Important collection meal
The registration of the “Trump Coin ETF” of Canary Capital has increased Trump -topping prices and fueled speculation of growing institutional importance in memecoins.
Canary Capital, an investment firm that specializes in cryptocurrency ETFs, has made a movement that hints on the rising institutional appetite for memecoins.
On August 13 a new entity called the “Canary Trump Coin ETF” was official registered With the Delaware Division of Corporations.
Although this registration does not launch the ETF, it is usually the first step before the formal archives is submitted to the US Securities and Exchange Commission (SEC), such as the S-1 and 19B-4 forms.
The submission emphasizes the intensifying race to market Memecoin ETFs.
The Official [TRUMP] ETF agrees with a growing list of proposals, including those from Gray Laders, Bitwise and 21Shares, who have already sought approval for funds bound to Dogecoin [DOGE]The largest memecoin in market capitalization.
In the meantime, Canary Capital also promotes its pudgy penguins [PENGU) ETF application.
Analyzing reasons behind the move
Interestingly, Canary’s filing follows closely after Osprey Funds and REX Shares submitted applications to the SEC on the 21st of January, seeking approval for an ETF tied to the TRUMP memecoin, only a few days after the token first entered the market.
The prospect of a ‘Canary Trump Coin ETF’ has sparked renewed optimism among TRUMP token holders, with expectations that the fund could inject fresh liquidity into the memecoin’s ecosystem.
Given the SEC’s stance that memecoins are commodities rather than securities, approval odds appear favorable.
Remarking on the same, Bloomberg’s Eric Balchunas suggested Canary may be positioning for the first TRUMP ETF under the 33 Act, contrasting with Tuttle’s existing Trump and Official Melania Meme [MELANIA] ETFs submitted under 40 act.
Source: Eric Balchunas/X
Following the news about the registration ‘Canary Trump Coin ETF’, Trump recovered from around $ 9.40 to $ 9.60.
This was more than 10% profit in the past week, at the time of the press, amid a wider market trally, although it still remains 64% below the peak of $ 75 January.