Asset manager Canary Capital has registered a "Trump Coin ETF" in Delaware, signaling potential plans to introduce a spot Exchange Traded Fund (ETF) for the meme coin. The registration, officially filed on August 13, 2025, with the Delaware Division of Corporations, suggests that Canary Capital aims to offer institutional investors exposure to the Trump-themed meme coin.
Following the registration, Canary Capital is expected to file the necessary S-1 and 19b-4 forms with the U.S. Securities and Exchange Commission (SEC). Subsequently, an exchange would need to file for a rule change to facilitate the listing and trading of shares for this fund.
The cryptocurrency "TRUMP" has experienced a price surge following the news of the ETF registration. With a market capitalization of $1.9 billion, TRUMP is currently ranked 49th among all cryptocurrencies. It is also listed as the fifth-largest meme coin by market capitalization, excluding Dogecoin.
If approved, the Trump Coin ETF could become the third meme coin to have a spot ETF. There are already ETF filings for Dogecoin from companies like Grayscale, Bitwise, and 21Shares. Canary Capital has also reportedly filed for a PENGU ETF.
The SEC's stance on crypto-related investment products has been evolving, and some experts believe that the current crypto-friendly SEC administration could be more open to approving meme coin-based ETFs. Dmitrij Radin, founder of Zekret and CTO of Fidium, suggested in January that approval of meme coin ETFs is possible under the current SEC, potentially bringing more liquidity and mainstream acceptance to meme coins.
The registration of the Canary Trump Coin ETF follows previous filings from asset managers like Osprey Funds and REX Shares, who have also sought SEC approval to create an ETF tracking the TRUMP meme coin. Bitwise amended its Dogecoin ETF filing to include in-kind redemptions, a feature that allows investors to convert ETF shares into the underlying asset without needing to convert to cash first, potentially reducing tax implications.
