The fund presents direct publicity to XRP with out futures contracts and prices a administration payment of 0.50%.
Elsewhere, Solana ETFs from Bitwise and Grayscale, launched in October, have seen robust demand, now holding over $500 million in belongings. The U.S. Treasury’s new Income Process 2025-31, issued on Nov. 10, offers a path for spot crypto ETFs to stake proof-of-stake belongings like SOL and ETH. This would possibly supply potential yields of 5–7%.
